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Income Statement

For Year Ended November 30, 2022

Revenues

Financial Plan Services ($4,000 + $8,000).. .. … . . . . . . . . . .. . . . . . . . $12,000

Total revenues . . . .. . . . . . . . . . .. . . . . . . . . .. . . . ……………………… . $12,000

Expenses

Office’s opening expenses ------------------------------------------------ $1,000

Secretary’s wages ----------------------------------------------------$2,500

Total expenses ----------------------------------------------------- $3,500

Net income -------------------------------------------------------------------------- $8,500

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Statement of Owner’s Equity

For the First Year Ended November 30, 2022

M. Right, Capital, Starting Business, November 30, 2022----------------------------------

Plus: Investments by owner -------------------------------------------------------------------- $90,000

Net income ------------------------------------------------------------------------------- $8,500 $98,500

$98,500

Less: Withdrawals by owner ------------------------------------------------------------------- $1,800

M.Right, Capital, December 30, 2022----------------------------------------------------- $96,700

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Balance Sheet

November 30, 2022

Assets Liabilities

Cash ------------------------ $6,200 Account payable ------------ $1,500

Office Supplies ----------- $34,000 Note payable ---------------- $250,000

Office Equipments------- $7,000 Total liabilities -------------- $251,500

Building--------------------- $300,000

Account Receivable ----- $1,000

Equity

M.Right, Capital…………. $96,700

Total assets………………… $348,200 Total liabilities and equity --- $348,200