Homework Answers
1)
|
Income Statement |
||
|
Revenues |
33,000 |
|
|
Service revenue |
||
|
Expenses |
||
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Rent Expense |
14,000 |
|
|
Advertising Expense |
4,390 |
|
|
Supplies Expense |
1,310 |
19,700 |
|
Net Income |
13,300 |
2)
|
Retained Earnings Statement |
|
|
Retained earnings, January 1 |
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Add: Net income |
13,300 |
|
Less: Dividends |
-6500 |
|
Retained earnings, December 31 |
6,800 |
3)
|
Balance Sheet |
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|
Assets |
||
|
Cash |
7,100 |
|
|
Accounts receivable |
6,000 |
|
|
Supplies |
5,900 |
|
|
Equipment |
30,800 |
|
|
Total assets |
49,800 |
|
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Liabilities and Stockholders’ Equity |
||
|
Liabilities |
||
|
Notes payable |
15,000 |
|
|
Account payable |
9,000 |
|
|
Total liabilities |
24,000 |
|
|
Stockholder’s equity |
||
|
Common stock |
19,000 |
|
|
Retained earnings |
6,800 |
25,800 |
|
Total stockholders’ equity |
||
|
Total Liabilities and Stockholders’ Equity |
49,800 |
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