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Accounting

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Complete an Income Statement, Statement of Owner's Equity, and Balance Sheet using the information provided below for Rya’s Planning Services.

Cash… …… ……… … … … ………$21,500
Accounts Receivable………17,500
Office Supplies…… … ………500
Equipment…… …… … …… …15,000
Accounts Payable… …… ……9,750
Rya Page, Capital… …………28,200
Rya Page, Drawing………………5,000
Planning Fees Income………26,250
Office Supplies Expense……200
Rent Expense…… ……… … ………800
Salaries Expense…… … ………3,000
Utilities Expense………… ……700

  • Accounting -

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    Rya’s Planning Services
    Income Statement
    For the Month Ending...

    Service Income:
    Planning Fees Income $26,250
    Total Income $26,250
    Less:
    Office Supplies Expenses $200
    Rent Expense 800
    Salaries Expense 3,000
    Utilities Expense 700
    Total Expenses (4,700)
    Net Income $21,550


    Rya’s Planning Services
    Balance Sheet
    As of....

    Assets:
    Cash $21,500
    Accounts Receivable 17,500
    Office Supplies 500
    Equipment 15,000
    Total Assets 54,500
    Liabilities & Owner's Equity
    Liabilities
    Accounts Payable 9,750
    Total Liabilities 9,750
    Owner's Equity
    Raya Page, Beg. Capital 28,200
    Add: Net Income 21,550
    Less: Drawings (5,000)
    Raya Page, End. Capital 44,750
    Total Liabilities & Owner's Equity 54,500

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