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Accounting of Owens Financial Planners.

Essay by   •  March 9, 2019  •  Exam  •  552 Words (3 Pages)  •  12 Views

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Question One:

A)

Owens Financial Planners

Income statement as on December 31st 2017

Revenue Earned                                      $5500

Operating Expenses

Office supplies expense                   600        

Rent expense                        1900

Depreciation expenses                2500

Total Operating Expenses                  -$5000

Operating Income before tax                     $500        

B)

Owens Financial Planners

A Statement of Retained Earning’s as on December 31st 2017

Beginning Retained Earnings                $4900

Net Income                                    500

Dividends paid                                 -2500

Ending Retained Earnings                $2900

C)

Owens Financial Planners

Balance Sheet

As on December 31st 2017

Assets:

Current Assets:

Cash ( minus Depreciation expenses of $2500 )

 $3900

Account Receivables

   1200

Office Supplies

   1800

Total Current Assets

 $6900

Non-Current Assets:

Office Equipment ( minus accumulated depreciation $2500)

  $5500

Computer Equipment (minus accumulated depreciation  $1500)

    4500

Total Non-Current Assets:

$10000

Total Assets

$16900

Liabilities:

Current Liabilities:

Accounts Payable

    $6000

Unearned fee revenue

      3000

Total current Liabilities

    $9000

Share-Holders Equity:

H.Owens Capital stock

    $5000

Beginning Retained earnings

      4900

Net Income

        500

Ending retained Earnings

      2900

Dividends paid

     -2500   

Total Share-Holders Equity

    $7900

Total Liabilities + S/H Equity

   $16900

Assets = Liabilities + S/H Equity

$16900 = $9000+$7900.

Question Two:

A. Supplies Used during the Year.

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