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    Book 2

    Uploaded by

    Trinh Duc Manh (k15 HL)
    1) The document contains an income statement, statement of owner's equity, balance sheet, and income summary for a business. 2) The income statement shows revenues of $180800 from repair services and $7500 from interest for total revenues of $188300, and expenses of $173200, resulting in net income of $15100. 3) The balance sheet lists current assets of $165600, plant assets of $113000, total assets of $278600, total liabilities of $115000, total equity of $163600, and total liabilities and equity of $278600.

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    Book 2

    Uploaded by

    Trinh Duc Manh (k15 HL)
    31 views4 pages
    1) The document contains an income statement, statement of owner's equity, balance sheet, and income summary for a business. 2) The income statement shows revenues of $180800 from repair services and $7500 from interest for total revenues of $188300, and expenses of $173200, resulting in net income of $15100. 3) The balance sheet lists current assets of $165600, plant assets of $113000, total assets of $278600, total liabilities of $115000, total equity of $163600, and total liabilities and equity of $278600.

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    Book2

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    1) The document contains an income statement, statement of owner's equity, balance sheet, and income summary for a business. 2) The income statement shows revenues of $180800 from repair services and $7500 from interest for total revenues of $188300, and expenses of $173200, resulting in net income of $15100. 3) The balance sheet lists current assets of $165600, plant assets of $113000, total assets of $278600, total liabilities of $115000, total equity of $163600, and total liabilities and equity of $278600.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    31 views4 pages

    Book 2

    Uploaded by

    Trinh Duc Manh (k15 HL)
    1) The document contains an income statement, statement of owner's equity, balance sheet, and income summary for a business. 2) The income statement shows revenues of $180800 from repair services and $7500 from interest for total revenues of $188300, and expenses of $173200, resulting in net income of $15100. 3) The balance sheet lists current assets of $165600, plant assets of $113000, total assets of $278600, total liabilities of $115000, total equity of $163600, and total liabilities and equity of $278600.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    You are on page 1of 4

    Revenue Expense

    Debit Credit Debit Credit


    Repair service revenue 180800 Expense 28500
    Interest revenue 7500 Depreciation expense 85000
    Wage expense 48000
    Insurance expense 6000
    Interest expense 5700
    Total 188300 173200
    Net Income 15100
    Totals 188300 188300

    Income statement
    Repair services revenue 180800
    Interest revenue 7500

    Depreciation expense - 28500


    Wages Expense 85000
    Rent expense 48000
    Insurance expense 6000
    Interest expense 5700
    173200 188300
    Net income 15100
    Statement of Owner's Equity 31/12
    Capital, 31/12 178500
    Net income 15100
    193600
    Withdrawals 30000
    Totals 163600
    Balance sheet and statement of owner's equity
    Debit Credit
    Cash 95600
    Note receivable 50000
    Prepaid Insurance 16000
    Prepaid rent 4000
    Equipment 170000
    Accumulated depreciation- E 57000
    Accounts payable 52000
    Long-term notes payable 63000
    Capital 178500
    Withdrawals 30000
    Totals 365600 350500
    Net income 15100
    Totals 365600 365600

    Balance sheet 31/12


    Current Asset
    Cash
    Note receivable
    Prepaid Insurance
    Prepaid rent
    Assets
    Total current assets
    Plant Asset
    Equipment
    Accumulated depreciation- Equipment
    Total plant assets
    Total assets
    Accounts payable
    Liabilities
    Long-term notes payable
    Total Liabilities
    Capital
    Equity
    Total Equity
    Total Liabilities and Equity
    Income summary
    Debit Credit Balance
    Close revenue accounts 188300 188300
    Close expense accounts 173200 15100
    Close income accounts 15100 0

    Capital
    Debit Credit Balance
    Capital 178500
    Net income 15100 193600
    Withdrawals 30000 163600

    sheet 31/12
    95600
    50000
    16000
    4000
    165600

    170000
    Equipment 57000
    113000
    278600
    52000
    63000
    115000
    163600
    163600
    278600

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