E3-16 - $25,400 Utility Expence $1,250 Totals $53,650...

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Tango Inc. T-Accounts For the Month January 2009 dr+ Cash (A) cr- dr- Accounts Payable (L) cr+ Beg. Bal $- $- Beg. Bal a. $9,500 3000 c. i. $500 $1,000 e. b. $10,000 500 i. $1,250 f. d. $7,500 $1,750 End. Bal h. $12,000 End. Bal $35,500 dr- Long Term Notes Payable(L) cr+ $- Beg. Bal dr+ Equipment (A) cr- i. $9,000 c. Beg. Bal $- c $12,000 $9,000 End. Bal End. Bal $12,000 dr- Unearned Revenue (L) cr+ dr+ Supplies (A) cr- $- Beg. Bal Beg. Bal $- $7,500 d. e. $1,000 End. Bal $1,000 $7,500 End. Bal dr+ Accounts Recivable (A) cr- dr- Contributed Capital (S.E.) cr+ Beg. Bal $- $- Beg. Bal g. $15,900 $12,000 h. $10,000 b. End. Bal $3,900 $10,000 End. Bal dr- Service Revenue (R) cr+ $- Beg. Bal $9,500 a. $15,900 g. $25,400 End. Bal dr+ Utility Expence (E) cr- Beg. Bal $- f. $1,250 End. Bal $1,250
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Tango Inc. Trial Balance As of January 31, 2009 Accounts Name Debits Credits Cash $35,500 Equipment $12,000 Supplies $1,000 Accounts Recivable $3,900 Accounts Payable $1,750 Long Term Notes Payable(L) $9,000 Unearned Revenue $7,500 Contributed Capital $10,000 Service Revenue
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Unformatted text preview: $25,400 Utility Expence $1,250 Totals $53,650 $53,650 Tango Inc. Income Statement As of January 31, 2009 Revenues Service Revenue $25,400 Net Revenue $25,400 Expenses Utility Expence $1,250 Net Expense $1,250 Net Income $24,150 Tango Inc. Statement of Retained Earnings As of January 31, 2009 Retained Earnings, Dec 31, 2008 $- Add: Net income $24,150 Substract:Dividents $- Retained Earnings, Jan 31, 2008 $24,150 Tango Inc. Balance Sheet As of January 31, 2009 Assets Liabilities Current Assets Current Liabilities Cash $35,500 Accounts Payable $1,750 Supplies $1,000 Unearned Revenue $7,500 Accounts Recivable $3,900 Total Current Liabilities $9,250 Total Current Assets $40,400 Long Term Notes Payable $9,000 Equipments $12,000 Stockholder's Equity Total Assets $52,400 Contributed Capital $10,000 Retained Earnings $24,150 Total Liabilities & Stockholder's Equity $52,400...
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This note was uploaded on 06/27/2008 for the course MBA BUS511 taught by Professor Nia during the Summer '08 term at Glasgow Caledonian University.

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E3-16 - $25,400 Utility Expence $1,250 Totals $53,650...

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