Computer Project 2 - Balance Sheet At April 30, 2007 ASSETS...

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Terrific Lawn Maitenance Corporation Income Statement For the Month Ended April 30, 2007 Operating Revenues Mowing revenue $14,753 Operating Expenses Wages expense 8,410 Fuel expense 459 Insurance expense 112 Utilities expense 96 Depreciation expense 25 9,102 Operating income 5,651 Other items Interest revenue 12 Interest expense (77) Pretax income 5,586 Income tax expense 1,680 Net income $3,906 Terrific Lawn Maitenance Corporation Statement of Stockholders' Equity For the Month Ended April 30, 2007 Total Balance, April 1, 2007 $- $- $- # Stock issuance 9,000 9,000 # Net income 3,906 3,906 # Dividends - - Balance, April 30, 2007 $9,000 $3,906 $12,906 # Terrific Lawn Maitenance Corporation
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Unformatted text preview: Balance Sheet At April 30, 2007 ASSETS LIABILITIES Current Assets Current Liabilities Cash $7,902 Accounts Payable $834 Accounts Recievable 1,738 Accrued expenses payable 77 Prepaid Expenses 3,002 Notes payable 3,700 Total Current Assets 12,642 Income taxes payable 1,680 Unearned revenues 1,770 Total Current Liabilities 8,061 Land 3,750 STOCKHOLDERS' EQUITY Equipment (net of $25 Contributed capital 9,000 accumulated depreciation) 4,575 Retained earnings 3,906 Total assets $20,967 Total liabilities & stockholders' equity $20,967 Contributed Capital Retained Earnings...
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This note was uploaded on 04/04/2008 for the course ACC 240 taught by Professor Lewis during the Fall '08 term at Eastern Michigan University.

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