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04-4_22e - $39,550 RECTIFIER CONSULTING Balance Sheet...

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Exercise 4-4 Name: Section: Enter the appropriate amount or item in the shaded cells. An asterisk (*) will appear next to an incorrect entry in the outlined cells. RECTIFIER CONSULTING Income Statement Fees earned $51,750 Expenses: Salary expense $31,150 Supplies expense 1,850 Depreciation expense 900 Miscellaneous expense 1,500 Total expenses 35,400 Net income $16,350 RECTIFIER CONSULTING Statement of Owner's Equity Adam Beauchamp, capital, July 1, 2007 $25,200 Net income $16,350 Less withdrawals 2,000 Increase in owner's equity 14,350 Adam Beauchamp, capital, June 30, 2008
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Unformatted text preview: $39,550 RECTIFIER CONSULTING Balance Sheet Assets Liabilities Current assets: Current liabilities: Cash $8,000 Accounts payable $3,300 Accounts receivable 15,500 Salaries payable 400 Supplies 650 Total liabilities Total current assets $24,150 Property, plant, and equipment: Owner's Equity Office equipment $24,500 Adam Beauchamp, capital Less accum. depr. 5,400 Total property, plant, and equipment 19,100 Total assets $43,250 Total liabilities and owner's equity $3,700 39,550 $43,250...
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