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What are the Income Statement and Balance Sheet for the following informaiton? Balance Statement Format: Pat's Painting Balance Sheet February 28, 20xx Assets: Cash Accounts
What are the Income Statement and Balance Sheet for the following informaiton?
Balance Statement Format:
Pat's Painting | ||
Balance Sheet | ||
February 28, 20xx | ||
Assets: | ||
Cash | ||
Accounts Receivable | ||
Prepaid Insurance | ||
Supplies | ||
Equipment | ||
Accumulated Depreciation | ||
Total Assets |
Income Statement Format
Pat's Painting | ||
Income Statement | ||
For the Month of February, 20xx | ||
Revenue: | ||
Painting Revenue | ||
Expenses: | ||
Supplies Expense | ||
Wage Expense | ||
Depreciation Expense | ||
Insurance Expense | ||
Interest Expense | ||
Total Expenses | ||
Net Income |
Account | Debit | Credit | |
101 | Cash | $ 4,850.00 | |
102 | Accounts Receivable | $10,000.00 | |
103 | Prepaid Insurance | $ 900.00 | |
104 | Supplies | $ 600.00 | |
120 | Equipment | $15,240.00 | |
121 | Accumulated Depreciation | $ 2,940.00 | |
201 | Accounts Payable | $ 3,840.00 | |
204 | Notes Payable | $ - | |
205 | Interest Payable | $ - | |
290 | Unearned Revenue | $ - | |
300 | Pat, Capital | $24,810.00 | |
301 | Pat, Drawing | $ - | |
400 | Painting Revenue | $ - | |
501 | Supplies Expense | $ - | |
502 | Wage Expense | $ - | |
503 | Depreciation Expense | $ - | |
504 | Insurance Expense | $ - | |
505 | Interest Expense | $ - | |
Totals | $31,590.00 | $31,590.00 | |
Transactions for February, 20xx: | |||
1-Feb | Borrowed $4,500 from Star Bank by signing a three month, 12% annual interest note. | ||
1-Feb | Paid Wooster Brush $360 for a ladder with a three year expected life. | ||
3-Feb | Received $2,500 from Bob Tull for a job completed and billed in January. | ||
7-Feb | Received $2,000 from Ann Smith for a job completed and billed in January. | ||
14-Feb | Purchased $1,322 in paint and other supplies on credit from Sherwin Williams. | ||
14-Feb | Paid Sherwin Williams $3,840 for purchases made on account in January. | ||
17-Feb | Completed painting the Wes Morris house and billed him $5,500. | ||
21-Feb | Pat contributed an additional $5,000 cash into the business. | ||
21-Feb | Received $4,500 from Al Jones in payment of the amount he owed. | ||
22-Feb | Contracted to paint Beth Miller's house and received a down payment of $1,000. | ||
28-Feb | Completed painting Jerry Hale's house and billed him $3,500. | ||
28-Feb | Bought $1,250 paint and other supplies on credit from Sherwin Williams. | ||
28-Feb | Paid Wooster Brush $720 for scaffolding with a three year expected life. | ||
28-Feb | Paid Walter Walters his monthly salary of $2,000 (do not worry about payroll taxes). | ||
28-Feb | Pat withdrew $3,000 for her personal use. | ||
Adjusting Entries: | |||
28-Feb | $100 of the insurance was consumed during the month of February. | ||
28-Feb | $45 in interest accrued on the note payable, and will not be paid until maturity date. | ||
28-Feb | $2472 of the supplies had been consumed. | ||
28-Feb | $220 was the depreciation on the equipment. | ||
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