31-Dec Service Revenue 125,000

Income Summary 125,000

To close revenue account to income summary

Income Summary 69,000

Depreciation Expense 35,000
Advertising Expense 7,000
Rent Expense 4,000
Salary Expense 15,000
Insurance Expense 8,000
To close the expenses account to income summary

Income Summary 56,000

Grace, Capital 56,000
To close the income summary account to owner's equity

Grace, Capital 7,500

Grace, Drawing 7,500
To close the drawing account to owner's equity
 GRACE COMPANY
125,000 INCOME STATEMENT
For the year ended December 31, 2030

Revenue:
35,000 Service Revenue
7,000
4,000 Expenses:
15,000 Depreciation Expense
8,000 Advertising Expense
Rent Expense
Salary Expense
Insurance Expense
56,000 Profit for the year

7,500

GRACE COMPANY
BALANCE SHEET
31-Dec-30
ASSETS

Current Assets
Cash and cash equivalents
Trade and Other Receivables
Prepaid expenses
Total Current Assets

Non-Current Assets
Property and equipment
Less: Accumulated Depreciation
Total Non-Current Assets
Total Assets
LIABILITIES AND OWNER'S EQUITY

Liabilities
Current Liabilities
Trade and Other payables
Unearned Income
Total Current Liabilities

Owner's Equity
Grace, Capital
Total Liabilities and Equity
 ACE COMPANY
OME STATEMENT STAT
ended December 31, 2030

Grace, Owner's equity, December 1

125,000 Add: Additonal Investment
Profit
Total
35,000 Less:Grace, drawing
7,000
4,000
15,000
8,000 69,000
56,000

ACE COMPANY
ALANCE SHEET
31-Dec-30
ASSETS

63,500
100,000
75,000
238,500

175,000
70,000
105,000
343,500
AND OWNER'S EQUITY

95,000
80,000
175,000

168,500
343,500
 GRACE COMPANY
STATEMENT OF CHANGES IN OWNER'S EQUITY
For the year ended December 31, 2030

ty, December 1 120,000

tment -
56,000 56,000
176,000
7,500
168,500