Accounting E4-9, P4-1A - E4-9(a)Income statement and...

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Unformatted text preview: E4-9 (a)Income statement and owner's equity statementApachi CompanyIncome Statement For the Year Ended July 31, 2010RevenuesCommission revenue$65,000 Rent revenue6,500 Total revenueExpensesDepreciation expense4,000 Salaries expense55,700 Utilities expense14,900 Total expensesNet lossApachi CompanyOwner's equity Statement For the Year Ended July 31, 2010Owner's equityB.J. Apachi, Capital$45,200 Less: Net Loss(3,100)Less: B.J. Apachi, Drawings(16,000)Total B.J. Apachi, Capital$71,500 74,600 ($3,100)$26,100E4-9 (b)Apachi CompanyBalance Sheet For the Year Ended July 31, 2010AssetsCurrent assetsCash$14,840 Accounts receivable8,780Total current assetsProperty, plant, and equipmentEquipment15,900Less: Accumulated depreciation-7,400Total assetsLiabilities and Owner's EquityCurrent liabilitiesAccounts payable4,220Unearned admissions revenue1,800Total current liabilitiesTotal liabilitiesOwner's equityB.J. Apachi, Capital45,200Less: Net Loss-3,100Less: B.J. Apachi, Drawings-16,000Total B.J. Apachi, CapitalTotal liabilities and owner's equity$23,620 8,500 $32,120 6,0206,02026,10032,120P4-1A (a)...
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Accounting E4-9, P4-1A - E4-9(a)Income statement and...

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