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OVERNIGHT AUTO SERVICE- TB,FS-1-1

OVERNIGHT AUTO SERVICE- TB,FS-1-1 - Month Ended X Retained...

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OVERNIGHT AUTO SERVICE Trial Balance February 28, 200X ACCOUNT DEBIT CREDIT Cash $ 13,120 Accounts receivable 6,600 Shop supplies 1,400 Land 52,000 Building 36,000 Tools and Equipment 12,000 Accounts payable $ 10,470 Note payable 30,000 Capital Stock 80,000 Retained Earnings 0 Dividends 3,200 Repair Service revenue 12,580 Advertising Expense 830 Wages expense 6,100 Utilities expense 1,800 Total $133,050 $133,050
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OVERNIGHT AUTO SERVICE Income Statement Month Ended February 28, 200X Revenues: Repair Service revenue $12,580 Expenses: Advertising expense $830 Wages expense 6,100 Utilities expense 1,800 Total expenses 8,730 Net income $3,850 Req. 2 OVERNIGHT AUTO SERVICE Statement of Stockholders’ Equity
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Unformatted text preview: Month Ended February 28, 200X Retained Earnings, February 1, 200X $ -0- Add: Net Income for the month 3,850 Less: Dividends (3,200 ) Retained Earnings, February 28, 200X $650 OVERNIGHT AUTO SERVICE Balance Sheet February 28, 200X 3 ASSETS LIABILITIES Cash $13,120 Accounts payable 10,470 Accounts receivable 6,600 Note payable 30,000 Shop supplies 1,400 Total liabilities 40,470 Land 52,000 Building 36,000 STOCKHOLDERS’ EQUITY Tools and Equipment 12,000 Capital Stock 80,000 Retained Earnings 650 Total liabilities and Total assets $121,120 owner’s equity $121,120...
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  • Fall '12
  • SelçukErdem
  • Generally Accepted Accounting Principles, $3,850, $13,120, $ -03,850, $ 10,470 30,000 80,000 0 12,580, $12,580

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OVERNIGHT AUTO SERVICE- TB,FS-1-1 - Month Ended X Retained...

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