AutoSavert Insert Draw Design Ass... Qu Tell me what you want to do DOCUME Share ome Comments Font Paragraph Styles Create and Share Request Adobe PDF Signatures 1. You started your company with $100,000 that you raised by selling stock in Practice Makes Perfect Inc. to your family and friends. 2. Knowing that you would need additional funds, you presented your business plan to the bank and were able to get a $50,000 loan at 12%. 3. You purchased three pianos for $ 16,000 each, paying cash. You believe these pianos will last five years before you replace them. At the end of the five years, you think you can sell each piano for $1,000. 4. You spent $2,000 on supplies (inventory), which you charged on account. 5. The newspaper bills you $500 for the advertisement you ran. You plan on paying the bill next month. 6. Rent for the space you have leased is $1,000 a month, which you paid. 7. The first month you bill students $2,000 for lessons. 8. You pay your two part-time piano teachers $500 each at the end of the month. 9. One of your students paid the $200 invoice you sent earlier in the month. 10. You write the check for the interest owed for the month. 11. You adjust the supplies (inventory) account for $300 of sheet music that you gave to students. 12. You record one month of depreciation on the pianos. ow Help $ 20%4) Thu 12:41 PM C omme AutoSaver S e : ASSIGN6 - Compatibili. Que Insert Draw Design Layout References Tell me what you want to do Share Times New... 12 AA Aa A A A LG BI Uab X, X ADA Paragraph Styles Create and Share Request Adobe PDF Signatures Using MY transactions ledger from Assignment 5 (posted on Google Drive), prepare an income statement and balance sheet for Practice Makes Perfect Inc. This assignment is worth a total of 20 points. Revenue Cash:150,000 Gross Profit: 100,000 Operating Expenses Rent expense: 1,000 Wage expense: 1,000 EBITDA Focus - Window Help 21% [4) Thu 12:42 PM AutoSave $ - ASSIGN6 . Compatibili. Q References >> Tell me what you want to do me Insert Draw Design Layout Share Comm. A Aa Ao Times New... 12A BIU ab x, X = Paragraph A D A Styles Create and Share Request Adobe PDF Signatures Gross Profit: 100,000 Operating Expenses Rent expense: 1,000 Wage expense: 1,000 EBITDA EBIT EBT Window Help 9 22%(%) Thu 12:42 PM Q Share Commen Home the AutoSave @ ASSIGNE - Compatibili. Que Insert Draw Design Layout References >> Tell me what you want to do Times New... 12 JAA Aa A As BI U , * ADA Styles Paragraph Create and Share Adobe PDF Request Signatures Assets Current Assets Cash: 100,000 Liabilities and Equity Current Liabilities Account Payable: 1,000 Loan Payable: 50,000 Accrued expenses: 2,500 Cash: 50,000 Inventory: 2,000 Account receivable: 2,000 Fixed Assets Long-Term Liabilities Equipment: 48,000 Depreciation: 0) Equity Common Stock: 100,000 + 144 n e 7 7 175 words English (United States) D Focus
