Answer:
December 31, 2017 Balance Sheet
$10,000 Cash
$9,000 Accounts Receivable
$6,000 Supplies
$25,000 TOTAL CURRENT ASSETS
$5,000 Equipment
$5,000 TOTAL NONCURRENT ASSETS
$30,000 TOTAL ASSETS
$23,000 Accounts Payable
$23,000 TOTAL CURRENT LIABILITIES
$23,000 TOTAL LIABILITIES
$1,000 Retained Earnings
$6,000 Capital
$7,000 TOTAL EQUITY
$30,000 TOTAL EQUITY + LIABILITIES
Explanation:
December 31, 2017 Balance Sheet
$10,000 Cash
$9,000 Accounts Receivable
$6,000 Supplies
$25,000 TOTAL CURRENT ASSETS
$5,000 Equipment
$5,000 TOTAL NONCURRENT ASSETS
$30,000 TOTAL ASSETS
$23,000 Accounts Payable
$23,000 TOTAL CURRENT LIABILITIES
$23,000 TOTAL LIABILITIES
$1,000 Retained Earnings
$6,000 Capital
$7,000 TOTAL EQUITY
$30,000 TOTAL EQUITY + LIABILITIES
Income Statement
Consulting Revenue $33,000
Rental Revenue $22,000
Salaries Expenses -$20,000
Rent Expenses -$12,000
Selling and Adm Exp -$8,000
Income Statement $15,000
Retained Earnings Report
Opening retained earnings $ 0,000
Add: Net Income $ 15,000
Subtotal $ 15,000
Less: Withdrawals -$ 13,000
Less: Investment -$ 1,000
Total $ 1,000
