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Week 4 Assignment - Unthank 1 Gregory D Unthank Business...

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Unthank 1 Gregory D. Unthank Business 599 Week 4 Assignment Dr. C.R. Roberts November 17, 2010 An income statement is a summary of the income coming and going out in a business over a certain period time. The income statement covers fees earned, revenue, expenses and net income.
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Unthank 2 At Greg’s Fresh Skweezd Lemonade, the earned income for the first season was $198.30. The operating expenses for the month were inventories $4.55 and equipment $23.75 for a total operating expenses of $96.80. The Net income for the month of March was $101.50. The stand is located on the campus of Georgia State University therefore rent and utilities are paid by the state. The statement of owner’s equity is a summary concerning changes that occur in an owner’s equity over a certain period of time. The statement of owner’s equity lists the net income and the deductions for that period. The capital for the beginning of the month for Greg’s Fresh Skweezd Lemonade was $40 and the retained earnings were $141.60 with $45.00 in withdraws, which increased the owner’s equity to $181.60 and the overall capital for the month was $226.60.
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