Group Assignment 4

Anurag Priyadarshi 380

Fiza Azmi 390
Sarthak Agrawal 415
3-19)

Zahurak Company
Income Statement for the year ended 31 Dec 2018 Balance Sheet of Chiara Co as on 31 Dec 2018
Particulars (Expense) Amt Particulars (Income)Amt Assets: Amt
Depreciation Expense 6500 Plumbing fees 84000 Current Assets:
Salaries Expense 46700 Cash 7000
Rent Expense 13000 Account Receivable 27200

N on-current Assets:
Trucks (42000-17500) 24500
Profit (Balancing Figure & Other
Equity) 17800 Land 32000

84000 84000
Total Assets 90700
Liabilities and Equity:
Current Liabilites:
Accounts Payable 15000
Salaries Payable 4200
Unearned Fees 3600

N on-current liabilities:

Equity:
Common Stock 20000
Other Equity (45500 + 17800 - 15400) 47900

Total of Liabilities and Equity 90700

3-8)

Wilson Trucking Company

Income Statement for the year ended 31 Dec 2018 Balance Sheet of Chiara Co as on 31 Dec 2018
Particulars (Expense) Amt Particulars (Income) Amt Assets: Amt
Depreciation Expense 23500 Trucking Fees 130000 Current Assets:
Salaries Expense 61000 Cash 8000
Office Supplies Expense 8000 Account Receivable 17500
Repairs Expense 12000 Office Supplies 3000

Loss (Balancing Figure & Other

Equity) 25500

130000 130000 N on-current Assets:

Trucks (172000 - 36000) 136000
Land 85000

Total Assets 249500

Liabilities and Equity:
Current Liabilites:
Accounts Payable 12000
Interest Payable 4000

N on-current liabilities:
Long Term Notes Payable 53000
Equity:
Common Stock 20000
Other Equity (155000 +25500 - 20000) 160500

Total of Liabilities and Equity 249500

3-8 A)

Taybalt Construction
Income Statement for the year ended 31 Dec 2018 Balance Sheet of Chiara Co as on 31 Dec 2018
Particulars (Expense) Amt Particulars (Income) Amt Assets: Amt
Depreciation Expense-Building 11000 Professional fees earned 97000 Current Assets:
Depreciation Expense-Equipment 6000 Rent earned 14000 Cash 5000
Wages Expense 32000 Dividends earned 2000 Short Term Investment 23000
Interest Expense 5100 Interest Earned 2100 Supplies 8100
Inusrance Expense 10000 Prepaid Insurance 7000
Rent Expense 13400
Supplies Expense 7400 N on-current Assets:
Postage Expense 4200 Equipment (40000-20000) 20000
Property taxes Expense 5000 Building (150000-50000) 100000
Repairs Expense 8900 Land 55000
Telephone Expense 3200
Utilities Expense 4600
Total Assets 218100

Profit (Balancing Figure & Other Equity) 4300 Liabilities and Equity

115100 115100 Current Liability

Accounts Payable 16500
Interest Payable 2500
Rent Payable 3500
Wages Payable 2500
Property Tax Payable 900
Unearned Professional Fees 7500

Non Current Liability

Long Term Notes Payables 67000

Equity
Common Stock 5000
Other Equity (121400 + 4300 - 13000) 112700

Total of Liabilities and Equity 218100

3-5 B)

Income Statement for the year ended 31 Dec 2018 Balance Sheet of Chiara Co as on 31 Dec 2018
Particulars (Expense) Amt Particulars (Income) Amt Assets: Amt
Depreciation Expense(Trucks) 29000 Delivery Fee earned 611800 Current Assets:
Depreciation Expense(Equipments) 48000 Interest earned 34000 Cash 58000
Salaries Expense 74000 Account Receivable 120000
Wages Expense 300000 Interest Receviable 7000
Interest Expense 15000 Notes Receivable 210000
office supplies expense 31000 office supplies 22000
Advertising Expense 27200
Repairs Expense-Trucks 35600

Profit (Balancing Figure & Other

Equity) 86000

645800 645800 N on-current Assets:

Trucks(134000-58000) 76000
Equipment(270000-200000) 70000
Land 100000

Total Assets 663000

Liabilities and Equity:
Current Liabilites:
Accounts Payable 134000
Interest Payable 20000
Salaries Payable 28000
Unearned delivery fees 120000

N on-current liabilities:
Long term notes 200000
Equity:
Common stocks 15000
Other Equities( Retained earnings+ Profit-
Dividend) 146000

Total of Liabilities and Equity 663000

3-8 B)

Anara Company
Income Statement for the year ended 31 Dec 2018 Balance Sheet of Chiara Co as on 31 Dec 2018
Particulars (Expense) Amt Particulars (Income) Amt Assets: Amt
Depreciation Expense-Building 2000 Professional fees earned 59600 Current Assets:
Depreciation Expense-Equipment 1000 Rent earned 4500 Cash 7400
Wages Expense 18500 Dividends earned 1000 Short-term investments 11200
Interest Expense 1550 Interest Earned 1320 Supplies 4600
Inusrance Expense 1525 Prepaid Insurance 1000
Rent Expense 3600
Supplies Expense 1000
Postage Expense 410 N on-current Assets:
Property taxes Expense 4825 Equipment (24000-4000) 20000
Repairs Expense 679 Building(100000 - 10000) 90000
Telephone Expense 521 Land 30500
Utilities Expense 1920
Total Assets 164700

Profit (Balancing Figure &

Other Equity) 28890
Liabilities and Equity:
66420 66420 Current Liabilites:
Accounts Payable 3500
Interest Payable 1750
Rent Payable 400
Wages payable 1280
Property taxes payable 3330
Unearned professional fees 750

N on-current liabilities:
Long-term notes payable 40000

Equity
Common Stock 30000
Other Equity( 62800 + 28890 - 8000) 83690

Total of Liabilities and Equity 164700