the income statement another income statement income statement with net loss
TRANSCRIPT
The Income Statement
ACCT
NO ACCOUNT NAME DEBI T CREDI T DEBI T CREDI T DEBI T CREDI T
12 401 Delivery Revcenue 2,650 2,650 12
13 501 Advertising Expense 75 75 13
14 505 Maintenance Expense 600 600 14
15 510 Rent Expense 700 700 15
16 515 Utilities Expense 125 125 16
17 39,775 39,775 1,500 2,650 38,275 37,125 17
18 Net I ncome 1,150 1,150 18
19 2,650 2,650 38,275 38,275 19
TRI AL BALANCE I NCOME STATEMENT BALANCE SHEET
Roadrunner Delivery Service
Work Sheet
For the Month Ended October 31, 2006
Roadrunner Delivery Service
I ncome Statement
For the Month Ended, October 31, 2006
Revenue:
Delivery Revenue 2,650
Roadrunner Delivery Service
I ncome Statement
For the Month Ended, October 31, 2006
Revenue:
Delivery Revenue 2,650
Expenses:
Advertising Expense 75
Maintenance Expense 600
Rent Expense 700
Utilities Expense 125
Roadrunner Delivery Service
I ncome Statement
For the Month Ended, October 31, 2006
Revenue:
Delivery Revenue 2,650
Expenses:
Advertising Expense 75
Maintenance Expense 600
Rent Expense 700
Utilities Expense 125
Total Expenses 1,500
Roadrunner Delivery Service
I ncome Statement
For the Month Ended, October 31, 2006
Revenue:
Delivery Revenue 2,650
Expenses:
Advertising Expense 75
Maintenance Expense 600
Rent Expense 700
Utilities Expense 125
Total Expenses 1,500
Net Income 1,150
Roadrunner Delivery Service
I ncome Statement
For the Month Ended, October 31, 2006
Another Income Statement
ACCT
NO ACCOUNT NAME DEBI T CREDI T DEBI T CREDI T DEBI T CREDI T
12 401 Delivery Revcenue 3,390 3,390 12
13 501 Advertising Expense 175 175 13
14 505 Maintenance Expense 500 500 14
15 510 Rent Expense 900 900 15
16 515 Utilities Expense 150 150 16
17 39,385 39,385 1,725 3,390 37,660 35,995 17
18 Net I ncome 1,665 1,665 18
19 3,390 3,390 37,660 37,660 19
TRI AL BALANCE I NCOME STATEMENT BALANCE SHEET
Roadrunner Delivery Service
Work Sheet
For the Month Ended October 31, 2006
Roadrunner Delivery Service
I ncome Statement
For the Month Ended, October 31, 2006
Revenue:
Delivery Revenue 3,390
Roadrunner Delivery Service
I ncome Statement
For the Month Ended, October 31, 2006
Revenue:
Delivery Revenue 2,650
Expenses:
Advertising Expense 175
Maintenance Expense 500
Rent Expense 900
Utilities Expense 150
Roadrunner Delivery Service
I ncome Statement
For the Month Ended, October 31, 2006
Revenue:
Delivery Revenue 3,390
Expenses:
Advertising Expense 175
Maintenance Expense 500
Rent Expense 900
Utilities Expense 150
Total Expenses 1,725
Roadrunner Delivery Service
I ncome Statement
For the Month Ended, October 31, 2006
Revenue:
Delivery Revenue 3,390
Expenses:
Advertising Expense 175
Maintenance Expense 500
Rent Expense 900
Utilities Expense 150
Total Expenses 1,725
Net Income 1,665
Roadrunner Delivery Service
I ncome Statement
For the Month Ended, October 31, 2006
Income Statement with Net loss
ACCT
NO ACCOUNT NAME DEBI T CREDI T DEBI T CREDI T DEBI T CREDI T
12 401 Legal Fees 3,140 3,140 12
13 501 Advertising Expense 125 125 13
14 505 Travel Expense 2,800 2,800 14
15 510 Rent Expense 950 950 15
16 515 Utilities Expense 110 110 16
17 39,540 39,540 3,985 3,140 35,555 36,400 17
18 Net loss 845 845 18
19 3,985 3,985 36,400 36,400 19
TRI AL BALANCE I NCOME STATEMENT BALANCE SHEET
Loser Larry' s Law Practice
Work Sheet
For the Month Ended October 31, 2006
Loser Larry's law practice
I ncome Statement
For the Month Ended, October 31, 2006
Revenue:
Legal Fees 3,140
Loser Larry's Law Prctice
I ncome Statement
For the Month Ended, October 31, 2006
Revenue:
Legal Fees 3,140
Expenses:
Advertising Expense 125
Travel Expense 2,800
Rent Expense 950
Utilities Expense 110
Loser Larry's Law Practice
I ncome Statement
For the Month Ended, October 31, 2006
Revenue:
Legl Fees 3,140
Expenses:
Advertising Expense 125
Travel Expense 2,800
Rent Expense 950
Utilities Expense 110
Total Expenses 3,985
Loser Larry's Law Practice
I ncome Statement
For the Month Ended, October 31, 2006
Revenue:
Legal Fees 3,140
Expenses:
legal Fees 125
Maintenance Expense 2,800
Rent Expense 950
Utilities Expense 110
Total Expenses 3,985
Net Loss 845
Loser Larry's Law Practice
I ncome Statement
For the Month Ended, October 31, 2006
Income Statement with More Than One Revenue
ACCT TRI AL BALANCE I NCOME STATEMENT BALANCE SHEET
NO ACCOUNT NAME DEBI T CREDI T DEBI T CREDI T DEBI T CREDI T
17 401 Boarding Revenue 11,596 11,596 12
18 405 Grooming Revenue 4,496 4,496 13
19 501 Advertising Expense 3,675 3,675 14
20 505 Equipment Expense 932 932 15
21 510 Maintenance Expense 2,658 2,658 16
22 520 Rent Expense 7,500 7,500 17
23 530 Utilities Expense 2,946 2,946
24 51,136 51,136 17,711 16,092 33,425 35,044
25 Net Loss 1,619 1,619
26 17,711 17,711 35,044 35,044
Revenue:
Boarding Revenue 11,596
Grooming Revenue 4,496
Total Revenue 16,092
Kits & Pups Grooming
I ncome Statement
For the Month Ended, October 31, 2006
Revenue:
Boarding Revenue 11,596
Grooming Revenue 4,496
Total Revenue 16,092
Expenses:
Advertising Expense 3,675
Equipment Expense 932
Maintenance Expense 2,658
Rent Expense 7,500
Utilities Expense 2,946
Total Expenses 17,711
Kits & Pups Grooming
I ncome Statement
For the Month Ended, October 31, 2006
Revenue:
Boarding Revenue 11,596
Grooming Revenue 4,496
Total Revenue 16,092
Expenses:
Advertising Expense 3,675
Equipment Expense 932
Maintenance Expense 2,658
Rent Expense 7,500
Utilities Expense 2,946
Total Expenses 17,711Net loss 1,619
Kits & Pups Grooming
I ncome Statement
For the Month Ended, October 31, 2006
Statement of Changes in Owner’s EquityACCT
NO ACCOUNT NAME DEBI T CREDI T
1 101 Cash in Bank 21,125
2 105 Accts Receivable - City News 1,450
3 110 Accts Receivable - Green Company --------
4 115 Computer Equipment 3,000
5 120 Offi ce Equipment 200
6 125 Delivery Equipment 12,000
7 201 Accts Payable - Beacon Advertising 75
8 205 Accts Pay - North Shore Auto 11,650
9 301 Maria Sanchez, Capital 25,400
10 302 Maria Sanchez, Withdrawals 500
11 303 I ncome Summary -------- --------
12 401 Delivery Revcenue 2,650
13 501 Advertising Expense 75
14 505 Maintenance Expense 600
15 510 Rent Expense 700
16 515 Utilities Expense 125
TRI AL BALANCE
Revenue:
Delivery Revenue 2,650
Expenses:
Advertising Expense 75
Maintenance Expense 600
Rent Expense 700
Utilities Expense 125
Total Expenses 1,500
Net Income 1,150
Roadrunner Delivery Service
I ncome Statement
For the Month Ended, October 31, 2006
Roadrunner Delivery Service
Statement of Changes in Owner's Equity
For the Month Ended, October 31, 2006
Beginning Capital, October 1, 2006 --------
Roadrunner Delivery Service
Statement of Changes in Owner's Equity
For the Month Ended, October 31, 2006Beginning Capital, October 1, 2006 --------
Add: I nvestments by Owner 25,400
Net I ncome 1,150
Roadrunner Delivery Service
Statement of Changes in Owner's Equity
For the Month Ended, October 31, 2006
Beginning Capital, October 1, 2006 --------
Add: I nvestments by Owner 25,400
Net I ncome 1,150
Total I ncrease in Capital 26,550
Roadrunner Delivery Service
Statement of Changes in Owner's Equity
For the Month Ended, October 31, 2006
Beginning Capital, October 1, 2006 --------
Add: I nvestments by Owner 25,400
Net I ncome 1,150
Total I ncrease in Capital 26,550
Subtotal 26,550
Roadrunner Delivery Service
Statement of Changes in Owner's Equity
For the Month Ended, October 31, 2006
Beginning Capital, October 1, 2006 --------
Add: I nvestments by Owner 25,400
Net I ncome 1,150
Total I ncrease in Capital 26,550
Subtotal 26,550
Less: Withdrawals 500
Roadrunner Delivery Service
Statement of Changes in Owner's Equity
For the Month Ended, October 31, 2006
Beginning Capital, October 1, 2006 --------
Add: I nvestments by Owner 25,400
Net I ncome 1,150
Total I ncrease in Capital 26,550
Subtotal 26,550
Less: Withdrawals 500
Ending Capital, October 31, 2006 26,050
Roadrunner Delivery Service
Statement of Changes in Owner's Equity
For the Month Ended, October 31, 2006
Beginning Capital, October 1, 2006 --------
Add: I nvestments by Owner 25,400
Net I ncome 1,150
Total I ncrease in Capital 26,550
Subtotal 26,550
Less: Withdrawals 500
Ending Capital, October 31, 2006 26,050
Roadrunner Delivery Service
Statement of Changes in Owner's Equity
For the Month Ended, October 31, 2006
Statement of Changes in Owner’s Equity with Additional Investment
ACCT
NO ACCOUNT NAME DEBI T CREDI T
1 101 Cash in Bank 17,695
2 105 Accts Receivable - City News 2,135
3 110 Accts Receivable - Green Company --------
4 115 Computer Equipment 2,280
5 120 Offi ce Equipment 250
6 125 Delivery Equipment 14,700
7 201 Accts Payable - Beacon Advertising 375
8 205 Accts Pay - North Shore Auto 12,680
9 301 Maria Sanchez, Capital 22,940
10 302 Maria Sanchez, Withdrawals 600
11 303 I ncome Summary -------- --------
12 401 Delivery Revcenue 3,390
13 501 Advertising Expense 175
14 505 Maintenance Expense 500
15 510 Rent Expense 900
16 515 Utilities Expense 150
TRI AL BALANCE
Revenue:
Delivery Revenue 3,390
Expenses:
Advertising Expense 175
Maintenance Expense 500
Rent Expense 900
Utilities Expense 150
Total Expenses 1,725
Net Income 1,665
Roadrunner Delivery Service
I ncome Statement
For the Month Ended, October 31, 2006
Additional investment of $1,250 was made during the month.
Beginning Capital, October 1, 2006 21,690
Roadrunner Delivery Service
Statement of Changes in Owner's Equity
For the Month Ended, October 31, 2006
Beginning Capital, October 1, 2006 21,690
Add: I nvestments by Owner 1,250
Net I ncome 1,665
Total I ncrease in Capital 2,915
Roadrunner Delivery Service
Statement of Changes in Owner's Equity
For the Month Ended, October 31, 2006
Beginning Capital, October 1, 2006 21,690
Add: I nvestments by Owner 1,250
Net I ncome 1,665
Total I ncrease in Capital 2,915
Subtotal 24,605
Roadrunner Delivery Service
Statement of Changes in Owner's Equity
For the Month Ended, October 31, 2006
Beginning Capital, October 1, 2006 21,690
Add: I nvestments by Owner 1,250
Net I ncome 1,665
Total I ncrease in Capital 2,915
Subtotal 24,605
Less: Withdrawals 600
Roadrunner Delivery Service
Statement of Changes in Owner's Equity
For the Month Ended, October 31, 2006
Beginning Capital, October 1, 2006 21,690
Add: I nvestments by Owner 1,250
Net I ncome 1,665
Total I ncrease in Capital 2,915
Subtotal 24,605
Less: Withdrawals 600
Ending Capital, October 31, 2006 24,005
Roadrunner Delivery Service
Statement of Changes in Owner's Equity
For the Month Ended, October 31, 2006
Beginning Capital, October 1, 2006 21,690
Add: I nvestments by Owner 1,250
Net I ncome 1,665
Total I ncrease in Capital 2,915
Subtotal 24,605
Less: Withdrawals 600
Ending Capital, October 31, 2006 24,005
Roadrunner Delivery Service
Statement of Changes in Owner's Equity
For the Month Ended, October 31, 2006
TheBalanceSheet
ACCT
NO ACCOUNT NAME DEBI T CREDI T
1 101 Cash in Bank 21,125 1
2 105 Accts Receivable - City News 1,450 2
3 110 Accts Receivable - Green Company -------- 3
4 115 Computer Equipment 3,000 4
5 120 Offi ce Equipment 200 5
6 125 Delivery Equipment 12,000 6
7 201 Accts Payable - Beacon Advertising 75 7
8 205 Accts Pay - North Shore Auto 11,650 8
9 301 Maria Sanchez, Capital 25,400 9
10 302 Maria Sanchez, Withdrawals 500 10
BALANCE SHEET
Roadrunner Delivery Service
Work Sheet
For the Month Ended October 31, 2006
Roadrunner Delivery Service
Balance Sheet
October 31, 2006
Cash in Bank 21,125
Accounts Receivable - City News 145
Accounts Receivable - Green Company --------
Computer Equipment 3,000
Offi ce Equipment 200
Delivery Equipment 12,000
Roadrunner Delivery Service
Balance Sheet
October 31, 2006
Assets
Cash in Bank 21,125
Accounts Receivable - City News 1,450
Accounts Receivable - Green Company --------
Computer Equipment 3,000
Offi ce Equipment 200
Delivery Equipment 12,000
Total Assets 37,775
Roadrunner Delivery Service
Balance Sheet
October 31, 2006
Assets
Cash in Bank 21,125
Accounts Receivable - City News 1,450
Accounts Receivable - Green Company --------
Computer Equipment 3,000
Offi ce Equipment 200
Delivery Equipment 12,000
Total Assets 37,775
Accounts Payable - Beacon Advertising 75
Accounts Payable - North Shore Auto 1,165
Liabilities
Roadrunner Delivery Service
Balance Sheet
October 31, 2006
Assets
Cash in Bank 21,125
Accounts Receivable - City News 1,450
Accounts Receivable - Green Company --------
Computer Equipment 3,000
Offi ce Equipment 200
Delivery Equipment 12,000
Total Assets 37,775
Accounts Payable - Beacon Advertising 75
Accounts Payable - North Shore Auto 11,650
Total Liabilities 11,725
Liabilities
Roadrunner Delivery Service
Balance Sheet
October 31, 2006
Assets
Cash in Bank 21,125
Accounts Receivable - City News 1,450
Accounts Receivable - Green Company --------
Computer Equipment 3,000
Offi ce Equipment 200
Delivery Equipment 12,000
Total Assets 37,775
Accounts Payable - Beacon Advertising 75
Accounts Payable - North Shore Auto 11,650
Total Liabilities 11,725
Maria Sanchez, Capital
Owner's Equity
Liabilities
Roadrunner Delivery Service
Balance Sheet
October 31, 2006
Assets
Beginning Capital, October 1, 2006 --------
Add:I nvestments by Owner 25,400
Net I ncome 1,150
Total I ncrease in Capital 26,550
Subtotal 26,550
Less:Withdrawals 500
Ending Capital, October 31, 2006 26,050
Roadrunner Delivery Service
Statement of Changes in Owner's Equity
For the Month Ended, October 31, 2006
Cash in Bank 21,125
Accounts Receivable - City News 1,450
Accounts Receivable - Green Company --------
Computer Equipment 3,000
Offi ce Equipment 200
Delivery Equipment 12,000
Total Assets 37,775
Accounts Payable - Beacon Advertising 75
Accounts Payable - North Shore Auto 11,650
Total Liabilities 11,725
Maria Sanchez, Capital 26,050
Owner's Equity
Liabilities
Roadrunner Delivery Service
Balance Sheet
October 31, 2006
Assets
Cash in Bank 21,125
Accounts Receivable - City News 1,450
Accounts Receivable - Green Company --------
Computer Equipment 3,000
Offi ce Equipment 200
Delivery Equipment 12,000
Total Assets 37,775
Accounts Payable - Beacon Advertising 75
Accounts Payable - North Shore Auto 11,650
Total Liabilities 11,725
Maria Sanchez, Capital 26,050
Total Liabilities & Owner's Equity 37,775
Owner's Equity
Liabilities
Roadrunner Delivery Service
Balance Sheet
October 31, 2006
Assets
Cash in Bank 21,125
Accounts Receivable - City News 1,450
Accounts Receivable - Green Company --------
Computer Equipment 3,000
Offi ce Equipment 200
Delivery Equipment 12,000
Total Assets 37,775
Accounts Payable - Beacon Advertising 75
Accounts Payable - North Shore Auto 11,650
Total Liabilities 11,725
Maria Sanchez, Capital 26,050
Total Liabilities & Owner's Equity 37,775
Owner's Equity
Liabilities
Roadrunner Delivery Service
Balance Sheet
October 31, 2006
Assets
Cash in Bank 21,125
Accounts Receivable - City News 1,450
Accounts Receivable - Green Company --------
Computer Equipment 3,000
Offi ce Equipment 200
Delivery Equipment 12,000
Total Assets 37,775
Accounts Payable - Beacon Advertising 75
Accounts Payable - North Shore Auto 11,650
Total Liabilities 11,725
Maria Sanchez, Capital 26,050
Total Liabilities & Owner's Equity 37,775
Owner's Equity
Liabilities
Roadrunner Delivery Service
Balance Sheet
October 31, 2006
Assets
Statement of Changes in Owner’s Equity with a Net LossACCT
NO ACCOUNT NAME DEBI T CREDI T
1 101 Cash in Bank 13,865
2 105 Accts Receivable - J im Nasium 1,865
3 110 Accts Receivable - Stella Sternbaum 1,378
4 115 Computer Equipment 8,000
5 120 Offi ce Equipment 450
6 125 Offi ce Furniture 9,500
7 201 Accts Payable - Legal Supplies I nc 3,675
8 205 Accts Pay - Law Review Press 2,880
9 301 Larry Loser, Capital 29,845
10 302 Larry Loser, Withdrawals 500
11 303 I ncome Summary -------- --------
12 401 Legal Fees 3,140
13 501 Advertising Expense 125
14 505 Travel Expense 2,800
15 510 Rent Expense 950
16 515 Utilities Expense 110
TRI AL BALANCE
Revenue:
Legal Fees 3,140
Expenses:
Advertising Expense 125
Travel Expense 2,800
Rent Expense 950
Utilities Expense 110
Total Expenses 3,985
Net Loss 845
Loser Larry's Law Practice
I ncome Statement
For the Month Ended, October 31, 2006
Additional investment of $1,500 was made during the month.
Beginning Capital, October 1, 2006 28,345
Loser Larry's Law Practice
Statement of Changes in Owner's Equity
For the Month Ended, October 31, 2006
Beginning Capital, October 1, 2006 28,345
Add: I nvestments by Owner 1,500
Subtotal 29,845
Loser Larry's Law Practice
Statement of Changes in Owner's Equity
For the Month Ended, October 31, 2006
Beginning Capital, October 1, 2006 28,345
Add: I nvestments by Owner 1,500
Subtotal 29,845
Less: Witdrawals 500
Net Loss 845
Total Decrease in Capital 1,345
Loser Larry's Law Practice
Statement of Changes in Owner's Equity
For the Month Ended, October 31, 2006
Beginning Capital, October 1, 2006 28,345
Add: I nvestments by Owner 1,500
Subtotal 29,845
Less: Witdrawals 500
Net Loss 845
Total Decrease in Capital 1,345
Ending Capital Balance, October 31, 2006 28,500
Loser Larry's Law Practice
Statement of Changes in Owner's Equity
For the Month Ended, October 31, 2006
Beginning Capital, October 1, 2006 28,345
Add: I nvestments by Owner 1,500
Subtotal 29,845
Less: Witdrawals 500
Net Loss 845
Total Decrease in Capital 1,345
Ending Capital Balance, October 31, 2006 28,500
Loser Larry's Law Practice
Statement of Changes in Owner's Equity
For the Month Ended, October 31, 2006
The BalanceSheet with a
Net LossACCT
NO ACCOUNT NAME DEBI T CREDI T
1 101 Cash in Bank 13,865 1
2 105 Accts Receivable - J im Nasium 1,865 2
3 110 Accts Receivable - Stella Sternbaum 1,375 3
4 115 Computer Equipment 8,000 4
5 120 Offi ce Equipment 450 5
6 125 Offi ce Furniture 9,500 6
7 201 Accts Payable - Legal Supplies I nc 3,675 7
8 205 Accts Pay - Law Review Press 2,880 8
9 301 Larry Loser, Capital 29,845 9
10 302 Larry Loser, Withdrawals 500 10
BALANCE SHEET
Loser Larry's Law Practice
Work Sheet
For the Month Ended October 31, 2006
Loser Larry's Law Practice
Balance Sheet
October 31, 2006
Cash in Bank 13,865
Accounts Receivable - J im Nasium 1,865
Accounts Receivable - Stella Sternbaum 1,375
Computer Equipment 8,000
Offi ce Equipment 450
Offi ce Furniture 9,500
Loser Larry's Law Practice
Balance Sheet
October 31, 2006
AssetsCash in Bank 13,865
Accounts Receivable - J im Nasium 1,865
Accounts Receivable - Stella Sternbaum 1,375
Computer Equipment 8,000
Offi ce Equipment 450
Offi ce Furniture 9,500
Total Assets 35,055
Loser Larry's Law Practice
Balance Sheet
October 31, 2006
Assets
Cash in Bank 13,865
Accounts Receivable - J im Nasium 1,865
Accounts Receivable - Stella Sternbaum 1,375
Computer Equipment 8,000
Offi ce Equipment 450
Offi ce Furniture 9,500
Total Assets 35,055
Accts Payable - Legal Supplies I nc 3,675
Accts Pay - Law Review Press 2,880
Loser Larry's Law Practice
Balance Sheet
October 31, 2006
Assets
Liabilities
Cash in Bank 13,865
Accounts Receivable - J im Nasium 1,865
Accounts Receivable - Stella Sternbaum 1,375
Computer Equipment 8,000
Offi ce Equipment 450
Offi ce Furniture 9,500
Total Assets 35,055
Accts Payable - Legal Supplies I nc 3,675
Accts Pay - Law Review Press 2,880
Total Liabilities 6,555
Loser Larry's Law Practice
Balance Sheet
October 31, 2006
Assets
Liabilities
Cash in Bank 13,865
Accounts Receivable - J im Nasium 1,865
Accounts Receivable - Stella Sternbaum 1,375
Computer Equipment 8,000
Offi ce Equipment 450
Offi ce Furniture 9,500
Total Assets 35,055
Accts Payable - Legal Supplies I nc 3,675
Accts Pay - Law Review Press 2,880
Total Liabilities 6,555
Larry Loser, Capital
Loser Larry's Law Practice
Balance Sheet
October 31, 2006
Assets
Liabilities
Owner's Equity
Beginning Capital, October 1, 2006 28,345
Add: I nvestments by Owner 1,500
Subtotal 29,845
Less: Witdrawals 500
Net Loss 845
Total Decrease in Capital 1,345
Ending Capital Balance, October 31, 2006 28,500
Loser Larry's Law Practice
Statement of Changes in Owner's Equity
For the Month Ended, October 31, 2006
Cash in Bank 13,865
Accounts Receivable - J im Nasium 1,865
Accounts Receivable - Stella Sternbaum 1,375
Computer Equipment 8,000
Offi ce Equipment 450
Offi ce Furniture 9,500
Total Assets 35,055
Accts Payable - Legal Supplies I nc 3,675
Accts Pay - Law Review Press 2,880
Total Liabilities 6,555
Larry Loser, Capital 28,500
Loser Larry's Law Practice
Balance Sheet
October 31, 2006
Assets
Liabilities
Owner's Equity
Cash in Bank 13,865
Accounts Receivable - J im Nasium 1,865
Accounts Receivable - Stella Sternbaum 1,375
Computer Equipment 8,000
Offi ce Equipment 450
Offi ce Furniture 9,500
Total Assets 35,055
Accts Payable - Legal Supplies I nc 3,675
Accts Pay - Law Review Press 2,880
Total Liabilities 6,555
Larry Loser, Capital 28,500
Total Liabilities & Owner's Equity 35,055
Loser Larry's Law Practice
Balance Sheet
October 31, 2006
Assets
Liabilities
Owner's Equity
Cash in Bank 13,865
Accounts Receivable - J im Nasium 1,865
Accounts Receivable - Stella Sternbaum 1,375
Computer Equipment 8,000
Offi ce Equipment 450
Offi ce Furniture 9,500
Total Assets 35,055
Accts Payable - Legal Supplies I nc 3,675
Accts Pay - Law Review Press 2,880
Total Liabilities 6,555
Larry Loser, Capital 28,500Total Liabilities & Owner's Equity 35,055
Loser Larry's Law Practice
Balance Sheet
October 31, 2006
Assets
Liabilities
Owner's Equity
Cash in Bank 13,865
Accounts Receivable - J im Nasium 1,865
Accounts Receivable - Stella Sternbaum 1,375
Computer Equipment 8,000
Offi ce Equipment 450
Offi ce Furniture 9,500
Total Assets 35,055
Accts Payable - Legal Supplies I nc 3,675
Accts Pay - Law Review Press 2,880
Total Liabilities 6,555
Larry Loser, Capital 28,500Total Liabilities & Owner's Equity 35,055
Loser Larry's Law Practice
Balance Sheet
October 31, 2006
Assets
Liabilities
Owner's Equity
Worksheet – Problem 9-6
ACCT
NO ACCOUNT NAME DEBI T CREDI T DEBI T CREDI T DEBI T CREDI T
1 101 Cash in Bank 8,457 1
2 105 Accts Receivable - Linda Brown 584 2
3 110 Accts Receivable - Valley Auto 619 3
4 115 Detailing Supplies 810 4
5 120 Detergent Supplies 460 5
6 125 Offi ce Equipment 15,240 6
7 130 Offi ce Furniture 2,160 7
8 135 Car Wash Equipment 7,522 8
9 201 Accounts Payable - Allen Vacuum 3,528 9
10 204 Accounts Payable - O'Brian's Offi ce 1,215 10
11 301 Regina Delgado, Capital 23,845 11
12 305 Regina Delgado, Withdrawals 1,500 12
13 310 I ncome Summary -------- -------- 13
14 401 Wash Revenue 9,623 14
15 405 Wax Revenue 8,019 15
16 410 I nterior Detailing Revenue 2,628 16
17 501 Advertising Expense 1,963 17
18 505 Equipment Rental Expense 4,137 18
19 510 Maintenance Expense 1,186 19
20 520 Rent Expense 3,500 20
21 530 Utilities Expense 720 21
22 48,858 48,858 22
23 23
TRI AL BALANCE I NCOME STATEMENT BALANCE SHEET
Hot Suds Car Wash
Work Sheet
For the Month Ended September 30, 2006
ACCT
NO ACCOUNT NAME DEBI T CREDI T DEBI T CREDI T DEBI T CREDI T
1 101 Cash in Bank 8,457 1
2 105 Accts Receivable - Linda Brown 584 2
3 110 Accts Receivable - Valley Auto 619 3
4 115 Detailing Supplies 810 4
5 120 Detergent Supplies 460 5
6 125 Offi ce Equipment 15,240 6
7 130 Offi ce Furniture 2,160 7
8 135 Car Wash Equipment 7,522 8
9 201 Accounts Payable - Allen Vacuum 3,528 9
10 204 Accounts Payable - O'Brian's Offi ce 1,215 10
11 301 Regina Delgado, Capital 23,845 11
12 305 Regina Delgado, Withdrawals 1,500 12
13 310 I ncome Summary -------- -------- 13
14 401 Wash Revenue 9,623 9,623 14
15 405 Wax Revenue 8,019 8,019 15
16 410 I nterior Detailing Revenue 2,628 2,628 16
17 501 Advertising Expense 1,963 1,963 17
18 505 Equipment Rental Expense 4,137 4,137 18
19 510 Maintenance Expense 1,186 1,186 19
20 520 Rent Expense 3,500 3,500 20
21 530 Utilities Expense 720 720 21
22 48,858 48,858 11,506 20,270 22
23 Net Income 8,764 23
TRI AL BALANCE I NCOME STATEMENT BALANCE SHEET
Hot Suds Car Wash
Work Sheet
For the Month Ended September 30, 2006
ACCT
NO ACCOUNT NAME DEBI T CREDI T DEBI T CREDI T DEBI T CREDI T
1 101 Cash in Bank 8,457 8,457 1
2 105 Accts Receivable - Linda Brown 584 584 2
3 110 Accts Receivable - Valley Auto 619 619 3
4 115 Detailing Supplies 810 810 4
5 120 Detergent Supplies 460 460 5
6 125 Offi ce Equipment 15,240 15,240 6
7 130 Offi ce Furniture 2,160 2,160 7
8 135 Car Wash Equipment 7,522 7,522 8
9 201 Accounts Payable - Allen Vacuum 3,528 3,528 9
10 204 Accounts Payable - O'Brian's Offi ce 1,215 1,215 10
11 301 Regina Delgado, Capital 23,845 23,845 11
12 305 Regina Delgado, Withdrawals 1,500 1,500 12
13 310 I ncome Summary -------- -------- 13
14 401 Wash Revenue 9,623 9,623 14
15 405 Wax Revenue 8,019 8,019 15
16 410 I nterior Detailing Revenue 2,628 2,628 16
17 501 Advertising Expense 1,963 1,963 17
18 505 Equipment Rental Expense 4,137 4,137 18
19 510 Maintenance Expense 1,186 1,186 19
20 520 Rent Expense 3,500 3,500 20
21 530 Utilities Expense 720 720 21
22 48,858 48,858 11,506 20,270 37,352 28,588 22
23 Net Income 8,764 8,764 23
TRI AL BALANCE I NCOME STATEMENT BALANCE SHEET
Hot Suds Car Wash
Work Sheet
For the Month Ended September 30, 2006
Income Statement Problem 9-6 Hot Suds Car Wash
I ncome Statement
For the Month Ended, September 30, 2006
Revenues:
Wash Revenue 9,623
Wax Revenue 8,019
I nterior Detailing Revenue 2,628
Total Revenues 20,270
Hot Suds Car Wash
I ncome Statement
For the Month Ended, September 30, 2006
Revenues:
Wash Revenue 9,623
Wax Revenue 8,019
I nterior Detailing Revenue 2,628
Total Revenues 20,270
Expenses:
Advertising Expense 1,963
Equipment Rental Expense 4,137
Maintenance Expense 1,186
Rent Expense 3,500
Utilities Expense 720
Total Expenses 11,506
Hot Suds Car Wash
I ncome Statement
For the Month Ended, September 30, 2006
Revenues:
Wash Revenue 9,623
Wax Revenue 8,019
I nterior Detailing Revenue 2,628
Total Revenues 20,270
Expenses:
Advertising Expense 1,963
Equipment Rental Expense 4,137
Maintenance Expense 1,186
Rent Expense 3,500
Utilities Expense 720
Total Expenses 11,506
Net I ncome 8,764
Hot Suds Car Wash
I ncome Statement
For the Month Ended, September 30, 2006
Statement of Changes in Owner’s Equity Problem 9-6
Hot Suds Car WashStatement of Changes in Owner's Equity
For the Month Ended, September 30, 2006
Beginning Capital, Sep 1, 2006 23,845
Hot Suds Car Wash
Statement of Changes in Owner's Equity
For the Month Ended, September 30, 2006
Beginning Capital, Sep 1, 2006 23,845
Add: I nvestment by Owner -------
Net I ncome 8,764
Hot Suds Car Wash
Statement of Changes in Owner's Equity
For the Month Ended, September 30, 2006
Beginning Capital, Sep 1, 2006 23,845
Add: I nvestment by Owner -------
Net I ncome 8,764
Total I ncrease in Capital 8,764
Hot Suds Car Wash
Statement of Changes in Owner's Equity
For the Month Ended, September 30, 2006
Beginning Capital, Sep 1, 2006 23,845
Add: I nvestment by Owner -------
Net I ncome 8,764
Total I ncrease in Capital 8,764
Subtotal 32,609
Hot Suds Car Wash
Statement of Changes in Owner's Equity
For the Month Ended, September 30, 2006
Beginning Capital, Sep 1, 2006 23,845
Add: I nvestment by Owner -------
Net I ncome 8,764
Total I ncrease in Capital 8,764
Subtotal 32,609
Less: Withdrawals 1,500
Hot Suds Car Wash
Statement of Changes in Owner's Equity
For the Month Ended, September 30, 2006
Beginning Capital, Sep 1, 2006 23,845
Add: I nvestment by Owner -------
Net I ncome 8,764
Total I ncrease in Capital 8,764
Subtotal 32,609
Less: Withdrawals 1,500
Ending Capital, Sep 30, 2006 31,109
Hot Suds Car Wash
Statement of Changes in Owner's Equity
For the Month Ended, September 30, 2006
Balance Sheet – Problem 9-6Hot Suds Car Wash
Balance Sheet
September 30, 2006
Cash in Bank 8,457
Accounts Receivable - Linda Brown 584
Accounts Receivable - Valley Auto 619
Detailing Supplies 810
Detergent Supplies 460
Offi ce Equipment 15,240
Offi ce Furniture 2,160
Car Wash Equipment 7,522
Hot Suds Car Wash
Balance Sheet
September 30, 2006
Assets
Cash in Bank 8,457
Accounts Receivable - Linda Brown 584
Accounts Receivable - Valley Auto 619
Detailing Supplies 810
Detergent Supplies 460
Offi ce Equipment 15,240
Offi ce Furniture 2,160
Car Wash Equipment 7,522
Total Assets 35,852
Hot Suds Car Wash
Balance Sheet
September 30, 2006
Assets
Cash in Bank 8,457
Accounts Receivable - Linda Brown 584
Accounts Receivable - Valley Auto 619
Detailing Supplies 810
Detergent Supplies 460
Offi ce Equipment 15,240
Offi ce Furniture 2,160
Car Wash Equipment 7,522
Total Assets 35,852
Accounts Payable - Allen Vacuum 3,528
Accounts Payable - O'bian's Offi ce 1,215
Liabilities
Hot Suds Car Wash
Balance Sheet
September 30, 2006
Assets
Cash in Bank 8,457
Accounts Receivable - Linda Brown 584
Accounts Receivable - Valley Auto 619
Detailing Supplies 810
Detergent Supplies 460
Offi ce Equipment 15,240
Offi ce Furniture 2,160
Car Wash Equipment 7,522
Total Assets 35,852
Accounts Payable - Allen Vacuum 3,528
Accounts Payable - O'bian's Offi ce 1,215
Total Liabilities 4,743
Liabilities
Hot Suds Car Wash
Balance Sheet
September 30, 2006
Assets
Cash in Bank 8,457
Accounts Receivable - Linda Brown 584
Accounts Receivable - Valley Auto 619
Detailing Supplies 810
Detergent Supplies 460
Offi ce Equipment 15,240
Offi ce Furniture 2,160
Car Wash Equipment 7,522
Total Assets 35,852
Accounts Payable - Allen Vacuum 3,528
Accounts Payable - O'bian's Offi ce 1,215
Total Liabilities 4,743
Regina Delgado, Capital 31,109
Owner's Equity
Liabilities
Hot Suds Car Wash
Balance Sheet
September 30, 2006
Assets
Cash in Bank 8,457
Accounts Receivable - Linda Brown 584
Accounts Receivable - Valley Auto 619
Detailing Supplies 810
Detergent Supplies 460
Offi ce Equipment 15,240
Offi ce Furniture 2,160
Car Wash Equipment 7,522
Total Assets 35,852
Accounts Payable - Allen Vacuum 3,528
Accounts Payable - O'bian's Offi ce 1,215
Total Liabilities 4,743
Regina Delgado, Capital 31,109
Total Liabilities & Owner's Equity 35,852
Owner's Equity
Liabilities
Hot Suds Car Wash
Balance Sheet
September 30, 2006
Assets
Cash in Bank 8,457
Accounts Receivable - Linda Brown 584
Accounts Receivable - Valley Auto 619
Detailing Supplies 810
Detergent Supplies 460
Offi ce Equipment 15,240
Offi ce Furniture 2,160
Car Wash Equipment 7,522
Total Assets 35,852
Accounts Payable - Allen Vacuum 3,528
Accounts Payable - O'bian's Offi ce 1,215
Total Liabilities 4,743
Regina Delgado, Capital 31,109
Total Liabilities & Owner's Equity 35,852
Owner's Equity
Liabilities
Hot Suds Car Wash
Balance Sheet
September 30, 2006
Assets
Worksheet – Hot Suds Oct ACCT
NO ACCOUNT NAME DEBI T CREDI T DEBI T CREDI T DEBI T CREDI T
1 101 Cash in Bank 8,457 1
2 105 Accts Receivable - Linda Brown 584 2
3 110 Accts Receivable - Valley Auto 110 3
4 115 Detailing Supplies 810 4
5 120 Detergent Supplies 460 5
6 125 Offi ce Equipment 7,012 6
7 130 Offi ce Furniture 2,160 7
8 135 Car Wash Equipment 7,522 8
9 201 Accounts Payable - Allen Vacuum 3,728 9
10 204 Accounts Payable - O'Brian's Offi ce 3,386 10
11 301 Regina Delgado, Capital 23,845 11
12 305 Regina Delgado, Withdrawals 1,500 12
13 310 I ncome Summary -------- -------- 13
14 401 Wash Revenue 4,373 14
15 405 Wax Revenue 5,240 15
16 410 I nterior Detailing Revenue 2,628 16
17 501 Advertising Expense 1,963 17
18 505 Equipment Rental Expense 4,137 18
19 510 Maintenance Expense 4,265 19
20 520 Rent Expense 3,500 20
21 530 Utilities Expense 720 21
22 43,200 43,200 22
23 23
24 24
TRI AL BALANCE I NCOME STATEMENT BALANCE SHEET
Hot Suds Car Wash
Work Sheet
For the Month Ended October 31, 2006
ACCT
NO ACCOUNT NAME DEBI T CREDI T DEBI T CREDI T DEBI T CREDI T
1 101 Cash in Bank 8,457 1
2 105 Accts Receivable - Linda Brown 584 2
3 110 Accts Receivable - Valley Auto 110 3
4 115 Detailing Supplies 810 4
5 120 Detergent Supplies 460 5
6 125 Offi ce Equipment 7,012 6
7 130 Offi ce Furniture 2,160 7
8 135 Car Wash Equipment 7,522 8
9 201 Accounts Payable - Allen Vacuum 3,728 9
10 204 Accounts Payable - O'Brian's Offi ce 3,386 10
11 301 Regina Delgado, Capital 23,845 11
12 305 Regina Delgado, Withdrawals 1,500 12
13 310 I ncome Summary -------- -------- 13
14 401 Wash Revenue 4,373 4,373 14
15 405 Wax Revenue 5,240 5,240 15
16 410 I nterior Detailing Revenue 2,628 2,628 16
17 501 Advertising Expense 1,963 1,963 17
18 505 Equipment Rental Expense 4,137 4,137 18
19 510 Maintenance Expense 4,265 4,265 19
20 520 Rent Expense 3,500 3,500 20
21 530 Utilities Expense 720 720 21
22 43,200 43,200 14,585 12,241 22
23 Net Loss 2,344 23
14,585 14,585
TRI AL BALANCE I NCOME STATEMENT BALANCE SHEET
Hot Suds Car Wash
Work Sheet
For the Month Ended October 31, 2006
ACCT
NO ACCOUNT NAME DEBI T CREDI T DEBI T CREDI T DEBI T CREDI T
1 101 Cash in Bank 8,457 8,457 1
2 105 Accts Receivable - Linda Brown 584 584 2
3 110 Accts Receivable - Valley Auto 110 110 3
4 115 Detailing Supplies 810 810 4
5 120 Detergent Supplies 460 460 5
6 125 Offi ce Equipment 7,012 7,012 6
7 130 Offi ce Furniture 2,160 2,160 7
8 135 Car Wash Equipment 7,522 7,522 8
9 201 Accounts Payable - Allen Vacuum 3,728 3,728 9
10 204 Accounts Payable - O'Brian's Offi ce 3,386 3,386 10
11 301 Regina Delgado, Capital 23,845 23,845 11
12 305 Regina Delgado, Withdrawals 1,500 1,500 12
13 310 I ncome Summary -------- -------- 13
14 401 Wash Revenue 4,373 4,373 14
15 405 Wax Revenue 5,240 5,240 15
16 410 I nterior Detailing Revenue 2,628 2,628 16
17 501 Advertising Expense 1,963 1,963 17
18 505 Equipment Rental Expense 4,137 4,137 18
19 510 Maintenance Expense 4,265 4,265 19
20 520 Rent Expense 3,500 3,500 20
21 530 Utilities Expense 720 720 21
22 43,200 43,200 14,585 12,241 28,615 30,959 22
23 Net Loss 2,344 2,344 23
14,585 14,585 30,959 30,959
TRI AL BALANCE I NCOME STATEMENT BALANCE SHEET
Hot Suds Car Wash
Work Sheet
For the Month Ended October 31, 2006
Income Statement Hot Suds - Oct
Revenues:
Wash Revenue 4,373
Wax Revenue 5,240
I nterior Detailing Revenue 2,628
Total Revenues 12,241
Hot Suds Car Wash
I ncome Statement
For the Month Ended, October 31, 2006
Revenues:
Wash Revenue 4,373
Wax Revenue 5,240
I nterior Detailing Revenue 2,628
Total Revenues 12,241
Expenses:
Advertising Expense 1,963
Equipment Rental Expense 4,137
Maintenance Expense 4,265
Rent Expense 3,500
Utilities Expense 720
Total Expenses 14,585
Hot Suds Car Wash
I ncome Statement
For the Month Ended, October 31, 2006
Revenues:
Wash Revenue 4,373
Wax Revenue 5,240
I nterior Detailing Revenue 2,628
Total Revenues 12,241
Expenses:
Advertising Expense 1,963
Equipment Rental Expense 4,137
Maintenance Expense 4,265
Rent Expense 3,500
Utilities Expense 720
Total Expenses 14,585
Net Loss (2,344)
Hot Suds Car Wash
I ncome Statement
For the Month Ended, October 31, 2006
Statement of Changes in Owner’s Equity
Investment of $2,500 During the Month
Beginning Capital, Oct 1, 2006 21,345
Hot Suds Car Wash
Statement of Changes in Owner's Equity
For the Month Ended, October 31, 2006
Beginning Capital, Oct 1, 2006 21,345
Add: I nvestment by Owner 2,500
Hot Suds Car Wash
Statement of Changes in Owner's Equity
For the Month Ended, October 31, 2006
Beginning Capital, Oct 1, 2006 21,345
Add: I nvestment by Owner 2,500
Subtotal 23,845
Hot Suds Car Wash
Statement of Changes in Owner's Equity
For the Month Ended, October 31, 2006
Beginning Capital, Oct 1, 2006 21,345
Add: I nvestment by Owner 2,500
Subtotal 23,845
Less: Withdrawals 1,500
Net Loss 2,344
Total Decrease in Capital 3,844
Hot Suds Car Wash
Statement of Changes in Owner's Equity
For the Month Ended, October 31, 2006
Beginning Capital, Oct 1, 2006 21,345
Add: I nvestment by Owner 2,500
Subtotal 23,845
Less: Withdrawals 1,500
Net Loss 2,344
Total Decrease in Capital 3,844
Ending Capital, Oct 31, 2006 20,001
Hot Suds Car Wash
Statement of Changes in Owner's Equity
For the Month Ended, October 31, 2006
Balance Sheet – Hot Suds - Oct
Cash in Bank 8,457
Accounts Receivable - Linda Brown 584
Accounts Receivable - Valley Auto 110
Detailing Supplies 810
Detergent Supplies 460
Offi ce Equipment 7,012
Offi ce Furniture 2,160
Car Wash Equipment 7,522
Hot Suds Car Wash
Balance Sheet
October 31, 2006
Assets
Cash in Bank 8,457
Accounts Receivable - Linda Brown 584
Accounts Receivable - Valley Auto 110
Detailing Supplies 810
Detergent Supplies 460
Offi ce Equipment 7,012
Offi ce Furniture 2,160
Car Wash Equipment 7,522
Total Assets 27,115
Hot Suds Car Wash
Balance Sheet
October 31, 2006
Assets
Cash in Bank 8,457
Accounts Receivable - Linda Brown 584
Accounts Receivable - Valley Auto 110
Detailing Supplies 810
Detergent Supplies 460
Offi ce Equipment 7,012
Offi ce Furniture 2,160
Car Wash Equipment 7,522
Total Assets 27,115
Accounts Payable - Allen Vacuum 3,728
Accounts Payable - O'bian's Offi ce 3,386
Total Liabilities 7,114
Liabilities
Hot Suds Car Wash
Balance Sheet
October 31, 2006
Assets
Cash in Bank 8,457
Accounts Receivable - Linda Brown 584
Accounts Receivable - Valley Auto 110
Detailing Supplies 810
Detergent Supplies 460
Offi ce Equipment 7,012
Offi ce Furniture 2,160
Car Wash Equipment 7,522
Total Assets 27,115
Accounts Payable - Allen Vacuum 3,728
Accounts Payable - O'bian's Offi ce 3,386
Total Liabilities 7,114
Regina Delgado, Capital 20,001
Owner's Equity
Liabilities
Hot Suds Car Wash
Balance Sheet
October 31, 2006
Assets
Cash in Bank 8,457
Accounts Receivable - Linda Brown 584
Accounts Receivable - Valley Auto 110
Detailing Supplies 810
Detergent Supplies 460
Offi ce Equipment 7,012
Offi ce Furniture 2,160
Car Wash Equipment 7,522
Total Assets 27,115
Accounts Payable - Allen Vacuum 3,728
Accounts Payable - O'bian's Offi ce 3,386
Total Liabilities 7,114
Regina Delgado, Capital 20,001
Total Liabilities & Owner's Equity 27,115
Owner's Equity
Liabilities
Hot Suds Car Wash
Balance Sheet
October 31, 2006
AssetsCash in Bank 8,457
Accounts Receivable - Linda Brown 584
Accounts Receivable - Valley Auto 110
Detailing Supplies 810
Detergent Supplies 460
Offi ce Equipment 7,012
Offi ce Furniture 2,160
Car Wash Equipment 7,522
Total Assets 27,115
Accounts Payable - Allen Vacuum 3,728
Accounts Payable - O'bian's Offi ce 3,386
Total Liabilities 7,114
Regina Delgado, Capital 20,001
Total Liabilities & Owner's Equity 27,115
Owner's Equity
Liabilities
Hot Suds Car Wash
Balance Sheet
October 31, 2006
Assets