Accounting of Owens Financial Planners.
Essay by suresh1410 • March 9, 2019 • Exam • 552 Words (3 Pages) • 568 Views
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.
...
...