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  • Income Statement & Balance Sheet

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    The income statement shows the company had revenues of $10,600, expenses of $7,740, and net income of $2,860. The balance sheet lists assets of $66,910 including cash, accounts receivable, supplies, and equipment. Liabilities included notes payable, accounts payable, unearned revenue, salaries payable, and interest payable totaling $9,550. Stockholders' equity included common stock, net income, and dividends totaling $12,360.

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    Income statement & Balance sheet

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    The income statement shows the company had revenues of $10,600, expenses of $7,740, and net income of $2,860. The balance sheet lists assets of $66,910 including cash, accounts receivable, supplies, and equipment. Liabilities included notes payable, accounts payable, unearned revenue, salaries payable, and interest payable totaling $9,550. Stockholders' equity included common stock, net income, and dividends totaling $12,360.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    9 views1 page

    Income Statement & Balance Sheet

    Uploaded by

    zZl3Ul2NNINGZz
    The income statement shows the company had revenues of $10,600, expenses of $7,740, and net income of $2,860. The balance sheet lists assets of $66,910 including cash, accounts receivable, supplies, and equipment. Liabilities included notes payable, accounts payable, unearned revenue, salaries payable, and interest payable totaling $9,550. Stockholders' equity included common stock, net income, and dividends totaling $12,360.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    Income Statement

    Revenues
    Service revenue 10,600.00
    Expenses
    Salaries & wages expense 5,200.00
    Rent expense 900.00
    Supplies expense 1,500.00
    Insurance expense 50.00
    Interest expense 50.00
    Depreciation expense 40.00
    Total expenses 7,740.00
    Net income 2,860.00

    Balance Sheet
    Assets
    Cash 15,200.00
    Account recievable 200.00
    Supplies 1,000.00
    Prepaid Insurance 550.00
    Equipment 50,000.00
    Less: Acccumulated Depreciation (40.00)
    Total assets 66,910.00

    Liabilities and Stockholders' equity


    Liabilities
    Notes Payable 5,000.00
    Accounts Payable 2,500.00
    Unearned Service Revenue 800.00
    Salaries and Wages Payable 1,200.00
    Interest Payable 50.00
    Total liabilities 9,550.00
    Stockholders' equity
    Common stock 10,000.00
    Net income 2,860.00
    Less: Dividends (500.00)
    Total stockholders' equity 12,360.00
    Total liabilites and stockholders' equity 21,910.00

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