Terms in this set (10)
At the end of the first month of operations for SloMo Delivery Service, the business had the following accounts: Accounts Receivable, $11,350; Prepaid Insurance, $400; Equipment, $26,200 and Cash, $21,650. On the same date, SloMo owed the following creditors: Simpson Supply Company, $17,000; Allen Office Equipment, $14,500.The total assets for the SloMo Delivery Service are:
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MCKINLEY CHARTER SERVICE Income Statement Month Ended August 31, 2019 Revenue: Fees Income $30,000 Expenses: Gasoline Expense $7,500 Rent Expense 4,800 Salaries Expense 10,800 Utilities Expense 1,900 Total Expenses 25,000 Net Income $5,000
MCKINLEY CHARTER SERVICE Statement of Owner's Equity Month Ended August 31, 2019 Guy McKinley, Capital, August 1, 2019 $51,000 Net Income for August 5,000 Less Withdrawals for August 4,100 Increase in Capital 900 Guy McKinley, Capital, August 31, 2019 $51,900
MCKINLEY CHARTER SERVICE Balance Sheet August 31, 2019 Assets Liabilities Cash $6,200 Loans Payable $77,500 Accounts Receivable 2,600 Accounts Payable 4,000 Supplies 3,600 Total Liabilities 81,500 Equipment 18,000 Owner's Equity Boats 103,000 Guy McKinley, Capital 51,900 Total Liabilities Total Assets $ 133,400 and Owner's Equity $ 133,400