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Date Assets = Liabilities + Equity Account Titles for Expenses Cash + Accounts Receivable + Equipment = Accounts Payable + Common Stock Dividends + Revenues
| Date | Assets | = | Liabilities | + | Equity | Account Titles for Expenses | ||||||||||
| Cash | + | Accounts Receivable | + | Equipment | = | Accounts Payable | + | Common Stock | Dividends | + | Revenues | Expenses | ||||
| May 1 | $40,000 | + | + | = | + | $40,000 | + | NA | ||||||||
| May 1 | (2,200) | + | + | = | + | + | 2,200 | Rent | ||||||||
| May 3 | + | + | 1,890 | = | 1,890 | + | + | NA | ||||||||
| May 5 | (750) | + | + | = | + | + | 750 | Cleaning | ||||||||
| May 8 | 5,400 | + | + | = | + | + | 5,400 | NA | ||||||||
| May 12 | + | 2,500 | + | = | + | + | 2,500 | NA | ||||||||
| May 15 | (750) | + | + | = | + | + | 750 | Salary | ||||||||
| May 20 | 2,500 | + | (2,500) | + | = | + | + | NA | ||||||||
| May 22 | + | 3,200 | + | = | + | + | 3,200 | NA | ||||||||
| May 25 | 3,200 | + | (3,200) | + | = | + | + | NA | ||||||||
| May 26 | (1,890) | + | + | = | (1,890) | + | + | NA | ||||||||
| May 27 | + | + | 80 | = | 80 | + | + | NA | ||||||||
| May 28 | (750) | + | + | = | + | + | 750 | Salary | ||||||||
| May 30 | (300) | + | + | = | + | + | 300 | Telephone | ||||||||
| May 30 | (280) | + | + | = | + | + | 280 | Utilities | ||||||||
| May 31 | (1,400) | + | + | = | + | 1,400 | + | NA | ||||||||
| $42,780=SUM(B3:B18) | + | $0 | + | $1,970 | = | $80 | + | $40,000 | $1,400 | + | $11,100 | $5,030 | ||||
| Gram Co. | ||
| Income Statement | ||
| For Month Ended May 31 | ||
| Revenues: | ||
| Expenses: | ||
total expenses:
net income?
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Financial Modeling
Authors: Simon Benninga
3rd Edition
0262026287, 9780262026284
