Question
use the information to fill out the income statement and balance sheet columns.
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Explanation / Answer
Income statement:
Revenues and Gains:
Revenue
4,150
Less: Expenses
Advertising expense
(800)
Mileage expense
(185)
Gas and oil expense
(500)
Insurance expense
(100)
supplies expense
(920)
Phone expense
(430)
internet expense
(150)
Depreciation expense
(300)
Net income
765
Balance sheet:
Assets:
Current assets:
Cash
9,215
Accounts receivable
3,250
Prepaid insurance
1,100
Gas and oil
100
Total current assets:
13,665
Fixed assets:
equipment
10,600
Less: Accumulated dep.- equipment
(300)
10,300
Total Assets:
23,965
Liabilities and owners equity:
liabilities:
Accounts payable
4,350
Notes payable
15,000
Interest payable
150
Unearned revenue
200
Total liabilities
19,700
Owners equity:
Robert capital
5,000
Less: Robert withdrawal
(1,500)
3,500
Retained earnings (net profit)
765
Total liabilities and owners equity:
23,965
Revenues and Gains:
Revenue
4,150
Less: Expenses
Advertising expense
(800)
Mileage expense
(185)
Gas and oil expense
(500)
Insurance expense
(100)
supplies expense
(920)
Phone expense
(430)
internet expense
(150)
Depreciation expense
(300)
Net income
765