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  • A.) Income Statement

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    Shawn Mendez
    929 views2 pages
    The income statement shows the JM Photocopying Center earned $24,227.50 in revenues from photocopying but incurred $21,992 in expenses, resulting in net income of $2,235.83. The statement of changes in equity shows the owner's initial capital of $10,000 and a net addition of $1,735.83 from the net income, bringing the owner's capital to $11,735.83. The statement of financial position outlines the company's assets of $71,852.50 including $37,377.50 in current assets and $34,475 in non-current assets, and its liabilities of $60,116.67 including current liabilities

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    The income statement shows the JM Photocopying Center earned $24,227.50 in revenues from photocopying but incurred $21,992 in expenses, resulting in net income of $2,235.83. The statement of changes in equity shows the owner's initial capital of $10,000 and a net addition of $1,735.83 from the net income, bringing the owner's capital to $11,735.83. The statement of financial position outlines the company's assets of $71,852.50 including $37,377.50 in current assets and $34,475 in non-current assets, and its liabilities of $60,116.67 including current liabilities

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    © All Rights Reserved
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    929 views2 pages

    A.) Income Statement

    Uploaded by

    Shawn Mendez
    The income statement shows the JM Photocopying Center earned $24,227.50 in revenues from photocopying but incurred $21,992 in expenses, resulting in net income of $2,235.83. The statement of changes in equity shows the owner's initial capital of $10,000 and a net addition of $1,735.83 from the net income, bringing the owner's capital to $11,735.83. The statement of financial position outlines the company's assets of $71,852.50 including $37,377.50 in current assets and $34,475 in non-current assets, and its liabilities of $60,116.67 including current liabilities

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    of 2

    A.

    ) Income Statement

    JM Photocopying Center
    Income Statement
    for the period ended Dec 31, 2019

         

    Photocopying Revenues   24,227.50

    Expenses:    

    Taxes and Licenses expense    2,000.00   

    Salaries expense    4,800.00   

    Supplies expense    7,000.00   

    Utilities expense    2,500.00   

    Rent expense    5,000.00   

    Depreciation expense       525.00   

    Bad debts expense       166.67   

    Total Expenses   (21,992)

    Net income   2,235.83

    B.) Change in Equity

    JM Photocopying Center
    Statement of Changes in Equity
    For the period ended Dec 31, 2019

       

    Mercado, Capital Jan 1, 2019    10,000.00 

    Changes in Equity during the period:  

    Additional Investment                   -  

    Drawings      (500.00 )

    Net Income (Loss)      2,235.83 

    Net Addition (Deduction)      1,735.83 

    Mercado, Capital Dec 31, 2019     11,735.83 


    C.) Statement of Financial Position

    JM Photocopying Center
    Statement of Financial Position
    as of period ended Dec 31, 2019

               

    Cash    16,500.00      Accounts Payable      2,500.00 

    Accounts Receivable, net*      7,350.00      Loan Payable    50,000.00 

    Notes Receivable      5,527.50      Notes Payable      5,000.00 

    Unused Supplies      3,000.00      Salaries Payable          816.67 

    Prepaid Rent      5,000.00      Unearned Photocopying      1,800.00 


    Revenues

    Total Current Assets   37,377.50      Total Liabilities**    60,116.67 

               

    Photocopying Equipment,    29,550.00      Mercado, Capital    11,735.83 


    net*

    Furniture and Fixtures, net*      4,925.00      Total Equity    11,735.83 

    Total Non-Current Assets    34,475.00         

               

    Total Assets   71,852.50      Total Liabilities and Equity    71,852.50 

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