Green Garden Company made $192,000 in net income during September 2017, its first month of business....
Green Garden Company made $192,000 in net income during September 2017, its first month of business. It sold its services on credit and billed its customers $360,000 for September sales. The company collected $24,000 of these receivables in September. Company employees earned September wages (the company’s only expense), but those are not paid until the first of October.
Complete the following financial statements for the end of September 2017.
|
Income Statement |
Balance Sheet |
|||||
|
Sales |
$360,000 |
Cash |
$ |
|||
|
Wages expense |
$336,000 |
Accounts receivable |
||||
|
Net Income |
$192,000 |
Total assets |
$ |
|||
|
Wages payable |
$ |
|||||
|
Retained earnings |
||||||
|
Total liabilities and equity |
$ |
|||||
Homework Answers
Answer
| Income Statement | Balance Sheet | ||
| Sales | $360,000 | Cash | $24,000 [cash received from receivables] |
| Wages expense | $168,000 [360000 - 192000] | Accounts receivable | $336,000 [360000 - 24000] |
| Net Income | 192,000 | Total assets | $360,000 |
| Wages payable | $168,000 [=wages expense] | ||
| Retained earnings | $192,000 [=net income] | ||
| Total liabilities and equity | $360,000 | ||
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