Financial Statements: Fabrizio's Painting Services Ltd. Fabrizio's Painting Services Ltd. Income Statement For the month January 2022 Revenue Services 3,400.00 Expenses: Cost of Goods Sold 605.00 Accountant Fee Expense 150.00 Bank Service Expense 70.00 Interest Expense 30.00 Insurance Expense 50.00 Phone Expense 45.00 Promotion and Publicity Expense 60.00 Depreciation Expense - Tools 165.00 Rent Expense 200.00 Supplies Expense 80.00 Income Tax Expense 255.00 Net Income 1,690.00 Fabrizio's Painting Services Ltd. Statement of Retained Earnings January 31st 2022 Retained Earnings, January 1st 2022 1,110.00 plus: Net Income 1,690.00 less: Dividends (1680.00) Retained Earnings, January 31st 2022 1,120.00 Fabrizio's Painting Services Ltd. Statement of Financial Position January 31st 2022 Current Assets: Cash 3,780.00 Accounts Receivables 2,280.00 Prepaid Rent 0.00 Prepaid Office Supplies 45.00 Prepaid Insurance 0.00 Supplies 55.00 Capital Assets: Organizational Costs 3,600.00 Equipment - Tools 4,400.00 less: Accumulated Depreciation - Tools (2475.00) 11,685.00 Current Liabilities: Dividends Payable 1,680.00 Advances from Customers 680.00 Interest Payable 30.00 Insurance Payable 150.00 Phone Payable 45.00 Accountant Fee Payable 150.00 Income Tax Payable 830.00 Long-term Liabilities: Loan Payable 2,000.00 Shareholder's Equity: Share Capital 5,000.00 Retained Earnings 1,120.00 11,685.00 Financial Statements: Fabrizio's Painting Services Ltd. Fabrizio's Painting Services Ltd. Income Statement For the month January 2022 Revenue Services 3,400.00 Expenses: Cost of Goods Sold 605.00 Accountant Fee Expense 150.00 Bank Service Expense 70.00 Interest Expense 30.00 Insurance Expense 50.00 Phone Expense 45.00 Promotion and Publicity Expense 60.00 Depreciation Expense - Tools 165.00 Rent Expense 200.00 Supplies Expense 80.00 Income Tax Expense 255.00 Net Income 1,690.00 Fabrizio's Painting Services Ltd. Statement of Retained Earnings January 31st 2022 Retained Earnings, January 1st 2022 1,110.00 plus: Net Income 1,690.00 less: Dividends (1680.00) Retained Earnings, January 31st 2022 1,120.00 Fabrizio's Painting Services Ltd. Statement of Financial Position January 31st 2022 Current Assets: Cash 3,780.00 Accounts Receivables 2,280.00 Prepaid Rent 0.00 Prepaid Office Supplies 45.00 Prepaid Insurance 0.00 Supplies 55.00 Capital Assets: Organizational Costs 3,600.00 Equipment - Tools 4,400.00 less: Accumulated Depreciation - Tools (2475.00) 11,685.00 Current Liabilities: Dividends Payable 1,680.00 Advances from Customers 680.00 Interest Payable 30.00 Insurance Payable 150.00 Phone Payable 45.00 Accountant Fee Payable 150.00 Income Tax Payable 830.00 Long-term Liabilities: Loan Payable 2,000.00 Shareholder's Equity: Share Capital 5,000.00 Retained Earnings 1,120.00 11,685.00
