12-6 Annabella_Accounting_Corporation

12-6 Annabella_Accounting_Corporation - Annabella...

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Annabella Accounting Corporation Balance Sheet December 31, 20x9 Assets Liabilities Current Assets Current Liabilities Cash $12,000 Salaries Payable $30,000 Accounts Receivable 60,000 Office Supplies Payable 6,200 Prepaid Rent 4,000 Taxes Payable 9,800 Total Current Assets 76,000 Interest Payable 5,000 Current Portion of Note Payable 10,000 Fixed Assets Total Current Liabilities 61,000 Equipment $200,000 Long-Term Debt Less: Accumulated Note Payable 30,000 Depreciation (50,000) Total Liabilities 91,000 Subtotal 150,000 Land 45,000 Owners' Equity Net Fixed Assets 195,000 Common Stock $70,000 Retained Earnings 111,000 Other Assets Total Owners' Equity 181,000 Security Deposit 1,000 Total Assets $272,000 Total Liabilities and Owners' Equity $272,000 Annabella Accounting Corporation Income Statement For the Year Ended December 31, 20x9 Accounting Fees $400,000 Operating Expenses Salaries Expense $210,000 Rent Expense 24,000 Depreciation Expense 10,000 Office Expense 1,000 Total Operating Expenses 245,000 Operating Income 155,000 Other Revenues & <Expenses> Interest Expense < 5,000 > Total Other Revenues & <Expenses> < 5,000 > Income Before Taxes 150,000 Tax Expense 45,000 Net Income $105,000
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