create a balace sheet and income statement acc1 accounts recieveable 6,100 creat
ID: 2511459 • Letter: C
Question
create a balace sheet and income statement
acc1
accounts recieveable
6,100
create a balace sheet and income statement
acc1
accounts recieveable
6,100
acc2 supplies 1,600 acc3 Unearned Catering Fees 5,250 acc4 accounts payable 3,400 acc5 Common Stock 18,000 acc6 Catering Fees Earned 10,550 acc7 Wages Expenses 4,025 acc8 Delivery van Expense 850 acc9 acc. Dep. Equipment 45 acc10 dep. Expense Equipment 45 acc11 Dividends 2,000 acc12 dep. Expense delivery van 105 acc13 insurance expense 180 acc14 equipment 3,240 acc15 prepaid insurance 1,980 acc16 rent expense 780 acc17 Delivery van 3,780 acc18 prepaid rent 1,560 acc19 wages payable 525 acc20 acc. Dep. Delivery van 105 acc21 supplies expense 3,500 acc22 Cash 8,130 acc23 Totals 37,875 37,875Explanation / Answer
Income Statement Revenue Catering Fees Earned 10,550.00 Expenses Wages Expenses 4,025.00 Delivery Van Expenses 850.00 Depreciation Expense - Equip. 45.00 Depreciation Expense - Delivery Van 105.00 Insurance Expense 180.00 Rent Expense 780.00 Supplies Expense 3,500.00 9,485.00 Net Income 1,065.00 Balance Sheet Assets Current Assets Cash 8,130.00 Accounts Receivable 6,100.00 Supplies 1,600.00 Prepaid Insurance 1,980.00 Prepaid Rent 1,560.00 19,370.00 Property, Plant & Equipment Equipment 3,240.00 Acc. Dep. - Equip. (45.00) 3,195.00 Delivery Van 3,780.00 Acc. Dep. -Delivery Van (105.00) 3,675.00 6,870.00 Total Assets 26,240.00 Liabilities & Stockholders' Equity Liabilities Current Laibilities Accounts Payable 3,400.00 Unearned Catering Fees 5,250.00 Wages Payable 525.00 9,175.00 Other Liabilities - Total Liabilities 9,175.00 Stockholders' Equity Common Stock 18,000.00 Retained Earnings (935.00) Total Stockholders' Equity 17,065.00 Total Liabilities & Stockholders' Equity 26,240.00 Statement of Retained Earnings Beg. Balance - Add: Net Income 1,065.00 Sub-total 1,065.00 Less: Dividend (2,000.00) Ending Balance (935.00)
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