Date | Account Titles and Explanation | Debit | Credit |
Sep-30 | Accounts receivable [11562-10396] | $ 1,166 | |
Service revenue [18667-17501] | $ 1,166 | ||
[To record accrued revenue] | |||
Sep-30 | Rent expense [2865-1855] | $ 1,010 | |
Prepaid rent [2160-1150] | $ 1,010 | ||
[To record prepaid rent] | |||
Sep-30 | Supplies expense | $ 890 | |
Supplies [1545-655] | $ 890 | ||
[To record supplies used] | |||
Sep-30 | Depreciation expense | $ 664 | |
Accumulated Depreciation-Equipment [664-0] | $ 664 | ||
[To record depreciation] | |||
Sep-30 | Interest expense | $ 94 | |
Interest payable | $ 94 | ||
[To record interest] | |||
Sep-30 | Rent Revenue [2166-1366] | $ 800 | |
Unearned rent revenue | $ 800 | ||
[To record unearned rent revenue] | |||
Sep-30 | Salaries & Wages Expense [9065-8353] | $ 712 | |
Salaries & Wages Payable | $ 712 | ||
[To record accrued salaries] | |||
INCOME STATEMENT | |||
Revenue: | |||
Service revenue | $ 18,667 | ||
Rent revenue | $ 2,166 | ||
Total revenue | $ 20,833 | ||
Expenses: | |||
Salaries and wages expense | $ 9,065 | ||
Rent expense | $ 2,865 | ||
Depreciation expense | $ 664 | ||
Supplies expense | $ 890 | ||
Utilities expense | $ 1,559 | ||
Interest expense | $ 94 | ||
Total expenses | $ 15,137 | ||
Net income | $ 5,696 | ||
RETAINED EARNINGS STATEMENT | |||
Balance as on 1st July 2015 | $ - | ||
Add: Net income for the year | $ 5,696 | ||
$ 5,696 | |||
Less: Dividends | $ 1,649 | ||
Balance as on 30th September 2015 | $ 4,047 | ||
BALANCE SHEET | |||
Assets | |||
Current assets: | |||
Cash | $ 8,731 | ||
Accounts receivable | $ 11,562 | ||
Supplies | $ 655 | ||
Prepaid rent | $ 1,150 | ||
Total current assets | $ 22,098 | ||
Non-Current assets: | |||
Equipment | $ 18,260 | ||
Accumulated depreciation | $ 664 | ||
Total non current assets | $ 17,596 | ||
Total assets | $ 39,694 | ||
Liabilities and Stockholders' Equity | |||
Current liabilities: | |||
Accounts payable | $ 2,507 | ||
Salaries and wages payable | $ 712 | ||
Interest payable | $ 94 | ||
Unearned rent revenue | $ 1,074 | ||
Total current liabilities | $ 4,387 | ||
Non-Current liabilities: | |||
Notes payable | $ 9,400 | ||
Total liabilities | $ 13,787 | ||
Stockholders' equity: | |||
Common stock | $ 21,860 | ||
Retained earnings | $ 4,047 | ||
Total stockholders' equity | $ 25,907 | ||
Total liabilities and stockholders' equity | $ 39,694 | ||
Notes payable: | |||
Has been outstanding for 1 month. | |||
Interest expense = $94 | |||
Number of months = ((94/(9400*12%))*12 = | 1.00 | month |
Problem 3-3A Everett Co. was organized on July 1, 2015. Quarterly financial statements are prepared. The unadjusted and adjusted trial balances as of September 30 are shown below. EVERETT CO....
Problem 3-3A (Part Level Submission) Everett Co. was organized on July 1, 2017. Quarterly financial statements are prepared. The unadjusted and adjusted trial balances as of September 30 are shown below. I need help on part b2 0 0 0 Instant Cash Offer 2005 Chevrole x Grades for Krisshon Tanner: ACC X Wiley PLUS * G Everett Co. was organized on Jul 3-zA formatpol + - 0 X c e dugen.wileyplus.com/edugen/Iti/main.uni Apps KI2 K** Online School Psychology in Every... wholesale...
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