Course Material: Introduction to Accounting $-$ Financial Statements, Income Statements

Your company has the following balance sheet $(3$ full$-$time, $4$ part$-$time workers$)$

Construct a NEW balance sheet and income statement

Balance Sheet should show totals for current, long$-$term and total assets and liabilities & equity

Current Month Balance Sheet:

Assets:

Cash $$550\mathrm{.}00$

Supplies Inventory $$320\mathrm{.}00$

Total Current Assets $$870\mathrm{.}00$

Fixed Assets $$3,200\mathrm{.}00$

Total Long$-$Term Assets $$3,200\mathrm{.}00$

Total Assets $$4,070\mathrm{.}00$

Liabilities and Owner Equity

Accounts Payable $$215\mathrm{.}00$

Wages Payable $$750\mathrm{.}00$

Owner's Equity $$3,105\mathrm{.}00$

Total liabilities and equity $$4,070\mathrm{.}00$

NOW, these transactions occur over the next month:

Notes:

Cash Revenue $$2,350\mathrm{.}00$

Tips given to employees by customers $$500\mathrm{.}00$ Income

Purchased Supplies $$300\mathrm{.}00$ Used Cash

Ending Supplies Inventory $$275\mathrm{.}00$ Can be used within a year

Paid out in cash for wages $$1,500\mathrm{.}00$ Expense

Wages Payable $$950\mathrm{.}00$ Within a Year

Quarterly rental fee $(3$ months$)$ $$900\mathrm{.}00$

Depreciation of fixed asset $$315\mathrm{.}00$