Strong Corp (SC)

Income Statement
For The Year Endend December 31, 2019
Revenue
Service Revenue 513,500
Rent Revenue 55,000
Total Revenue 568,500

Expense
Salaries Expense 290,000
Depreciation Expense - Equipment 50,000
Interest Expense 5,250
Depreciation Expense - Building 17,500
Insurance Expense 12,000
Untilities Expense 82,300
Total Expense 457,050
Net Income 111,450

Strong Co (SC)
Retained Earnings Statements
For The Year Endend December 31, 2019
Retained Earnings, Beggining 88,230
Add : Net Income 111,450
199,680

Less : Dividend 31,000

Retained Earnings, December 31 168,680

Strong Co (SC)
Statement of Financial Position
December 31
ASSETS
Intangible Asset
Goodwill 25,000
Total Intangible Asset 25,000
Property, Plant, and Equipment
Building 350,000
Accumulated Depreciation - Building 35,000 315,000
Equipment 200,000
Accumulated Depreciation - Equipment 100,000 100,000
Land 995,000
Total Property, Plant, and Equipment 1,410,000
Long Term Investment
Long Term Investment 500,000
Total Long Term Investment 500,000
Current Assets
Accounts Receivable 32,270
Prepaid Insurance 48,000
Supplies 2,200
Cash 110,810
Total Current Assets 193,280
TOTAL ASSETS 2,128,280

EQUITY AND LIABILITIES

Equity
Share Capital - Ordinary 221,000
Retained Earnings 168,680
Total Equity 389,680
Non Current Liabilities
Bonds Payable 1,600,000
Total Non Current Liabilities 1,600,000
Current Liabilities
Accounts Payable 20,100
Notes Payable 63,500
Unearned Rent Revenue 55,000
Total Current Liabilities 138,600
TOTAL EQUITY AND LIABILITIES 2,128,280
 No Account Tittle and Explanation Ref Debit Credit
2019
Dec-31 Service Revenue 513,500
Rent Revenue 55,000
Income Summary 568,500

Dec-31 Income Summary 457,050

Salaries Expense 290,000
Interest Expense 5,250
Utilities Expense 82,300
Insurance Expense 12,000
Depreciation Expense - Equipment 50,000
Depreciation Expense - Building 17,500

Dec-31 Income Summary 111,450

Retained Earnings 111,450

Dec-31 Retained Earnings 31,000

Dividends 31,000