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Chapter 4 Exercise 3 - 30,750 $63,750 C Karise...

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John Bieler Professor Goldberg Accounting 211 8 February 2007 Exercise Chapter 4 Exercise 3 Karise Repairs Income Statement For Year Ended December 31, 2008 Revenues Repair Revenue………………………………………… 90,950 Total Revenues…………………………………………. 90,950 Expenses Depreciation expense – Equipment…………………….. 5,000 Wages Expense 37,500 Insurance Expense 800 Rent Expense 10,600 Office supplies expense 3,600 Utilities expense 2,700 Total expenses 60,200 Net Income $30,750
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Karise Repairs Statement of Owner’s Equity For Year Ended December 31, 2008 C. Karise, Capital $33,000 Net Income
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Unformatted text preview: +30,750 $63,750 C. Karise, Withdrawls-16,000 C. Karise, Capital, December 31 $47,750 Karise Repairs Balance Sheet For Year Ended December 31, 2008 Assets Current Assets Cash 14,000 Office Supplies 1,300 Total Current Assets 15,300 Long-term Investments Prepaid Insurance 2,050 Total Long-term Investments 2,050 Plant assets Equipment 50,000 Total Plant Assets 50,000 Total Assets 67,350 Liabilities Current Liabilities Accounts Payable 14,000 Wages Payable 600 Accumulated Depreciation – Equipment 5,000 Total Liabilities 19,600 Equity C. Karise, Capital 47,750 Total Liabilities and Equity 67,350...
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