the income statement another income statement income statement with net loss

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Page 1: The Income Statement Another Income Statement Income Statement with Net loss

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

Page 2: The Income Statement Another Income Statement Income Statement with Net loss

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

Page 3: The Income Statement Another Income Statement Income Statement with Net loss

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

Page 4: The Income Statement Another Income Statement Income Statement with Net loss

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

Page 5: The Income Statement Another Income Statement Income Statement with Net loss

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

Page 6: The Income Statement Another Income Statement Income Statement with Net loss

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

Page 7: The Income Statement Another Income Statement Income Statement with Net loss

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

Page 8: The Income Statement Another Income Statement Income Statement with Net loss

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

Page 9: The Income Statement Another Income Statement Income Statement with Net loss

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

Page 10: The Income Statement Another Income Statement Income Statement with Net loss

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

Page 11: The Income Statement Another Income Statement Income Statement with Net loss

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

Page 12: The Income Statement Another Income Statement Income Statement with Net loss

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

Page 13: The Income Statement Another Income Statement Income Statement with Net loss

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

Page 14: The Income Statement Another Income Statement Income Statement with Net loss

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

Page 15: The Income Statement Another Income Statement Income Statement with Net loss

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

Page 16: The Income Statement Another Income Statement Income Statement with Net loss

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

Page 17: The Income Statement Another Income Statement Income Statement with Net loss

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