The French Realty wants you to create an Income Statement for them for June using the information. Also, the Statement of Owner's Equity by using the Income Statement with the same Information with the formula of the balance sheet. Hint: It's the Accounting Equation.

Financial Statements Must be done in this order

1. Income Statement

2. Statement of Owner's Equity

3. Balance Sheet

Note for the Income Statement:

Shows profit or loss with this formula:

Revenues

Expenses/=Net income or net loss

3-line heading:

1. Company Name

2. Name of statement (income Statement)

3. Time period of the statement

Examples of the template in each:

French Realty Accounting Data, June 2016 Cash 3,310 S. French, Withdrawals 40 Accounts Receivable 1,490 Commission Revenue 2,900 Office Equipment 6,700 Salaries Expense 500 Accounts Payable 2,000 Utilities Expense 360 S. French, Capital, June 1, 200X 8,000 Rent Expense 500 Note: the owner made no investment during June Goth Inc. $5,400 Income Statement Month ended September 30, 2011 Revenue: Service revenue Expenses: Rent expense $1,000 Advertising expense 300 Total expenses Net income 1,300 $4,100 Came from Income Statement Goth Inc. Statement of Owner's Equity Month ended September 30, 2011 Marilyn Mansion, Capital, September 1, 2011 $13,000 Add: Investments by owner 11,700 Net income 4,100 $ 28,800 Less: Withdrawals (2,200) Marilyn Mansion, Capital, September 30, 2011 $ 26,600 Came from Statement of Owner's Equity Goth Inc. Assets Balance Sheet September 30, 2011 Liabilities $8,500 Accounts payable 5,200 600 Owner's Equity 13,000 Marilyn Mansion, Capital Cash Accounts receivable Supplies Land $ 700 26,600 Total assets $27,300 Total liabilities & owner's equity $27,300