oo VODAFONE TR 3G 14:58 ieu.blackboard.com Q.4 (32 POINTS) Below is the adjusted

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oo VODAFONE TR 3G 14:58 ieu.blackboard.com Q.4 (32 POINTS) Below is the adjusted trial balance of Papillion Consulting Company Papillion Consulting Adjusted Trial Balance December 31, 2016 20.000 Prepaid Rent Advertising Expense 52.000 Accumulated Depreclation, Buildings 84.000 Notes Payable Service Revenue460,000 Salaries Expense Depreciation Expense 28.000Supplies 168.000 408.000 Salaries Payable 72.000 Interest Expense 12.000Utilities Payable 200.000 Retained Carnings 32.000 Utilities Expense Rent Expense Accounts Payable Supplies Expense Required Prepare Income Statement and Statement of Financial Position (Balance Sheet) of Papillion Consulting in good form 5

Explanation / Answer

Papillion Consutancy Company

Income Statement

For the year ended December 31, 2016

Service revenue

$460000

Less; Expenses

Advertising expense

$52000

Depreciation expense

$28000

Rent expense

$72000

Supplies expense

$32000

Salaries expense

$168000

Interest expense

$8000

Utilities expense

$48000

($408000)

Net income

$52000

Papillion Consutancy Company

Balance Sheet

As on December 31, 2016

Assets;

Supplies

$8000

Prepaid rent

$24000

Cash

$20000

Accounts receivable

$16000

Buildings…………………………$408000

Less: Acc. depreciation………….($84000)

$324000

Total Assets

$392000

Liabilities & Shareholders’ equity;

Notes payable

$80000

Accounts payable

$12000

Salaries payable

$16000

Utilities payable

$4000

Total liabilities

$112000

Capital…………………..……..$200000

Less: Withdrawals…………….($32000)

$168000

Retained earnings

$60000

Net income

$52000

Total shareholders’ funds

$280000

Total liabilities & shareholders’ equity

$392000

Papillion Consutancy Company

Income Statement

For the year ended December 31, 2016

Service revenue

$460000

Less; Expenses

Advertising expense

$52000

Depreciation expense

$28000

Rent expense

$72000

Supplies expense

$32000

Salaries expense

$168000

Interest expense

$8000

Utilities expense

$48000

($408000)

Net income

$52000

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