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Unformatted text preview: Income statement Assets: Salary revenue 3,000 Cash 4,300 Rent expense-200 Furniture 1,500 Interest expense-550 Security deposit 400 Taxes expense-1,000 House 80,000 Net income 1,250 Total 86,200 Liabilities: Mortgage payable 74,950 Equity: "Common stock" 10,000 Retained earnings 1,250 Total 86,200 f. Pay the mortgage. Mortgage payments are $600 a month, consisting of $50 principle and $550 interest. Security deposit Mortgage payable "Common stock" Retained earnings Income statement accounts ATTENTION: Please do not cut/pas at all or copy/paste fro outside the workshee...
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- Spring '08