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  • Opening Assets Liab + Eq: Octane B. S & I.S

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    Rashmi Kumari
    9 views7 pages
    The document summarizes the financial statements of Octane B. & I. for a period. It shows the opening and closing balance sheets as well as an income statement. The opening balance sheet lists assets including cash, prepaid rent, insurance and inventory totaling $37,300 balanced by equipment liabilities and paid in capital. The income statement shows revenues of $70,084 less costs of $49,291 and other expenses of $20,433 for a net income of $4,716. The closing balance sheet lists unchanged assets and increased liabilities and equity including retained earnings and paid in capital totaling $37,723.

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    Octane

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    The document summarizes the financial statements of Octane B. & I. for a period. It shows the opening and closing balance sheets as well as an income statement. The opening balance sheet lists assets including cash, prepaid rent, insurance and inventory totaling $37,300 balanced by equipment liabilities and paid in capital. The income statement shows revenues of $70,084 less costs of $49,291 and other expenses of $20,433 for a net income of $4,716. The closing balance sheet lists unchanged assets and increased liabilities and equity including retained earnings and paid in capital totaling $37,723.

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    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    9 views7 pages

    Opening Assets Liab + Eq: Octane B. S & I.S

    Uploaded by

    Rashmi Kumari
    The document summarizes the financial statements of Octane B. & I. for a period. It shows the opening and closing balance sheets as well as an income statement. The opening balance sheet lists assets including cash, prepaid rent, insurance and inventory totaling $37,300 balanced by equipment liabilities and paid in capital. The income statement shows revenues of $70,084 less costs of $49,291 and other expenses of $20,433 for a net income of $4,716. The closing balance sheet lists unchanged assets and increased liabilities and equity including retained earnings and paid in capital totaling $37,723.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 7

    Octane B. S & I.

    Opening
    Assets Liab + Eq
    Bank 7005 Equipment Liab 10300
    Prepaid Rental 1420
    Fire Insurance 900
    Cash 200

    Octane Oil 0
    Inventory 13250
    Furniture 1650
    Equipment 12875 Paid in capital 27000
    37300 37300
    Closing
    Income Statement Assets
    Bank
    Net Sales 69709 Prepaid Rental
    Parking Income 375 Fire Insurance
    70084 Cash
    less: COGS COGS -49291 A/C Rec
    Shrinkage Cost -360 Octane Oil
    20433 Inventory
    less: OE Rent -3513 Furniture
    Utilities -870 Equipment
    Ad -690
    Misc -355
    Salary -9682
    Dep on eq -429
    Dep on furniture -28
    Insurance -150
    4716
    Liab + Eq 125 missing (Rent in adv)
    12843 12613 Equipment Liab 10300
    0 A/C Payable 1804
    750 Rent payable 75
    200 Uilities Payable 425
    199 Salary Payable 232
    0
    10018
    1622 Retained Earnings 4716
    12446 Paid in capital 20171
    38078 37723
    125 missing (Rent in adv)
    Sr. # Divident Expenses
    1
    2

    7
    8

    10

    11
    12
    13

    14 Rent +2018
    15 Salary +9450
    16 Utilities +445
    17 Advertising +690
    18 Misc +355
    19
    20
    21
    22
    23
    24 Rent +75
    25 Utilities +445
    26 Salary +232
    27 Shrinkage cost +360

    28 Rent Expense +1420


    29 Insurance Expense +150
    30 Dep on equipment +429
    31 Dep on furniture +28
    Assets Liab
    Bank +20000
    Bank -20000
    Octane Oil +20000
    Octane Oil -13250
    Inventory +13250
    Prepaid Rental +1420
    Octane Oil -1420
    Equipment +12875 Payable for equipment +10300
    Ocatne Oil -2575
    Octane Oil -2755
    Bank +2755
    Bank +7000
    Bank -1650
    Furniture +1650
    Fire Insurance +900
    Bank -900
    Cash +200
    Bank -200
    Bank +69510
    Bank +375
    Bank -44694
    Inventory +44694
    Bank -2018
    Bank -9450
    Bank-445
    Bank -690
    Bank -355
    Bank -6750
    A/C Rec- 143
    A/C Rec- 56
    Inventory -79
    Inventory +1804 A/C payable +1804
    Rent payable +75
    Utilities Payable +425
    Salaries Payable +232
    Inventory -360

    Prepaid Expense -1420


    Prepaid Insurance -150
    Equipment -429
    Furniture -28
    Equity Revenue
    Equity +20000

    Equity +7000

    Sales +69510
    Parking Rev +375

    Equity -6750
    Sales a/c 143
    Sales 56
    Equity - 79

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