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Assets Liabilities + O. Equity Assets Liabilities O. Equity Descrip

The document contains the financial statements for Barone's Repair Shop for the month of May. It includes a transaction summary showing cash inflows and outflows, an income statement showing revenues of $6,220 and expenses of $2,180 resulting in net income of $4,040, an owner's equity statement showing initial capital of $10,000 and an ending equity of $8,140, and a balance sheet with total assets of $18,180 and owner's equity of $8,140 as the sole liability.

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Rezwana Ahmed
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36 views2 pages

Assets Liabilities + O. Equity Assets Liabilities O. Equity Descrip

The document contains the financial statements for Barone's Repair Shop for the month of May. It includes a transaction summary showing cash inflows and outflows, an income statement showing revenues of $6,220 and expenses of $2,180 resulting in net income of $4,040, an owner's equity statement showing initial capital of $10,000 and an ending equity of $8,140, and a balance sheet with total assets of $18,180 and owner's equity of $8,140 as the sole liability.

Uploaded by

Rezwana Ahmed
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Assets = Liabilities + O. Equity Assets Trans.

1 2 3 4 5 6 7 8 9 10 11 Total Cash $ +10,000 -4,00 +500 +250 +5,100 -1,000 -2,000 -140 +750 +120 11,680 1,000 5,000 500 0 250 A/C Receivables Equipment Supplies Liabilities N. Payable A/C payable O. Equity O. Equity +10,000 +5,000 -400 +500 -250 +5,100 -1,000 -2,000 -140 +750 +120 $18,180 Descrip.

+5,000

Investment Equipment Rent Exp. Supp. Exp. Service. Revenue Service. Revenue Personal Exp. Salary Exp. Utility Exp. Service. Revenue Service. Revenue

Income Statement Revenues Service Revenues Expenses Rent Expenses Supplies Expenses Personal Expenses Salary Expenses Utility Expenses Total Expenses $6220

400 500 1,000 2,000 140 Net Income $4,040 $2,180

Owners Equity Statement Barones Repair Shop (May 1), Capital Add: Investment Net Income $10,000 $2,180 $12,180 Less: Drawings Net Loss Barones Repair Shop (May 1), Capital $4,040 __ $8,140

Balance Sheet Assets Cash A/C Receivable Supplies Equipment Total Assets $11,680 $1,000 $500 $5,000 $18180 Liabilities & Owners Equity Liabilities A/C Payable Notes Payable Total Liabilities ---------

Owners Equity Capital (May 1) $18,180

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