P1-3A - Owners equity Jeff Wilkins, Capital 46,000 Total...

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A. Jeff Wilkins Skyline Flying School Income Statement For the Month Ended May 31, 2008 Revenues Lesson Revenue $7,500 Expenses Advertising expense    500 Rent expense 1,200 Repair expense    400 Fuel expense 2,500 Insurance expenses    400 Total expenses 5,000 Net income $2,500 Jeff Wilkins Skyline Flying School Owner’s Equity Statement  For the Month Ended May 31, 2008 Jeff Wilkins, Capital, May 1                     $ 0 Add: Investments $45,000 Net income 2,500 47,500  47,500 Less: Drawings       1,500 Jeff Wilkins, Capital, May 31 $46,000 Jeff Wilkins Skyline Flying School Balance Sheet  May 31, 2008 Assets Cash  $5,600 Accounts Receivable                    7,200 Equipment  64,000 Total assets $76,800 Liabilities and Owner’s Equity Liabilities Notes Payable $30,000 Accounts Payable         800 Total liabilities                  30,800
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Unformatted text preview: Owners equity Jeff Wilkins, Capital 46,000 Total liabilities and owners equity $76,800 B. Jeff Wilkins Skyline Flying School Income Statement For the Month Ended May 31, 2008 Revenues Lesson Revenue $8,400 Expenses Advertising Expense 500 Rent Expense 1,200 Repair Expense 400 Fuel Expense 4,000 Insurance Expense 400 Total expenses 6,500 Net income $1,900 Jeff Wilkins Skyline Flying School Owners Equity Statement For the Month Ended May 31, 2008 Jeff Wilkins, Capital, May 1 $ 0 Add: Investments $45,000 Net income 1,900 46,900 46,900 Less: Drawings 1,500 Jeff Wilkins, Capital, May 31 $45,400...
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P1-3A - Owners equity Jeff Wilkins, Capital 46,000 Total...

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