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Prepare TopForm Inc.'s balance sheet and income statement for February. TopForm Inc.'s January balance sheet and income statement are provided in the Document section below
Prepare TopForm Inc.'s balance sheet and income statement for February. TopForm Inc.'s January balance sheet and income statement are provided in the Document section below as an example.
TopForm, Inc.
Income Statement
For the Month Ended January 31, 202x
Revenue | $6,000 | |
Operating Expenses | ||
Rent Expense | 3,000 | |
Advertising Expense | 1,000 | |
Depreciation Expense | 400 | |
Bad Debt Expense | 300 | |
Insurance Expense | 200 | |
Utilities Expense | 200 | |
Wage Expense | 100 | |
Supplies Expense | 50 | |
Total Operating Expenses | 5,250 | |
Pre-tax Income | 750 | |
Income Tax Expense | 225 | |
Net Income | $ 525 | |
Earnings Per Share | $5.25 |
TopForm, Inc.
Balance Sheet
As of January 31, 202x
Assets | |
Cash | $ 26,000 |
Accounts Receivable, Net | 5,700 |
Supplies | 50 |
Prepaid Expenses | 4,600 |
Current Assets | $ 36,350 |
Deposits | 3,000 |
Equipment, net | 14,000 |
Total Assets | $ 53,350 |
Liabilities and Owners Equity | |
Accounts Payable | $ 100 |
Unearned Revenue | 2,400 |
Accrued Wages | 100 |
Accrued Taxes | 225 |
Total Liabilities | $ 2,825 |
Common Stock | 50,000 |
Retained Earnings | 525 |
Total Owners Equity | $ 50,525 |
Total Liabilities and Owners Equity | $ 53,350 |
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