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Financial Statement

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5 views

Financial Statement

Uploaded by

cass jjj
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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Post Closing Trial Balance

Cash in Bank 110,000


Supplies Inventory 500
Prepaid Rent 4,000
Equipment 15,000
Accumulated Depreciation - Equip 1,750
Accounts Payable 5,000
Santos, Capital 122,750
Santos, Drawing
Service Revenue
Supplies Expense
Rent Expense
Depreciation Expense
Total 129,500 129,500
Closing Entries
Date Debit Credit
31-Oct Service Revenue 100,000
Income Summary 100,000

31-Oct Income Summary 3250


Supplies Expense 1500
Rent Expense 1000
Depreciation Expense 750

31-Oct Income Summary 96,750


Santos, Capital 96,750

31-Oct Santos, Capital 500


Santos, Drawing 500
Company Name
Worksheet
For the month Ended October 31, 20A
Account Name Trial Balance Adjustments Adjusted Trial Balance
Cash in Bank 110,000 110,000
Supplies Inventory 2,000 1,500 500
Prepaid Rent 5,000 1,000 4,000
Equipment 15,000 15,000
Accumulated Depreciation - Equip 1,000 750
Accounts Payable 5,000
Santos, Capital 26,500
Santos, Drawing 500 500
Service Revenue 100,000
Supplies Expense 1,500 1,500
Rent Expense 1,000 1,000
Depreciation Expense 750 750
Total 132,500 132,500 3,250 3,250 133,250
Net Income
Total
e

ber 31, 20A


Adjusted Trial Balance Income Statement Balance Sheet
110,000
500
4,000
15,000
1,750 1,750
5,000 5,000
26,500 26,500
500
100,000 100,000
1,500
1,000
750
133,250 3,250 100,000 130,000 33,250
96,750 96,750
100,000 100,000 130,000 130,000
Company Name
Income Statement
For the year ended, Dec. 31, 2019

Revenues:
Service Revenue 100,000

Expenses:
Supplies Expense 1,500
Rent Expense 1,000
Depreciation Expense 750
Total Expenses 3,250
Net Income 96,750
Company Name
Statement of Owner's Equity
For the year ended, Dec. 31, 2018

Santos, Capital, Jan. 1, 2019 20,000


Add: Investment by owner 6,500
Net Income 96,750
Total 123,250
Less: Santos, Drawing 500
Santos, Capital, Dec. 31, 2019 122,750
Company Name
Balance Sheet Statement
Dec. 31, 2019
ASSETS
Cash in Bank 110,000
Supplies Inventory 500
Prepaid Rent 4,000
Equipment 15,000
Less: Accumulated Depreciation - Equip 1,750 13,250

Total Assets 127,750


any Name
eet Statement
31, 2019
LIABILITIES
Accounts Payable 5,000

Total Liabilities 5,000

OWNER'S EQUITY
Santos, Capital 26,500
Add: Net Income 96,750
Gross Income 123,250
Less: Santos, Drawing 500

Total Owner's Equity 122,750

Total Liabilities and Owner's Equity 127,750


Barone’s Repair Shop
Statement of Cash Flows
For the Month Ended May 31, 2008
Cash flow f rom operating activities
Cash receipts f rom revenues $ 5,220
Cash paid f or expenses (2,400)
Cash provided by operations 2,820
Cash flow f rom investing activitites
Purchase of equipment (5,000)
Cash flow f rom financing activities
I nvestment by owners 10,000
Drawings by owners (1,000)
Cash provided by fi nancing 9,000
Net increase in cash 6,820
Cash balance, May 1 -
Cash balance, May 31 $ 6,820

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