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  • Income Statement of Bussiness

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    pramodh kumar
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    This document summarizes the transactions of Tom Fritz's business for the period. It includes a balance sheet showing assets of $95,000 including cash, accounts receivable, supplies, and computers less accumulated depreciation. Liabilities include accounts payable, salary payable, and unearned service revenue totaling $36,000. Owner's equity includes Tom Fritz's initial capital investment of $40,000 and current capital of $19,000. The income statement shows service revenue of $101,000 and expenses of $35,000 for salary, $4,000 for supplies, $5,000 for depreciation, $5,000 for interest and $10,000 for advertising, for a net income

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    Income statement of bussiness.docx,accounting for business

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    Income statement of bussiness.docx

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    This document summarizes the transactions of Tom Fritz's business for the period. It includes a balance sheet showing assets of $95,000 including cash, accounts receivable, supplies, and computers less accumulated depreciation. Liabilities include accounts payable, salary payable, and unearned service revenue totaling $36,000. Owner's equity includes Tom Fritz's initial capital investment of $40,000 and current capital of $19,000. The income statement shows service revenue of $101,000 and expenses of $35,000 for salary, $4,000 for supplies, $5,000 for depreciation, $5,000 for interest and $10,000 for advertising, for a net income

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
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    24 views3 pages

    Income Statement of Bussiness

    Uploaded by

    pramodh kumar
    This document summarizes the transactions of Tom Fritz's business for the period. It includes a balance sheet showing assets of $95,000 including cash, accounts receivable, supplies, and computers less accumulated depreciation. Liabilities include accounts payable, salary payable, and unearned service revenue totaling $36,000. Owner's equity includes Tom Fritz's initial capital investment of $40,000 and current capital of $19,000. The income statement shows service revenue of $101,000 and expenses of $35,000 for salary, $4,000 for supplies, $5,000 for depreciation, $5,000 for interest and $10,000 for advertising, for a net income

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 3

    Account Title

    cash at bank
    account receivable
    supplies
    computers
    Accumulated Depreciation
    Account payable
    Salary payable
    Unearned Service Revenue
    Bills payable
    Tom Fritz Capital
    Tom Fritz Drawing
    Service Revenue
    Salary Expenses
    Supplies Expenses
    Depreciation Expenses
    Interest Expenses
    Advertising Expenses

    Total

    Debit
    Credit
    Debit
    29000
    44000
    c) 4000
    6000
    22000
    12000
    16000

    Credit

    Debit
    Credit
    Debit
    29000
    40000
    2000
    22000
    16000
    16000
    1000

    b)4000
    a)5000
    e)1000

    2000 d) 2000
    40000
    41000

    40000
    41000

    54000

    54000
    95000

    36000

    c)4000 d)2000
    e) 1000
    b) 4000
    a) 5000

    35000

    5000
    10000

    206000

    16000

    16000

    Income statement

    Revenue
    Service revenue
    Expenses
    Salary Expenses
    Supplies Expenses
    Depreciation Expenses
    Interest Expenses
    Advertising Expenses

    101000
    35000
    4000
    5000
    5000
    10000

    35000
    4000
    5000

    5000
    10000

    206000

    101000

    197000

    5000
    10000

    224000

    50000

    Balance sheet

    Asset
    Cash at bank
    Account receivable
    Supplies
    Computers
    22000
    Less: Accumulated
    Depreciation
    16000

    Liabilities
    Account Payable
    Salary payable
    Unearned service revenue

    29000
    44000
    6000
    6000

    Owners Equity
    Tom Fritz Capital

    stock
    Purchase 1

    50
    60

    Purchase
    Unit
    Total
    Cost
    30
    1500
    35
    2100

    Sales 1

    100

    60

    6000

    Purchase 2

    90

    40

    3600

    Sales 2

    70

    70

    4900

    Qty

    Cost of sale
    Qty
    Unit

    50
    50

    10
    60

    30
    35

    35
    60

    Total
    Cost

    1500
    1750

    350
    360

    Inventory on hand
    Qty
    Unit
    Total
    Cost
    50
    30
    1500
    50
    30
    1500
    60
    35
    2100
    10
    35
    350
    100
    60
    6000

    10
    100
    90

    35
    60
    40

    350
    6000
    3600

    40
    90

    60
    40

    2400
    3600

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