Wilderness Guide Services, Inc.
Balance Sheet
December 31, 2011
ASSETS
Cash
Accounts Receivable
Camping Supplies
Unexpired Insurance
Equipment
Less: Accumulated Depreciation: Equipment
Total Assets
$ 12,200
31,000
7,900
2,400
$70,000
60,000
10,000
$ 63,500
LIABILITIES AND STOCK HOLDERS EQUITY
LIABILITIES
Notes Payable (Due4/1/12)
Accounts Payable
Total Liabilities
$ 18,000
9,500
$ 27,500
STOCKHOLDERS EQUITY
Capital Stock
Retained Earnings: December 31, 2011
Total Liabilities And Stockholder’s Equity
25,000
11,000
$ 63,500
Wilderness Guide Services, Inc.
Income Statement
For The Year Ended December 31, 2011
Guide Revenue Earned
EXPENSES:
Salary Expense
Camping Supply Expense
Insurance Expense
Depreciation Expense: Equipment
Interest Expense
Net Loss
$ 102,000
$87,500
1,200
9,600
5,000
1,700
105,000
3,000
$
Wilderness Guide Services, Inc.
Statement of Retained Earnings
For The Year Ended December 31, 2011
Retained Earnings: January 1, 2011
Less: Net Loss For The Year
Dividends
Retained Earnings: December 31, 2011
$ 15,000
$ 3,000
1,000
4,000
$ 11,000
Lawn Pride, Inc.
Income Statement
For the year ended December 31, 2011
Mowing revenue earned
EXPENSES:
Insurance expense
Office rent expense
Supplies expense
Salary expense
Depreciation expense: Truck
Depreciation expense: Mowing Equipment
Repair and maintenance expense
Fuel expense
Miscellaneous expense
Interest expense
Income tax expense
NET PROFIT
$170,000
$2,400
36,000
5,200
60,000
30,000
4,000
3,000
1,500
5,000
3,000
6,000
$156,100
$13,900
Lawn Pride, Inc.
Statement of Retained Earning
For the year ended December 31, 2011
Retained earnings: January 1, 2011
Add: Net profit for the year
Dividends
Retained earnings: December 31, 2012
30,000
13,900
43,900
5,000
38,900
Lawn Pride, Inc.
Balance Sheet
December 31, 2011
ASSETS
Cash
Account receivable
Unexpired insurance
Prepaid rent
Supplies
Truck
Accumulated depreciation: Truck
Mowing equipment
Accumulated depreciation: Mowing equipment
TOTAL ASSETS
$58,525
4,800
8,000
3,000
1,075
$150,000
120,000
20,000
12,000
30,000
8,000
$113,400
LIABILITIES AND STOCKHOLDER’S EQUITY
LIABILITIES
Account payable
Notes payable
Salaries payable
Interest payable
Income tax payable
Unearned mowing revenue
TOTAL LIABILITIES
1,500
50,000
900
150
1,050
900
$54,500
STOCKHOLDER’S EQUITY
Capital stock
Retained earnings: December 31, 2011
TOTAL LIABILITIES AND STOCKHOLDER’S EQUITY
20,000
38,900
$113,400