301C3p6fs - INCOME STATEMENT TWO MONTHS (YEAR?) ENDED JULY...

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Acct 301 Chapter 3 P6A Extra Homework Requirement & P6B Financial Statements 301C3p6fs.doc/sep’09/Burbage Problem 3-6A Financial Statements: SLOCOMBE COMPANY INCOME STATEMENT TWO MONTHS (YEAR?) ENDED OCTOBER 31, 2010 Service revenue $5,700 Expenses: Salaries expense $1,400 Utilities expense 500 T o t a l e x p e n s e s 1,900 Net Income $3,800 ===== SLOCOMBE COMPANY STATEMENT OF RETAINED EARNINGS TWO MONTHS (YEAR?) ENDED OCTOBER 31, 2010 Beginning balance $ 0 N e t i n c o m e 3,800 3,800 D i v i d e n d s 300 Ending balance $3,500 ===== SLOCOMBE COMPANY BALANCE SHEET OCTOBER 31, 2010 ASSETS Current Assets: Cash $ 5,900 Accounts receivable 6,400 S u p p l i e s 2,100 Total current assets 14,400 Long-Lived Assets: E q u i p m e n t 8,000 Total Assets $22,400 ===== LIABILITIES Current Liabilities: Accounts payable $ 3,600 U n e a r n e d r e v e n u e 300 Total liabilities 3,900 STOCKHOLDERS' EQUITY Common stock $ 15,000 Retained earnings 3,500 T o t a l S h a r e h o l d e r s ' E q u i t y 18,500 Total Liabilities and Shareholders' Equity $22,400 =====
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Chapter 3 Problem 6B Financial Statements: CAPALDO DRY CLEANERS
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Unformatted text preview: INCOME STATEMENT TWO MONTHS (YEAR?) ENDED JULY 31, 2010 Dry cleaning revenue $10,800 Expenses: Repairs $ 492 Salaries 5,214 Utilities 1,767 T o t a l e x p e n s e s 7,473 Net Income $3,327 ===== CAPALDO DRY CLEANERS STATEMENT OF RETAINED EARNINGS TWO MONTHS (YEAR?) ENDED JULY 31, 2010 Beginning balance $ 0 N e t i n c o m e 3,327 3,327 D i v i d e n d s 400 Ending balance $2,927 ===== CAPALDO DRY CLEANERS BALANCE SHEET JULY 31, 2010 ASSETS Current Assets: Cash $ 5,198 Accounts receivable 10,047 S u p p l i e s 4,232 Total current assets 19,477 Long-Lived Assets: E q u i p m e n t 25,950 Total Assets $45,427 ===== LIABILITIES Current Liabilities: Accounts payable $ 5,770 U n e a r n e d r e v e n u e 1,730 Total liabilities 7,500 STOCKHOLDERS' EQUITY Common stock $ 35,000 R e t a i n e d e a r n i n g s 2,927 T o t a l S h a r e h o l d e r s ' E q u i t y 37,927 Total Liabilities and Shareholders' Equity $45,427 =====...
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301C3p6fs - INCOME STATEMENT TWO MONTHS (YEAR?) ENDED JULY...

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