Account Titles Debit Credit

1 Cost of Good Sold 204.00

Inventory 204.00
2 Office Supplies Expense 890.00
Office Supplies 890.00
3 Rent Expense 600.00
Prepaid Rent 600.00
4 Depreciation Expense - Office Equipment 250.00
Accumulated Depreciation - Office Equipment 250.00
5 Office Salaries Expense 180.00
Accrued Expense Payable 180.00

Income Statement

WALTZ COMPANY
Income Statement
For the Year Ended December 31, 2023

Sales 52,462.00
Sales Returns and Allowances (116.00)
Sales Discounts (2,200.00) (2,316.00)
Net Sales 50,146.00
Cost of Good Sold 26,942.00
Gross Profit 23,204.00

Less: Expense
Office Salaries Expense 7,588.00
Insurance Expense 2,200.00
Advertising Expense 800.00
Utilities Expense 736.00
Office Supplies Expense 890.00
Rent Expense 600.00
Depreciation Expense - Office Equipment 250.00 (13,064.00)
Net Income 10,140.00
Statement of Changes in Owner's Equity

WALTZ COMPANY
Statement of Changes in Owner's Equity
For the Year Ended December 31, 2023

K. Waltz, Capital, Beginning Balance 5,476.00

Net Income, December 31, 2023 10,140.00
Less: K. Waltz, Withdrawals (5,000.00)
Net Increase in Owner's Equity 5,140.00
K. Waltz, Capital 10,616.00

Balance Sheet

WALTZ COMPANY
Balance Sheet
December 31, 2023

ASSETS
Cash 3,800.00
Petty Cash 100.00
Accounts Receivable 3,400.00
Inventory 5,000.00
Prepaid Rent 600.00
Office Supplies 470.00
Office Equipement 9,680.00
Accumulated Depreciation, Office Equipment (4,290.00)
Total Assets 18,760.00

LIABILITIES & OWNER'S EQUITY

Accounts Payable 7,964.00
Accrued Expense Payable 180.00
K. Waltz, Capital 10,616.00
18,760.00