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  • Art Angel & Charlie Driver

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    svetus
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    The document contains financial statements for a business including a balance sheet, income statement, and transaction journal. The balance sheet shows total assets of $47,308 including $26,158 in cash, $20,800 in property and equipment, and $350 in inventory. Total liabilities are $254 in inventory payable and equity includes $6,000 in initial equity and $41,054 in retained earnings from net income. The income statement reports $95,282 in cash sales and $45,200 in cost of sales for a gross profit of $50,082. Expenses of $9,028 result in net income of $41,054.

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    The document contains financial statements for a business including a balance sheet, income statement, and transaction journal. The balance sheet shows total assets of $47,308 including $26,158 in cash, $20,800 in property and equipment, and $350 in inventory. Total liabilities are $254 in inventory payable and equity includes $6,000 in initial equity and $41,054 in retained earnings from net income. The income statement reports $95,282 in cash sales and $45,200 in cost of sales for a gross profit of $50,082. Expenses of $9,028 result in net income of $41,054.

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    © All Rights Reserved
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    8 views5 pages

    Art Angel & Charlie Driver

    Uploaded by

    svetus
    The document contains financial statements for a business including a balance sheet, income statement, and transaction journal. The balance sheet shows total assets of $47,308 including $26,158 in cash, $20,800 in property and equipment, and $350 in inventory. Total liabilities are $254 in inventory payable and equity includes $6,000 in initial equity and $41,054 in retained earnings from net income. The income statement reports $95,282 in cash sales and $45,200 in cost of sales for a gross profit of $50,082. Expenses of $9,028 result in net income of $41,054.

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    © All Rights Reserved
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    of 5

    Asset = Liabilities + Equity

    Cash 26,158.00
    Property and Equipment (Truck) 20,800.00
    Inventory 350.00
    Inventory Payable (Unpaid invoice) 254.00
    Equity 30,000.00
    Withdrawals - 24,000.00
    Cash Sales
    Cost of Sales
    Operating Expense
    Depreciation
    Income 41,054.00
    47,308.00 254.00 47,054.00
    47,308.00
    -
    Debit Credit
    Bank 30,000
    Cash of Revenue 95,282 26,000 Truck
    45,296 Inventory
    3,828 Operating Expense
    24,000 Withdrawal

    Total 125282 99124

    26158
    Ending Cash
    Cash in bank 26010
    Cash on hand 148

    Income Statement
    Cash sales 95,282.00
    Cost of Sales 45,200.00

    Gross Profit 50,082.00


    Expenses 9,028.00
    Net Income 41,054.00

    Balance Sheet
    Asset
    Cash 26,158.00
    Property and Equipment 20,800.00
    Inventory 350.00
    Total Assets 47,308.00

    Liabilities
    Loans Payable
    Inventory Payable 254.00
    Total Liabilities 254.00

    Equity 6,000.00
    Retained Earnings 41,054.00
    47,054.00

    Total Liabilities and Equity 47,308.00


    + Revenue - Expense

    95,282.00
    45,200.00
    3,828.00
    5,200.00
    41,054.00 9,028.00

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