Assets | = Liabilities | + Stockholders’ Equity |
Assets | = Liabilities | + Stockholders’ Equity |
Assets | = Liabilities | + Stockholders’ Equity |
578,000 | 152,000 | |
25,000 | 180,500 | |
127,000 | 17,000 | |
269,000 | 45,000 | |
850,000 | 675,000 | |
250,000 | 657,450 |
Assets = | Liability | + Equity | + Revenue | – Expense | ||||
Transaction | Cash | Supplies | Equipment | Accounts Payable | Notes Payable | Common Stock | Service Revenue | Rent Expense |
Jan 1 Issued stock to owners | ||||||||
Jan 5 Borrowed money from bank | ||||||||
Jan 10 Purchased equipment with cash | ||||||||
Jan 15 Paid January rent | ||||||||
Jan 18 Performed services | ||||||||
Jan 20 Purchased supplies on account | ||||||||
Balance: |
Cash | 49,500 |
Accounts Receivable | 125,000 |
Supplies | 1,500 |
Prepaid Insurance | 12,000 |
Equipment | 70,000 |
Building | 420,000 |
Land | 111,500 |
Accounts Payable | 80,000 |
Notes Payable | 170,000 |
Common Stock | 410,000 |
Retained Earnings | 65,000 |
Dividends | 20,000 |
Service Revenue | 174,000 |
Interest Revenue | 1,000 |
Salaries Expense | 52,000 |
Advertising Expense | 17,000 |
Insurance Expense | 5,000 |
Utilities Expense | 13,750 |
Interest Expense | 2,750 |
Bryniuk’s Company | |
Income Statement | |
For Year Ended December 31 | |
Revenues: | . |
Total Revenues | |
Expenses: | |
Total Expenses | |
Net Income |
Bryniuk’s Company | |
Statement of Retained Earnings | |
For Year Ended December 31 | |
Beginning Retained Earnings | $65,000 |
Add: Net Income | |
Subtract: Dividends | |
Ending Retained Earnings |
Bryniuk’s Company | |||
Balance Sheet | |||
December 31 | |||
Assets | Liabilities and Equity | ||
Total Liabilities | |||
Total Equity | |||
Total Assets | Total Liabilities and Equity |
Accounts Payable | 43,100.00 |
Accounts Receivable | 85,000.00 |
Cash | 55,320.00 |
Common Stock | 125,000.00 |
Dividends | 28,000.00 |
Machinery | 70,000.00 |
Rent Expense | 24,000.00 |
Retained Earnings | 70,000.00 |
Salaries Expense | 65,000.00 |
Service Revenue | 165,320.00 |
Supplies | 2,350.00 |
Trucks | 60,000.00 |
Utilities Expense | 13,750.00 |
Account | Account Type | Financial Statement |
Assets = | Liabilities | + Stockholders’ Equity | + Net Income | |||||||||
Cash | Accounts Receivable | Prepaid Rent | Supplies | Equipment | Trucks | Accounts Payable | Common Stock | + Retained Earnings | – Dividends | Revenue | – Expenses | Expense Type |
Previous Balances | $5,000 | $2,000 | $1,500 | $850 | $6,000 | $15,000 | $2,500 | $20,000 | $7,850 | |||
1 | 4,500 | 4,500 | ||||||||||
2 | -500 | -500 | ||||||||||
3 | -750 | 750 | Rent expense | |||||||||
4 | 5,200 | 5,200 | ||||||||||
5 | 650 | 650 | ||||||||||
6 | 6,000 | -6,000 | ||||||||||
7 | 850 | 850 | Repair expense | |||||||||
8 | -2,700 | 2,700 | Salary expense | |||||||||
9 | -280 | 280 | Utilities expense | |||||||||
10 | -350 | 350 | Misc. expense | |||||||||
11 | -550 | 550 | ||||||||||
Ending Balance: | $11,120 | $1,200 | $750 | $1,500 | $6,000 | $15,000 | $3,500 | $20,000 | $7,850 | $550 | $9,700 | $4,930 |
Fees earned | $9,700 |
Expenses: | |
Rent Expense | $750 |
Repair Expense | 850 |
Wages Expense | 2700 |
Utilities Expense | 280 |
Miscellaneous expense | 350 |
Total Expenses | $4,930 |
Net Income ($9,700 – $4,930)= | $4,770 |
Larson Inc., Retained Earnings, December 31 | $ 7,850 |
Net income for the month | $4,770 |
Less Dividends | – 550 |
Increase in Stockholders’ Equity | + 4,220 |
Larson Inc., Retained Earnings, December 31 | $12,070 |
Larson Company | |||
Balance Sheet | |||
Month Ended December 31 | |||
Assets | Liabilities | ||
Cash | $11,120 | Accounts Payable | $3,500 |
Accounts Receivable | 1,200 | ||
Prepaid Rent | 750 | Stockholders’ Equity | |
Supplies | 1,500 | Common Stock | 20,000 |
Equipment | 6,000 | Retained Earnings | 12,070 |
Trucks | 15,000 | ||
Total Assets | $35,570 | Total Liabilities and Stockholders’ Equity | $35,570 |