P1-3C - Liabilities & Stockholders' Equity...

Info iconThis preview shows pages 1–8. Sign up to view the full content.

View Full Document Right Arrow Icon
Name: Stephen Laratro Date: 19-Jan-10 Instructor: Jessica Davis
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Background image of page 2
a. Photos Inc. Income Statement For the month ended September 30, 2010 Revenues: Revenue $11,000.00 Expenses: Advertising $500.00 Rent $1,600.00 Supplies $3,000.00 Utilities $200.00 Wage $3,400.00 Total Expenses $8,700.00 Net Income $2,300.00 Photos Inc. Retained Earnings Statement For the month ended September 30, 2010 Retained Earnings, August 1 $- Add: Net Income $2,300.00 Less: Dividends $600.00 Retained Earnings, August 31 $1,700.00 Photos Inc. Balance Sheet 30-Sep-10 Assets Accounts Recievable $1,000.00 Supplies $1,800.00 Equipment $12,000.00 Cash $43,800.00 Total Assets $58,600.00
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Background image of page 4
Background image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Background image of page 6
Background image of page 7

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Background image of page 8
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Liabilities & Stockholders' Equity Liabilities Notes Payable $6,000.00 Accounts Payable $900.00 Total Liabilities $6,900.00 Stockholders' Equity Additional Stock $- Retained Earnings, Aug 31 $1,700.00 Total Liabilities & Equity $1,700.00 b. The companys first month of business was a success. Their net income of $2,300 shows that Photos Inc. c c. The company made a choice to distribute dividends to its stockholders. It was a fine decision beca can be a sucessful company. ause they had enough profits left over to be happy as well. Photos Inc....
View Full Document

Page1 / 8

P1-3C - Liabilities & Stockholders' Equity...

This preview shows document pages 1 - 8. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online