B C S w AA A AD AF A AI A AL AN AP AT AU A U Balance Sheet 1 2 Liabilities Stockholder's Equity Accounts Payable Unearned Service Revenue Notes Payable Salaries Payable Interest Payable Common Stock Retained Earnings Expenses Should Be Entered as Positive Numbers Income Statement 3 Date Description Amount Equipment Account Title Statement of Cash Flows Beginning Balances, January 1st Year 1 4 Revenue Expense Net Income Amount Activity 1-Jan 5 732,415 1-Feb 6 161,131 10-Mar 7 Issued common stock in exchange for cash $732,415 Borrowed money from the bank by signing a one-year note, at a rate of 10% 161,131 Paid for advertisements to be run during the month 7,141 Paid in advance for a one-year insurance policy 16,113 Paid in advance for two years of rent on a storage facility 40,283 7,141 7,141 1-Apr 8 1-Oct 9 15-May Purchased supplies on account 10 32,080 32,080 1-Jun Landscaping equipment is purchased for cash 11 585,932 585,932 18-Jul Performed lawn mowing services for cash 12 134,032 134,032 1-Aug 13 10,712 10,712 20-Aug 14 Paid for maintenance on the lawn mowers in cash Performed landscaping services on account Received cash payment from a customer for future services (not yet performed) Paid new employees for one month of 104,003 104,003 30-Nov 15 84,228 84,228 File Home Insert Formulas Data Review View Help Open in Desktop App Editing Share Comments Calibri A A B I ab 2 Merge Custom 00 .00 20 Conditional v Styles Format As Table Format Ev 27 v Ov S5 A B P R S w Y AA A AD AF A AL AN AP A AU A AY AZ BA U Balance Sheet 1 2 Liabilities Stockholder's Equity Accounts Payable Unearned Service Revenue Notes Payable Salaries Payable Interest Payable Common Stock Retained Earnings Expenses Should Be Entered as Positive Numbers Income Statement 3 Date Description Amount Equipment Account Title Statement of Cash Flows Revenue Expense Net Income Amount Activity 84,228 84,228 32,959 32,959 Beginning Balances, January 1st Year 1 4 30-NOV 15 for future services (not yet performed) Paid new employees for one month of 15-Dec work; payday is always on the 15th of the 16 month. 17 December 31st Adjustments: Eleven months of interest has accrued on a the note (to be paid in cash on Feb 1 next 18 year) Nine months have lapsed on the one-year b 19 insurance policy A physical count of supplies at the end of the year reveals half of the supplies were 20 used The equipment is estimated to have a d useful life of five years with no salvage 21 value; depreciation must be recorded. The rented storage facility has been used for three months 22 Employees have worked for half a month (December 16 - December 31) in the f current year but won't be paid until 23 January 15. 24 25 Ending Balances, December 31st Year 1 26 27 28 e Total L&SE 3 Balance Sheet Income Statement Statement of Stockholders' Equity 7 Accounts Receivable Advertising Expense Ending Common Stock 8 Supplies Maintenance Expense 9 Prepaid Insurance Salaries Expense Beginning Retained Earnings 10 Prepaid Rent Interest Expense Plus: Net Income 11 Equipment (Net) Insurance Expense Minus: Dividends 12 Total Assets Supplies Expense Ending Retained Earnings 13 Depreciation Expense 14 Liabilities Rent Expense Total Stockholders' Equity* 15 Accounts Payable Total Expenses 16 Unearned Revenue Net Income *Enter a formula for Total Stockholders' Equity which calculates it 17 Notes Payable based on the entries on this page. Does the Total SE which 18 Salaries Payable *Enter a formula for Net Income which calculates Net Income you calculated here match the Total SE on the Year 1 Ledger? 19 Interest Payable based on the entries on this page. Does the Net Income which 20 Total Liabilities you calculated here match the Net Income on the Year 1 Ledger? 21 Stockholders' Equity 22 Common Stock 23 Retained Earnings 24 Total Stockholders' Equity Total Liabilities and Stockholders' Equity Enter formulas to compute the totals on the Balance Sheet. Does your Balance Sheet Balance? Does Total Assets here match Total Assets on the Year 1 Ledger? B C S w AA A AD AF A AI A AL AN AP AT AU A U Balance Sheet 1 2 Liabilities Stockholder's Equity Accounts Payable Unearned Service Revenue Notes Payable Salaries Payable Interest Payable Common Stock Retained Earnings Expenses Should Be Entered as Positive Numbers Income Statement 3 Date Description Amount Equipment Account Title Statement of Cash Flows Beginning Balances, January 1st Year 1 4 Revenue Expense Net Income Amount Activity 1-Jan 5 732,415 1-Feb 6 161,131 10-Mar 7 Issued common stock in exchange for cash $732,415 Borrowed money from the bank by signing a one-year note, at a rate of 10% 161,131 Paid for advertisements to be run during the month 7,141 Paid in advance for a one-year insurance policy 16,113 Paid in advance for two years of rent on a storage facility 40,283 7,141 7,141 1-Apr 8 1-Oct 9 15-May Purchased supplies on account 10 32,080 32,080 1-Jun Landscaping equipment is purchased for cash 11 585,932 585,932 18-Jul Performed lawn mowing services for cash 12 134,032 134,032 1-Aug 13 10,712 10,712 20-Aug 14 Paid for maintenance on the lawn mowers in cash Performed landscaping services on account Received cash payment from a customer for future services (not yet performed) Paid new employees for one month of 104,003 104,003 30-Nov 15 84,228 84,228 File Home Insert Formulas Data Review View Help Open in Desktop App Editing Share Comments Calibri A A B I ab 2 Merge Custom 00 .00 20 Conditional v Styles Format As Table Format Ev 27 v Ov S5 A B P R S w Y AA A AD AF A AL AN AP A AU A AY AZ BA U Balance Sheet 1 2 Liabilities Stockholder's Equity Accounts Payable Unearned Service Revenue Notes Payable Salaries Payable Interest Payable Common Stock Retained Earnings Expenses Should Be Entered as Positive Numbers Income Statement 3 Date Description Amount Equipment Account Title Statement of Cash Flows Revenue Expense Net Income Amount Activity 84,228 84,228 32,959 32,959 Beginning Balances, January 1st Year 1 4 30-NOV 15 for future services (not yet performed) Paid new employees for one month of 15-Dec work; payday is always on the 15th of the 16 month. 17 December 31st Adjustments: Eleven months of interest has accrued on a the note (to be paid in cash on Feb 1 next 18 year) Nine months have lapsed on the one-year b 19 insurance policy A physical count of supplies at the end of the year reveals half of the supplies were 20 used The equipment is estimated to have a d useful life of five years with no salvage 21 value; depreciation must be recorded. The rented storage facility has been used for three months 22 Employees have worked for half a month (December 16 - December 31) in the f current year but won't be paid until 23 January 15. 24 25 Ending Balances, December 31st Year 1 26 27 28 e Total L&SE 3 Balance Sheet Income Statement Statement of Stockholders' Equity 7 Accounts Receivable Advertising Expense Ending Common Stock 8 Supplies Maintenance Expense 9 Prepaid Insurance Salaries Expense Beginning Retained Earnings 10 Prepaid Rent Interest Expense Plus: Net Income 11 Equipment (Net) Insurance Expense Minus: Dividends 12 Total Assets Supplies Expense Ending Retained Earnings 13 Depreciation Expense 14 Liabilities Rent Expense Total Stockholders' Equity* 15 Accounts Payable Total Expenses 16 Unearned Revenue Net Income *Enter a formula for Total Stockholders' Equity which calculates it 17 Notes Payable based on the entries on this page. Does the Total SE which 18 Salaries Payable *Enter a formula for Net Income which calculates Net Income you calculated here match the Total SE on the Year 1 Ledger? 19 Interest Payable based on the entries on this page. Does the Net Income which 20 Total Liabilities you calculated here match the Net Income on the Year 1 Ledger? 21 Stockholders' Equity 22 Common Stock 23 Retained Earnings 24 Total Stockholders' Equity Total Liabilities and Stockholders' Equity Enter formulas to compute the totals on the Balance Sheet. Does your Balance Sheet Balance? Does Total Assets here match Total Assets on the Year 1 Ledger