Balance Sheet

Balance Sheet


 

QUESTION E 4-2

           

Income statement

                 

Balance sheet

   
   

Dr

Cr

   

Dr

Cr

service revenue

 

15,590

long term assets

   

accounts payable

5672

 

equipment

23,050

 

salaries expense

10840

 

short term assets

   

rent expense

760

 

accounts receivables

7,840

 

depreciation expense

641

 

prepaid rent

2,280

 

interest expense

57

 

total assets

33,170

 

net loss

   

-2400

liabilities and equity

 

totals

 

17970

17970

notes payable

 

5,700

       

accounts payable

 

5,672

       

interest payable

 

57

       

total liabilities

 

11,429

       

net worth

   
       

common stock

 

25,000

       

retained earnings

 

5,960

       

net loss

   

-2400

       

total net worth

 

28,560

       

total liabilities & net worth

33,170

               

QUESTION E 4-3

           
               

income statement

           

revenue

     

15,590

     

cost of goods sold

           

stock (accounts payable)

5692

       

cost of goods available for sale

 

-5692

     

gross profit

   

9898

     

expenses

           

salaries expense

 

10840

       

rent expense

 

760

       

depreciation expense

 

641

       

interest expense

 

57

       

total expenses

   

-12298

     

net loss

     

2400

     
               

retained earnings statement

         

for the year ending April 30th 2008

       

retained earnings balance as at April 30th 2008

5960

   

net loss for the year

     

-2400

   

dividends paid to shareholders

   

3650

   

retained earnings balance as at April; 30th 2008

7210

   
               

classified balance sheet

         

assets

             

equipment

23,050

         

accounts receivables

7,840

         

prepaid rent

2,280

         

total assets

33,170

         

liabilities and equity

         

notes payable

5,700

         

accounts payable

5,672

         

interest payable

57

         

total liabilities

11,429

         

net worth

           

common stock

25,000

         

retained earnings

5,960

         

net loss

 

-2400

         

total net worth

28,560

         

total liabilities & net worth

33,170

         

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