MBAM3-16 - M3-16 Buck Up!, Inc. Income Statement Year Ended...

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Unformatted text preview: M3-16 Buck Up!, Inc. Income Statement Year Ended December 31, 2008 Revenues: Horse-breaking revenue Rodeo lesson revenue Total revenues Expenses: Wages expense Depreciation expense Maintenance expense Other expenses Total expenses Net income $25,200 10,500 35,700 3,000 900 410 270 4,580 $ 31,120 Buck Up!, Inc. Statement of Retained Earnings Year Ended December 31, 2008 Retained earnings, Jan. 1, 2008 Add: Net income Subtract: Dividends Retained earnings, Dec. 31, 2008 $ 14,500 31,120 (3,500) $ 42,120 M3-16 (continued) Buck Up!, Inc. Balance Sheet As of December 31, 2008 Assets Current assets Cash Accounts receivable Prepaid insurance Total current assets Equipment $66,000 Less Accumulated depreciation (1,400) Land Total Assets Liabilities Current liabilities Accounts payable Unearned revenues Total current liabilities Long-term notes payable Total Liabilities Stockholders' Equity Contributed capital Retained earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity $ 59,750 3,300 1,200 64,250 64,000 23,000 $151,850 $ 29,230 1,500 30,730 74,000 104,730 5,000 42,120 47,120 $151,850 ...
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MBAM3-16 - M3-16 Buck Up!, Inc. Income Statement Year Ended...

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