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Case 4 - 7

The document contains income statements for 4 companies for the year ended December 31, 2017. Therese Eye Specialists had revenue of $200,000 and net income of $66,000. Catherine Nursing Clinic had revenue of $800,000 and net income of $264,000. Margaret Advertising Agency had total net income of $512,500 from revenue of $1,250,000 and a gain on sale of equipment. Eliseo Engineering Consultants had a total net income of $156,250 from revenue of $625,000 despite a loss on sale of equipment.

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Nica Cabradilla
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3K views

Case 4 - 7

The document contains income statements for 4 companies for the year ended December 31, 2017. Therese Eye Specialists had revenue of $200,000 and net income of $66,000. Catherine Nursing Clinic had revenue of $800,000 and net income of $264,000. Margaret Advertising Agency had total net income of $512,500 from revenue of $1,250,000 and a gain on sale of equipment. Eliseo Engineering Consultants had a total net income of $156,250 from revenue of $625,000 despite a loss on sale of equipment.

Uploaded by

Nica Cabradilla
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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Therese Eye Specialists Therese E

The following Statement of Com


are the accounts of Therese Eye Specialists For the year ended
for December 31, 2017
Professional Fees 200,000.00 Revenue
Salaries Expense 20,000.00 Professional Fees
Supplies Expense 30,000.00
Depreciation Expense 24,000.00 Expenses
Utilities Expense 16,000.00 Salaries Expense
Insurance Expense 8,000.00 Supplies Expense
Rent Expense 36,000.00 Depreciation Expense
Utilities Expense
Insurance Expense
Rent Expense

NET INCOME
Therese Eye Specialists
Statement of Comprehensive Income
For the year ended of December 31,2017

onal Fees 200,000

Expense 20,000
s Expense 30,000
ation Expense 24,000
Expense 16,000
ce Expense 8,000
pense 36,000 134,000

ET INCOME 66,000
Catherine Nursing Clinic
CATHERINE N
The following are STATEMENT OF COM
the accounts of Catherine Nursing Clinic for For the year ended
December 31, 2017
Professional Fees 800,000.00 Revenue
Salaries Expense 80,000.00 Professional Fees
Supplies Expense 120,000.00
Depreciation Expense 96,000.00 Expenses
Utilities Expense 64,000.00 Salaries Expense
Insurance Expense 32,000.00 Supplies Expense
Rent Expense 144,000.00 Depreciation Expense
Utilities Expense
Insurance Expense
Rent Expense

NET INCOME
CATHERINE NURSING CLINIC
STATEMENT OF COMPREHENSIVE INCOME
For the year ended of December 31, 2017

ional Fees 800,000

s Expense 80,000
s Expense 120,000
ation Expense 96,000
Expense 64,000
ce Expense 32,000
pense 144,000 536,000

ET INCOME 264,000
Margaret Advertising Agency
Margaret Adv
The following Statement of Com
are the accounts of Margaret Advertising For the year ended
Agency for December 31, 2017
Professional Fees 1,250,000.00 Revenue
Salaries Expense 125,000.00 Professional Fees
Supplies Expense 187,500.00
Depreciation Expense 150,000.00 Expenses
Utilities Expense 100,000.00 Salaries Expense
Insurance Expense 50,000.00 Supplies Expense
Rent Expense 225,000.00 Depreciation Expense
Gain on sale equipment 100,000 Utilities Expense
Insurance Expense
Rent Expense

NET INCOME
Gain on sale equipment
TOTAL NET INCOME
Margaret Advertising Agency
Statement of Comprehensive Income
For the year ended of December 31, 2017

ional Fees 1,250,000

s Expense 125,000
s Expense 187,500
ation Expense 150,000
Expense 100,000
ce Expense 50,000
pense 225,000 837,500

ET INCOME 412,500
sale equipment 100,000
L NET INCOME 512,500
Eliseo Engineering Consultants Eliseo Engineerin
The following are the accounts Statement of Compr
of Eliseo Engineering Consultants for December 31, For year ended of D
2017
Professional Fees 625,000.00 Revenue
Salaries Expense 62,500.00 Professional Fees
Supplies Expense 93,750.00
Depreciation Expense 75,000.00 Expenses
Utilities Expense 50,000.00 Salaries Expense
Insurance Expense 25,000.00 Supplies Expense
Rent Expense 112,500.00 Depreciation Expense
Loss on sale of equipment 50,000 Utilities Expense
Insurance Expense
Rent Expense

NET INCOME
Loss on sale of equipment
TOTAL NET INCOME
Eliseo Engineering Consultants
Statement of Comprehensive Income
For year ended of December 31, 2017

ional Fees 625,000

s Expense 62,500
s Expense 93,750
ation Expense 75,000
Expense 50,000
ce Expense 25,000
pense 112,500 418,750

ET INCOME 206,250
sale of equipment 50,000
L NET INCOME 156,250

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