LarsonFFS03 - F o c u s o n F i n a n c i a l S t a t e m e...

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Unformatted text preview: F o c u s o n F i n a n c i a l S t a t e m e n t s O n l i n e FFS 3-1 C h a p t e r 3 Travis McAllister operates a surveying company. For the first few months of the com- pany’s life (through April), the accounting records were maintained by an outside book- keeping service. According to those records, McAllister’s owner’s equity balance was $75,000 as of April 30. To save on expenses, McAllister decided to keep the records him- self. He managed to record May’s transactions properly, but was a bit rusty when the time came to prepare the financial statements. His first versions of the balance sheet and income statement follow. McAllister is bothered that the company apparently operated at a loss during the month, even though he was very busy. Required Using the information contained in the original financial statements, prepare revised statements, including a statement of owner’s equity, for the month of May. McALLISTER SURVEYING Income Statement For Month Ended May 31, 2005 Revenue: Investments by owner ............................................................ $ 3,000 Unearned surveying fees......................................................... 6,000 Total revenues ..................................................................... $ 9,000 Operating expenses: Rent expense ......................................................................... $3,100 Telephone expense..................................................................Telephone expense....
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This note was uploaded on 08/22/2009 for the course ACCT 1202 taught by Professor Carmendima during the Winter '06 term at Niagara College.

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LarsonFFS03 - F o c u s o n F i n a n c i a l S t a t e m e...

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