Sherry's Shuttles Company

Income Statement
For the Period Ended, 31-December-2024.

Revenues:
Shuttle Revenue $ 69,300.00
Expenses:
Fuel Expense $ 11,000.00
Depreciation Expense $ 2,000.00
Insurance Expense $ 4,000.00
Telephone Expenses $ 400.00
Wages Expenses $ 30,000.00
Utilities Expenses $ 1,200.00
Total Expenses $ 48,600.00
Net Income $ 20,700.00
 Sherry's Shuttles Company
Statement of Changer in Equity
For the Period Ended, 31-December-2024.

Common Shares Retained Earnigns Total

January 1, 2024 $ 60,000.00 $ 10,000.00 $ 70,000.00
Add: Net Income 20700 $ 20,700.00
Less: Dividents -3000 $ (3,000.00)
Dec 31, 2024 $ 60,000.00 $ 27,700.00 $ 87,700.00
 Sherry's Shuttles Company
Balance Sheet
December 31, 2024

Current Assests: Current Liabilities:

Cash $ 5,000 Accounts Payable
Account Receivable $ 1,000 Wages Payable
office Supplies $ 500 Total Current Liabilities
Total Current Assets: $ 6,500
Long-term Liabilities:
Long-Term Assets: Bank Loan
Building, NET $ 100,000 Total Long-term Liabilities:
Equipment, NET $ 30,000 Total Liabilities
Total Long-term Assets: $ 130,000
Total Assests: $ 136,500 Share Holders' Equity:
Comman Stock
Retained Earnings
Total Share Holders' Equity
Total liabilities and Share Holders' Equity
$ 2,200
$ 1,600
$ 3,800

$ 45,000
$ 45,000
$ 45,000

$ 60,000
$ 27,700
$ 87,700
$ 136,500
Current Ratio = Current Assets/Current Liabilities
1.710526315789
It is better, as it should be above 1.5

debt Ratio= Total liabilities/Total Assets

0.357509157509 or 35.75%

Equity Ratio= Total S.E/Total Assets

0.642490842491 64.25%
 John's Jungle Gyms
Income Statement
fro the period of Ended October 31st, 2024

Revenues:
Admission revenue $ 25,000.00 $ 25,000.00
Expenses
Repair expense $ 1,500.00
Depreciation expense $ 2,600.00
Wages expense $ 6,000.00
Insurance expense $ 3,000.00
Utilities expense $ 300.00 $ 13,400.00
Net Income $ 11,600.00

John's Jungle Gyms

Statement of Change in Equity
fro the period of Ended October 31st, 2024
Common stock Retained Earnings Total
Oct. 1, 2024 $ 10.00 $ 118,090.00 $ 118,100.00
Less: Divident $ (200.00) $ (200.00)
Add: Net Income $ 11,600.00 $ 11,600.00
Oct. 31, 2024 $ 10.00 $ 129,490.00 $ 129,500.00
 John's Jungle Gyms
Balance Sheet
October 31st, 2024
Current Assets: Current Liabilities:
Cash $ 14,000.0 Accounts payable $ 5,000.0
Accounts receivable $ 500.0 Wages payable $ 2,000.0
Total Current Assests: $ 14,500.0 Total Current Liabilities

Long-term Assets: Long Term Liabilities:

Buildings, net $ 225,000.0 Mortgage $ 178,000.0
Equipment, net $ 75,000.0 Total Long Term Liabilities:
Total Long-term Assets: $ 300,000.0 Total libilities:
Total Assets: $ 314,500.0 Shares Holder's Equity:
Common Stock $ 10.0
Retained Earning $ 129,490.0
Total Shares Holder's Equity:
Total Liabilities and Shares Holder's Equity

Current Ratio: Current Assets/Current liabilites

1.7 it is ok

Debt Ratio: Total Liabilites/Total Assets

0.5882352941 58.82%

The Equity Ratio Total Share Holders' Equity/Total Assets

0.4117647059 41.18%
$ 7,000.0

$ 178,000.0
$ 185,000.0

$ 129,500.0
$ 314,500.0
 Industrial Relations Ltd. In
income statement
for the year ended June 30, 2024

Revenues: Assets:
Consulting revenue $ 88,000 $ 88,000 Current Assets:
Cash
Accounts receivable
Operating Expenses: Supplies
Wages expense $ 35,000 Total Current Assets:
Travel expense $ 6,000 Long Term Assets:
Supplies expense $ 3,500 Equipment Net*
Total Operating Expenses $ 44,500 Building Net*
Operating Profit $ 43,500 Total long Term Assests
Other Expenses Total Assets:
Depreciation expense $ 2,500
Profit before Interest and Taxes $ 41,000
Interest expense $ 3,000
Profit before Taxes $ 38,000
Income tax expense $ 11,000
Net Income $ 27,000 Cuurent Ratio:

Debt Ratio:
Industrial Relations Ltd.
Statement of changes in equity
for the year ended June 30, 2024 Equity Ratio:
Common Retained
Stock Earnings Total
July, 1st 2023 $ 100.00 $ 34,900.00 $ 35,000.00
Less: Dividents $ (6,000.00) $ (6,000.00)
Add: Net Income $ 27,000.00 $ 27,000.00
June 30th, 2023 $ 100.00 $ 55,900.00 $ 56,000.00
 Industrial Relations Ltd.
Balance Sheet
June 30, 2024

Liabilities:
Current Liabilities:
$ 3,000.00 Notes payable $ 5,000.00
$ 1,000.00 Accounts payable $ 2,000.00
$ 500.00 Mortgage payable $ 8,000.00
$ 4,500.00 Total Current Liabilities $ 15,000.00
Long Term Liabilities
$ 5,500.00 Mortgage payable* $ 52,000.00
$ 113,000.00 Total Long Term Liabilities $ 52,000.00
Term Assests $ 118,500.00 Total Liabilities: $ 67,000.00
$ 123,000.00 Share Holder's Equity
Common Stock $ 100.00
Retained Earnings $ 55,900.00
Total Share Holder's Equity $ 56,000.00
Total Liabilities and Share Holders' Equity $ 123,000.00

Total Assets/Total Liabilities

1.8358208955
Total Liabilities/Total Assets
0.5447154472 54.47%

Total Share Holders' Equity/Total Assets

0.4552845528 45.53%
 Accountingworkbook.com
Income Statement
for the year ended January 31, 2024

Revenues:
Subscription revenue 7,000 7,000

Operating Expenses:
Utilities expense 1,500
Web server expense 1,000
Advertising expense 700
Supplies expense 600
Total Operationg Expenses 3,800
Operating Profit 3,200
Others Expenses
Depreciation expense 350
Profit Before Income and Taxes 2,850
Interest expense 200
Profit Before Tax 2,650
Income tax expense 1,150
Net Profit 1,500

Accountingworkbook.com
Statement of changes in equity
for the year ended January 31, 2024
Common Retained
shares earnings Total
1-Feb-23 $ 50 $ 4,000 $ 4,050
Less: Divident $ (50) $ (50)
Add: Common Shares Issue $ 1,000 $ 1,000
Add: Net Profit $ 1,500 $ 1,500
31-Jan-24 $ 1,050 $ 5,450 $ 6,500
 Accountingworkbook.com
Statement of changes in equity
31-Jan-24

Assets: Liabilities:
Current Assets: Current liabilities:
Cash 6,000 Accounts payable 300
Supplies 100 Interest payable 100
Total Current Assets: 6,100 Bank Loan Payable 500
Long-term Assets: Total Current Assets:
Computers 1800 Long-term liabilities:
Total long-term assets: 1,800 Bank Loan Payable 500
Total Assets: 7,900 Total Long term Liabilities
Total Liabilities:
Share Holders' Equity
Common Stock $ 1,050
Retained Earning $ 5,450
Total Share Holders' Equity
Total Liabilities and Share Holders' Equity
Cuurent Ratio: Total Assets/Total Liabilities
8.777777777778
Debt Ratio: Total Liabilities/Total Assets
0.177215189873 17.72%

Equity Ratio: Total Share Holders' Equity/Total Assets

$ 0.82 82.28%
 900

500
1400

$ 6,500
$ 7,900
2-1A – Basic Journal Entries – New Company
Joe’s Car Repairs started operating on June 1. The following transactions occurred during June:
June 1 Joe invested $10,000 cash and invested equipment valued at $20,000 in exchange for 500 common shares.
June 2 Paid rent on a small downtown garage for $2,500 (cash) to cover the month of June.
June 3 Purchased equipment on account. $8,000 is due to be paid on July 3.
June 6 Paid $100 to sponsor a local sports team.
June 10 Paid $250 cash dividend to shareholders.
June 14 Paid employees’ salaries of $2,000.
June 15 Performed car repair work for the first two weeks of June. Billed and received $7,000.
June 16 Performed car repair work for customer #233 - $1,000. The customer did not pay but agreed to pay within 30 days.
June 22 Paid for the equipment purchase from June 3.
June 26 Received one half of the amount owed from the June 16 transaction.
June 30 Paid employees’ salaries of $2,000.
June 30 Received a telephone bill for $125 for June. Not yet paid.

Date Description Debit credit

Jun-01 Cash 10,000
Equipment 20,000
Common shares 30,000
June 1 Joe invested $10,000 cash and invested equipment valued at $20,000 in exchange for 500 common shares.

Jun-02 Rent Expense 2,500

Cash 2,500
June 2 Paid rent on a small downtown garage for $2,500 (cash) to cover the month of June.

Jun-03 Equipment 8,000

Account Payable 8,000
June 3 Purchased equipment on account. $8,000 is due to be paid on July 3.

Jun-06 Donation Expense 100

Cash 100
June 6 Paid $100 to sponsor a local sports team.

Jun-10 Divident 250

cash 250
June 10 Paid $250 cash dividend to shareholders.

Jun-14 Salaries Expense 2000

Cash 2000
June 14 Paid employees’ salaries of $2,000.

Jun-15 Cash 7000

Car Repair Revenue 7000
June 15 Performed car repair work for the first two weeks of June. Billed and received $7,000.

Jun-16 Account Receivable 1000

 Car Repair Revenue 1000
June 16 Performed car repair work for customer #233 - $1,000. The customer did not pay but agreed to pay within 30 days.

Jun-22 Account Payable 8,000

Cash 8000
June 22 Paid for the equipment purchase from June 3.

Jun-26 CASH 500

account Receivable 500
June 26 Received one half of the amount owed from the June 16 transaction.

Jun-30 Salaries Expense 2000

Cash 2000
June 30 Paid employees’ salaries of $2,000.

Jun-30 Telephone Expense 125

Account Payable 125
June 30 Received a telephone bill for $125 for June. Not yet paid.
mmon shares.

to pay within 30 days.

Assets Cash Equipment Account Receivable

10,000 2500 20,000 1000 500
7000 100 8000
500 250
2000
mmon shares. 8000
2000
2,650 28,000 500

Liabilities

8000 8000
125

125
to pay within 30 days.

S.E Common Share Divident

30,000 250

30000 250

Revenues Car Repair Revenue

7000
1000

8000
Expenses Rent Expense Donation Expense Salaries Expense
2500 100 2000
2000

2500 100 4000

Telephone Expense
125

125
 Joe’s Car Repairs
Trail Balance
Jun-30

Description Debit Credit

Cash 2,650
Account Receivable 500
Equipment 28,000
Account Payable 125
Common Share 30,000
Divident 250
Car Repair Revenue 8,000
Rent Expense 2,500
Donation Expense 100
Salaries Expense 4,000
Telephone Expense 125
Totals 38,125 38,125
Freida’s Ferns is a Landscaping Business. The company had the following account balances entering
February: Cash $1,000; Accounts Receivable $500; Supplies $1,500; Equipment $12,000; Accumulated
Depreciation – Equipment $7,000; Accounts Payable $400; Bank Loan $2,600; Common Shares $2,000; and
Retained Earnings $3,000.

The following transactions occurred during February:

30000

Feb-01 Supplies 500

Account Payable 500
February 1 Purchased supplies on account: $500.

Feb-03 Cash 500

Amount Receivable 500
February 3 Collected the amount receivable from January.

Feb-05 cash 5000

Account Payable 5000
February 5 Borrowed $5,000 from the bank.

Feb-07 Eqiupment 3000

Cash 3000
February 7 Purchased new lawn mower for $3,000 cash.

Feb-08 Accounts Payable 400

cash 400
February 8 Paid off accounts payable from January.

Feb-14 Cash 2900

Account Receviable 100
Lawn Mowing Revenue 3000
February 14 Performed lawn mowing work for the first two weeks. Charge a flat rate of $20 per lawn, the
company mowed 150 lawns. Collected from all but 5 customers.

Feb-15 Salaries Expense 2000

Cash 2000
February 15 Paid employee’s salary of $2,000.

Feb-17 Cash 80
Account Receivables 80
February 17 Collected from 4 of the 5 unpaid customers from the first two weeks of February.

Feb-20 cash 2000

Common Shares 2000
February 20 Issued 1,000 common shares for $2,000 cash.
 Feb-21 Fuel Expense 1200
Cash 1200
February 21 Purchased fuel for the mowers: $1,200 cash.

Feb-28 Cash 3440

Account Receviable 160
Lawn mowing Revenue 3600
February 28 Performed lawn mowing work for the first two weeks. Charge $20 per lawn, the company
mowed 180 lawns. Collected from all but 8 customers.

Feb-28 Employees Salary 2000

Cash 2000
February 28 Paid employee’s salary of $2,000.

Feb-28 Income Tax Expense 500

Cash 500
February 28 Paid income tax installment of $500.

Feb-28 Interest Expense 200

Cash 200
February 28 Paid interest on the loan: $200.

Feb-28 dividents 1000

Retained Earning 1000
February 28 Paid dividends to shareholders: $1,000.
24980 24980 79960
30000 39980
Assets Cash Accounts Receieble
1,000 3000 500 500
500 1200 100
5000 2000 160 80
2900 500
2000 200 760 580
80 400 180
2000
3440

9,620
Equipment
12,000
3000

Liabilities

Accounts Payable Bank loan

400 400 2600
500
5000

S.H

Common Shares Retained Earnings

2000 1,000 3000
2000

Revenues

Lawn Mowing Revenue

3000
3600
Expenses

Accumulate Dep-Equipment Salaries Expense

7,000 2,000
2000

Income Tax Expense Interest Expense

500 200
 Supplies
1,500
500

Debit Credit
Cash 9620
Accounts Receieble 180
Supplies 2000
Equipment 15000
Accounts Payable 5500
Bank loan 2600
Common Shares 4000
Retained Earnings 2000
Divident 1000
Lawn Mowing Revenue 6600
Accumulate Dep-Equipment 7000
Salaries Expense 4000
Divident Fuel Expense 1200
1000 Income Tax Expense 500
Interest Expense 200
40700 20700
Fuel Expense
1200