INCOME STATEMENT
Sales revenue
Rent revenue
Total Revenues
Expenses
Salaries and wages expense
Depreciation expense
Utilties expense
Insurance expense
Rent expense
Total expenses
Income before taxes
Income tax expense
Net Income
$ 42,030
$
300
$ 42,330
$
$
$
$
$
21,600
1,300
4,220
1,400
6,000
$
$
$
$
34,520
7,810
2,900
4,910
STATEMENT OF RETAINED EARNINGS
Beginning balance
less: dividends
add: net income
Ending balance
$
$
$
$
BALANCE SHEET
ASSETS
Cash
Accounts receivable
Prepaid Insurance
Notes receivable(long term)
Equipment
AMOUNT
$
1,230
$
2,000
$
2,300
$
3,000
$ 12,000
$
1,000
-300
4,910
5,610
20,530
LIABILITIES & STOCKHOLDERS' EQUITY
Common Stock
Retained earnings
Accumulated Depreciation
Accounts payable
Salaries and wages payable
Income taxes payable
Unearned revenue
AMOUNT
$
2,400
$
5,610
$
2,600
$
5,420
$
1,000
$
2,900
$
600
$
20,530