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leslieguerrero2225
21.02.2020 •
Business
Betty Smith is the owner of the Accurate Tax Service. For the year ended 12/31/17 the following information is available for this service business: Cash, $62,500; Accounts receivable, $3,700; Office Furniture & Fixtures, $11,300; Office Machines & Computers, $15,000; Automobile, $9,500; Accounts Payable, $1,700; Betty Smith Capital, $32,000; Owner draw,$18,600; Revenue from tax preparation, $71,300; Revenue from monthly clients, $43,800; Salaries expense, $12,500; Advertising expense, $900; Rent expense, $6,000; Automobile expense, $1,300; General office expenses, $7,500. Prepare an income statement and balance sheet for the year ended 12/31/17.
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Ответ:
Profit=86900
Total Assets=102000
Liabilities=1700
Total equity=100300
Explanation:
Betty Smith
Accurate tax service
income statement
For the period 12-31-2017
$
Revenue from tax preparation=71300
Revenue from monthly clients=43800
Total service revenue ⇒ = 115100
less: Operating expense
Salaries =12500
Advertising expense=900
Rent expense=6000
Automobile expense=1300
General office expense=7500
Total operating expense ⇒ =(28200)
Profit 86900
Betty Smith
Accurate tax service
Balance sheet
For the year ended 12-31-2017
Total Assets:
Cash=62500
Account receiable=3700
Office furniture=11300
office machine and computer=15000
Automobile=9500
Total Assets=102000
Liabilities:
Account payable=1700
Owners Equity:
Betty smith capital=32000-drawing=32000-18600=13400
Retained earning=86900
Total equity=100300
As we know that profit and loss account closes in retained earning account and Assets= liabilities + equity
Ответ:
if this give me a !