Answer: income statement: Net income $5,100, Statement of owners Equity :Total $35,100, Balance sheet : Total Liabilities $53,200, Total Asset $53,200
Explanation:
Thompson Decoration Services
Income Statement for the month ended 31 st October 20X6
$
Revenue. 18,300
Less Expenses
Salaries. 8,700
Advertising 2,500
Less: outstanding 700
-------
1,800
Taxes. 150
Postage. 1,800
Utilities. 100
Interest. 450
Miscellaneous. 200
------------
13,200
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Net income. 5,100
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Statement of owners Equity for the month ended 31st October 20X6
Common Stock. Paid in capital. Retained Earnings Treasury stock Total
Balance Oct 1. 30,000. 30,000
Issued share for cash. - - - - -
Purchase of treasury stock - - - - -
Net income. - - 5,100. 5,100
Cash dividend. - - - - -
Stock dividend. - - - - -
------ ------ --------- ---------- -------------
Balance on Oct 31. - - 5,100 - 35,100
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Thompson Decoration Service
Balance sheet for the month ended 31st October 20X6
$
Current Asset
Debtors. 4,100
Account Receivable 14,200
-----------
Total Current Asset. 18,300
Fixed Asset
Van. 16,000
Office Equipment. 4,000
Furnishing. 14,900
-----------
Total Fixed Asset. 34,900
--------------
Total Asset. 53,200
---------------
Long term Liabilities
Capital. 30,000
Add: Net income 5,100
----------
35,100
Less: Drawing. 5,500
-----------
29,600
Loan. 20,000
-----------
Total Long term Liabilities 49,600
Current Liabilities
Outstanding 2,800
Interest. 450
Taxes. 150
Miscellaneous 200
--------------
Total Current Liabilities 3,600
--------------
Total Liabilities. 53,200
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