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Accounting Case

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Parkview Landscaping Corporation Parkview Landscaping Corporation Parkview Landscaping Corporation

Income Statement Statement of Retained Earnings Balance Sheet

For the Month Ending July 31 For the Month Ending July 31 July 31

Revenues: Retained Earnings, July 1 Assets:

Landscaping Revenue $5,344 Add: Net Income 2,144 Cash $21,356

Subtotal Prepaid Insurance 2,200

Expenses: Less: Dividends 1,600 Landscaping Supplies 388

Rent Expense 2,080 Retained Earnings, July 31 $544 Landscaping Equipment 8,800

Utility Expense 308 Less: Accum. Depr. (140)

Insurance Expense 200 Total Assets 32,604

Supplies Expense 392

Depreciation Expense 140 Liabilities:

Income Taxes Expense 80 Accounts Payable 7,980

Total Expenses 3,200 Income Taxes Payable 80

Total Liabilities 8,060

Net Income 2,144 Stockholders' Equity:

Common Stock 24,000

Retained Earnings 544

Total Stockholders' Equity 24,544

Total Liabilities &

Stockholders' Equity $32,604

Parkview Landscaping Corporation

Trial Balance

July 31

Account Title Debit Credit

Cash(Debit) 21356 0

Prepaid Insurance (Debit) 2400 0

Landscaping Supplies (Debit) 780 0

Landscaping Equipment(Debit) 8800 0

Accum. Depr-Equipment 0 0

Accounts Payable (Credit) 0 7980

Income Tax Payable 0 0

Common Stock (Credit) 0 24000

Retained Earnings 0 0

Dividents (Debit) 1600 0

Landscaping Revenue (Credit) 0 5344

Rent Expense (Debit) 2080 0

Utitlity Expense (Debit) 308 0

Insurance Expense 0 0

Supplies Expense 0 0

Depreciation Expense 0 0

Income Tax Expense 0 0

37324 37324

July 1 Began business by making a deposit in a company bank account of $24,000, in exchange

for 4,800 shares of $5 par value common stock.

July 1 Paid the premium on a one-year insurance policy, $2,400.

July 1 Paid the current month's rent, $2,080.

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