Financial Statements Example

On September 1, 2022, Karanvir Singh started an automobile repair shop company, KaranvirsRepair Shop. On September 30, 2022, the companys records showed the following items:

Cash $14,000

Accounts Receivable 3,000

Dividends 2,500

Repair Revenue 47,000

Repair Supplies 6,550

Shop Furniture 31,000

Rent Expense 3,200

Salaries Expense 15,000

Repair Equipment 45,000

Loan Payable 30,000

Common Stock 29,000

Utility Expense 630

Interest Expense 120

Prepare income statement, statement of retained earnings and balance sheet for Karanvirs Repair Shop.