SMITH STEELE CONSULTING

Balance Sheet

August 31, 2011

Assets Liabilities

Current assets: Current liabilities:

Cash................................ $ 21,300 Accounts payable........ $ 1,250

Accounts receivable....... 3,800 Prepaid rent................ 2,050

Supplies........................... 875 Unearned fees.............. 1,150

Salaries payable............. 150 Total liabilities......... $ 4,450

Prepaid insurance.......... 1,670

Total current assets $ 27,795

Property, plant, and

equipment:...................... Owners Equity

Office equipment........... $ 21,250 Sheila Shaw, capital....... 47,720

Less accum. depr........... 675

Total Property, plant,

and equipment............ 20,575 Total liabilities and

Total assets...................... $ 48,370 owners equity............. $ 52,170

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SMITH STEELE CONSULTING

Income Statement

For the Month Ended August 31, 2011

Fees earned.................................................................................... $ 24,325

Expenses:

Salary expense....................................................................... $1,550

Rent expense.......................................................................... 1,200

Supplies expense................................................................... 1,250

Insurance expense................................................................. 1,000

Miscellaneous expense.......................................................... 715

Interest expense.................................................................... 65

Bad Debt expense.................................................................. 150

Repairs and Maintenance.................................................... 200

Utilities expense.................................................................... 150

Payroll Tax expense.............................................................. 125

Office expense....................................................................... 525

Total expenses................................................................... 6,930

Net income..................................................................................... $ 17,395

There should be two errors on each sheet?