Green Lawns Inc.

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Income Statement
For the year ended December 31,2015
Sales Revenue:
Lawn care revenue earned 192,000
Expenses:
Salary Expense 104,000
Supply Expense 2,400
Advertising Expense 600
Depreciation Expense : Equipment 2,000 109,000
Income before taxes 83,000
Incomes Taxes Expense 23,200Refered to Retained earning deducted by Income Taxes payable
Net Income 59,800

Green Lawns Inc.,

Statement of Retained Earnings
For the year ended December 31,2015
Retained Earnings Jan 1, 2015 90,000
Add: Net income 59,800
Subtotal 149,800
Less: Dividends 4,000
Retained Earnings Dec 31, 2015 145,800

Green Lawns Inc.,

Balance Sheet
December 31,2015
Assets
Cash 182,200
Accounts Receivable 9,000
Supplies 600
Equipment 24,000
Less: Accumulated Depreciation 10,000 14,000
Total Assets 205,800
Liabilities
Accounts Payable 3,000
Income Taxes Payable 7,000
Total Liabilities 10,000
Stockholders Equity:
Capital stock 50,000
Retained Earnings 145,800
Total stockhoders equity 195,800
Total Liabilities & Stock holder equity 205,800
Total Liabilities & Stock holder equity 205,800