Scribd Logo
Upload

Welcome to Scribd!

  • Solutions

    Uploaded by

    jovana
    161 views5 pages
    The Wiggam CPA income statement shows total revenue of $111,000 and expenses of $61,000, resulting in net income of $50,000 for the year ended December 31, 2009. The Dr. Hutta balance sheet as of December 31, 2008 lists total assets of $144,000 including cash, accounts receivable, supplies, and office equipment. The King and King income statement for the month ended December 31, 2007 shows revenues of $49,100 and expenses of $23,500, resulting in net income of $25,600.

    Original Description:

    Copyright

    © © All Rights Reserved

    Available Formats

    XLSX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    The Wiggam CPA income statement shows total revenue of $111,000 and expenses of $61,000, resulting in net income of $50,000 for the year ended December 31, 2009. The Dr. Hutta balance sheet as of December 31, 2008 lists total assets of $144,000 including cash, accounts receivable, supplies, and office equipment. The King and King income statement for the month ended December 31, 2007 shows revenues of $49,100 and expenses of $23,500, resulting in net income of $25,600.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    161 views5 pages

    Solutions

    Uploaded by

    jovana
    The Wiggam CPA income statement shows total revenue of $111,000 and expenses of $61,000, resulting in net income of $50,000 for the year ended December 31, 2009. The Dr. Hutta balance sheet as of December 31, 2008 lists total assets of $144,000 including cash, accounts receivable, supplies, and office equipment. The King and King income statement for the month ended December 31, 2007 shows revenues of $49,100 and expenses of $23,500, resulting in net income of $25,600.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 5

    Wiggam CPA

    Income Statement
    For the year ended December 31, 2009

    Service Revenue 111,000.00


    Total Revenue 111,000.00

    Expenses:
    Insurance Expense 4,000.00
    Supplies Expense 1,000.00
    Advertising Expense 6,000.00
    Rent Expense 8,000.00
    Salary expense 42,000.00
    Total Expenses 61,000.00

    Net Income 50,000.00

    Dr. Hutta
    Balance Sheet
    For December 31st, 2008
    Assets:
    Cash 11000
    Accounts receivable 45900
    Supplies 1600
    Office equipment 85500

    Total Assets 144000

    King and King


    Income Statement
    For the month ended December 31, 2007

    Revenues:
    Service revenue 49100
    Total revenues: 49100

    Expenses:
    Wage expense 15500
    Supplies expense 1000
    Utility expense 2000
    Rent expense 5000
    Total expenses: 23500

    Net Income 25600


    Wiggam CPA
    Statement of Owner's Equity
    For the year ended December 31, 2009

    Beginning Capital, Owner Capital 33,000.00


    Owner's Investments 0
    Net Income 50,000.00
    Withdrawals by owner 26,000.00

    Ending Capital, Owner Capital 57,000.00

    Liabilities:
    Accounts payable 25500
    Note payable 19000
    Total Liabilities: 44500

    Equity:
    Dr Hutta Capital 99500

    You might also like