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    Rudsan Turqueza
    The income statement shows revenues of $5,190,000 and expenses of $3,153,000, resulting in a profit of $2,037,000 for the month. The statement of changes in equity indicates the owner's equity increased from $2,500,000 to $2,887,000 after withdrawing $650,000. The balance sheet lists total assets of $4,339,000, including current assets of $3,021,000 and non-current assets of $1,318,000, with total liabilities and owner's equity of $4,339,000.

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    Rudsan Turqueza
    58 views5 pages
    The income statement shows revenues of $5,190,000 and expenses of $3,153,000, resulting in a profit of $2,037,000 for the month. The statement of changes in equity indicates the owner's equity increased from $2,500,000 to $2,887,000 after withdrawing $650,000. The balance sheet lists total assets of $4,339,000, including current assets of $3,021,000 and non-current assets of $1,318,000, with total liabilities and owner's equity of $4,339,000.

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    The income statement shows revenues of $5,190,000 and expenses of $3,153,000, resulting in a profit of $2,037,000 for the month. The statement of changes in equity indicates the owner's equity increased from $2,500,000 to $2,887,000 after withdrawing $650,000. The balance sheet lists total assets of $4,339,000, including current assets of $3,021,000 and non-current assets of $1,318,000, with total liabilities and owner's equity of $4,339,000.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    58 views5 pages

    Exam

    Uploaded by

    Rudsan Turqueza
    The income statement shows revenues of $5,190,000 and expenses of $3,153,000, resulting in a profit of $2,037,000 for the month. The statement of changes in equity indicates the owner's equity increased from $2,500,000 to $2,887,000 after withdrawing $650,000. The balance sheet lists total assets of $4,339,000, including current assets of $3,021,000 and non-current assets of $1,318,000, with total liabilities and owner's equity of $4,339,000.

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    © All Rights Reserved
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    of 5

    Leah May Santiago Information System

    Income Statement
    For the Month Ended December 31, 2021

    Revenues
    Consulting Revenues 5,150,000
    Interest Revenues 40,000
    Total 5,190,000

    Expenses
    Salaries Expense 985,000
    Repairs Expense 594,000
    Miscellaneous Expense 77,000
    Office Supplies Expense 315,000
    Depreciation Expense- Building 332,000
    Depreciation Expense- Equipment 850,000
    Total 3,153,000

    Profit 2,037,000

    Leah May Santiago Information System


    Statement of Changes in Equity
    For the Month Ended December 31, 2021

    Santiago, Owner's Equity 1/1/21 2,500,000


    Add: Additional Investments by Santiago 0
    Profit 1,037,000 1,037,000
    3,537,000
    Less: Withdrawals 650,000
    Santiago, Owner's Equity 12/31/21 2,887,000

    Leah May Santiago Information System


    Balance Sheet
    December 31, 2021

    Assets
    Current Assets
    Cash 1,114,000
    Notes Receivable 500,000
    Accounts Receivable 1,117,000
    Interest Receivable 40,000
    Office Supplies 250,000
    Total Current Assets 3,021,000

    Non Current Assets


    Land
    Building 1,600,000
    Less: Accumulated Depreciation - Building 632,000 968,000
    Equipment 1,000,000
    Less: Accumulated Depreciation - Equipment 650,000 350,000
    Total Non Current Asset 1,318,000
    Total Assets 4,339,000

    Liabilities
    Current Liabilities 250,000
    Accounts Payable 85,000
    Salaries Payable 300,000
    Unearned Consulting Revenues 635,000

    Owner's Equity
    Santiago, Capital, 12/31/21 2,500,000
    Total Liabilities and Owner's Equity 3,135,000
    Leah May Santiago Information Systems
    Worksheet
    For the Month Ended Dec. 31,2021

    Unadjusted Trial Balance Adjustments


    Accounts Dr. Cr. Dr.
    Cash 1,060,000 54,000
    Notes Receivable 500,000
    Accounts Receivable 1,150,000
    Interest Receivable e 40,000
    Allowance for Uncollectible Expense
    Office Supplies 565,000 a
    Inventories 1,000,000 33,000
    Building 1,600,000
    Accumulated Depreciation - Building 300,000 c
    Equipment 1,000,000 c
    Accumulated Depreciation - Equipment 650,000
    Accounts Payable 250,000
    Salaries Payable d
    Unearned Consulting Revenues 450,000 b 150,000
    Santiago, Capital 1/1/2021 2,500,000
    Santiago, Withdrawals 650,000
    Consulting Revenues 5,000,000 b
    Interest Revenues e
    Uncollectible Account Expense 25,000
    Office Supplies Expense d 315,000
    Repairs Expense 620,000 28,000
    Miscellaneous Expense 105,000
    Salaries Expense 900,000 a 85,000
    Depreciation Expense- Building c 332,000
    Depreciation Expense- Equipment c 850,000
    9,150,000 9,150,000 1,912,000
    s

    ments Adjusted Trial Balance Income Statement Balance Sheet


    Cr. Dr. Cr. Dr. Cr. Dr. Cr.
    1,114,000 1,114,000
    500,000 500,000
    33,000 1,117,000 1,117,000
    40,000 40,000
    25,000 25,000 25,000
    315,000 250,000 250,000
    1,033,000 1,033,000
    1,600,000 1,600,000
    332,000 632,000 632,000
    850,000 150,000 150,000
    650,000 650,000
    250,000 250,000
    85,000 85,000 85,000
    300,000 300,000
    2,500,000 2,500,000
    650,000 650,000
    150,000 5,150,000 5,150,000
    40,000 40,000 40,000
    25,000 25,000
    315,000 315,000
    54,000 594,000 594,000
    28,000 77,000 77,000
    985,000 985,000
    332,000 332,000
    850,000 850,000
    1,912,000 9,632,000 9,632,000 3,153,000 5,190,000 6,454,000 4,417,000
    2,037,000 2,037,000
    5,190,000 5,190,000 6,454,000 6,454,000

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