acctingcycle - 1,342 Linen Expense 350 Office Supplies...

Info iconThis preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
Name: Adam Nawrocki Problem: Accounting Cycle Project Course: ACC 5100, Angela Andrews Date: 9/17/2009 Carryout and Catering Adjusted Trial Balance February 28, 2008 Account Debit Credit Cash 122,000 Prepaid Rent 20,000 Equipment 120,000 Food 500 Paper/Plastic 9,775 Prepaid Insurance 29,517 Office Supplies 175 Prepaid Linen 3,500 Accumulated Depreciation - Equip 14,334 Accounts Payable 36,975 Farah Iman, Capital 187,500 Retained Earnings (16,684) Sales Revenue 35,000 Paid-In Capital Excess of Par 2,000 Notes Payable 80,000 Utilities Expense 1,000 Salaries Expense 3,500 Rent Expense 2,000 Food Expense 11,000 Paper/Plastic Expense 5,725 Insurance Expense 1,342 Linen Expense 350 Office Supplies Expense 1,575 Depreciation Expense 7,167 Income Tax Expense Income Tax Payable Totals 339,125 339,125
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
Carryout and Catering Income Statement For the Two Months Ended February 28 2008 Revenues Sales Revenue $35,000 Expenses Utilities Expense $1,000 Salaries Expense 3,500 Rent Expense 2,000 Food Expense 11,000 Paper/Plastic Expense 5,725 Insurance Expense
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
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: 1,342 Linen Expense 350 Office Supplies Expense 1,575 Depreciation Expense 7,167 Income Tax Expense 336 Total expenses 33,994 Net income $1,006 Carryout and Catering Statement of Retained Earnings For the Two Months Ended February 28, 2008 Retained Earnings, Feb 1 (16,684) Add: Net income 1,006 Retained Earnings, Feb 28 ($15,678) Carryout and Catering Balance Sheet For the Two Months Ended February 28, 2008 Assets Cash $122,000 Prepaid Rent 20,000 Food 500 Paper/Plastic $9,775 Prepaid Insurance 29,517 Office Supplies 175 Prepaid Linen 3,500 Equipment $120,000 Less: Accumulated Depreciation - Equip 14,334 105,666 Total Assets $291,133 Liabilities and Stockholders' Equity Accounts Payable $36,975 Paid-In Capital Excess of Par 2,000 Notes Payable 80,000 Income Tax Payable 336 Total Liabilities $119,311 Stockholders' Equity Farah Iman, Capital $187,500 Retained Earnings (15,678) 171,822 Total liabilities and stockholders' equity $291,133...
View Full Document

This note was uploaded on 10/19/2010 for the course ACCOUNTING Finance 23 taught by Professor Bob during the Winter '10 term at Wayne State University.

Page1 / 4

acctingcycle - 1,342 Linen Expense 350 Office Supplies...

This preview shows document pages 1 - 4. Sign up to view the full document.

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