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Financial Statement Without Using Notes

The income statement for Expert Computer Service shows total income of $245,000 and net income of $55,125 for the year ended December 31, 2019. The statement of changes in owner's equity indicates a capital of $233,125 after accounting for net income and drawings. The statement of financial position reveals total assets of $451,625, with liabilities of $218,500 and owner's equity of $233,125.

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32 views2 pages

Financial Statement Without Using Notes

The income statement for Expert Computer Service shows total income of $245,000 and net income of $55,125 for the year ended December 31, 2019. The statement of changes in owner's equity indicates a capital of $233,125 after accounting for net income and drawings. The statement of financial position reveals total assets of $451,625, with liabilities of $218,500 and owner's equity of $233,125.

Uploaded by

Mj Pamintuan
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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EXPERT COMPUTER SERVICE

INCOME STATEMENT
For the year ended December 31, 2019

Computer fees 205, 000


Other fees 40, 000
Total 245,000

Total Operating Expenses:


Salaries 62, 000
Rent 75, 000
Utilities 16, 500
Transportation 2, 000
Miscellaneous 3, 000
Depreciation Expense – Equipment 22, 500
Depreciation expense – Furniture 4, 875
Doubtful Accounts Expense 4, 000 189,875
Net Income 55,125

EXPERT COMPUTER SERVICE


Statement of Changes in Owner’s Equity
For the year ended December 31, 2019
Expert, Capital - January 1 190, 000
Add: Net Income 55, 125
Total 245, 125
Less: Expert, Drawings 12, 000
Expert, Capital 233, 125
EXPERT COMPUTER SERVICE
Statement of Financial Position
As of December 31, 2019

ASSETS

Current Assets
Cash on Hand 25, 000
Cash in Bank 75, 000
Account Receivable 40, 000
Allowance for Doubtful Accounts 4,000 36,000
Notes Receivable 5, 000
Other fees Receivables 15, 000
Offi ce Supplies 3, 000
Total Current Assets 159,000

Noncurrent Assets
Equipment 250, 000
Accumulated Depreciation- Equipment 22,500 227,500

Furniture 70, 000


Accumulated Depreciation- Furniture 4,875 65,125
Total Noncurrent Assets 292,625

Total Assets 451,625

LIABILITIES AND OWNER'S EQUITY


Current Liabilities
Accounts Payable 200, 000
Notes Payable 15, 000
Salaries Payable 2, 000
Utilities Payable 1, 500
Total liabilities 218,500

Owner's Equity
Expert Capital 233, 125

TOTAL LIABILITIES & OWNER'S EQUITY 451,625

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