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| Income Statement |
| For the Period Ending June 30 |
| | | |
| Revenues: | | |
| Fees Earned | | 12,450 |
| | | |
| Less: | | |
| Expenses: | | |
| Miscellaneous Expenses | 450 | |
| Salary Expense | 920 | |
| Insurance Expense | 150 | |
| Supplies Expense | 980 | |
| Depreciation Expnese | 500 | |
| Rent Expense | 1,500 | |
| Total Expenses | | 4,500 |
| | | |
| Net Income | | $ 7,925 |
| Statement of Owners Equity | |
| | |
| For the Period Ending June 30 | | |
| Dustin Larkin, Capital | 20,250 | |
| Add: Net Income | 7,925 | |
| Subtotal | 28,175 | |
| Dustin Larkin, Withdrawals | -4,500 | |
| Owners Equity | $ 23,675 | |
| | | |
| Balance Sheet |
| As of June 30 |
| Assets: | | |
| Current Assets | | |
| Cash | 8,875 | |
| Accounts Receivable | 3,450 | |
| Supplies | 1,020 | |
| Prepaid Rent | 3,000 | |
| Prepaid Insurance | 1,650 | 17,995 |
| | | |
| Non Current Assets | | |
| Office Equipment | 9,300 | |
| Accumulated Depreciation | -500 | 8,800 |
| Total Assets | | 26,795 |
| | | |
| Liabilities: | | |
| Current Liabilities | | |
| Accounts Payable | 1,000 | |
| Unearned Fees | 2,000 | |
| Salary Payable | 120 | 3,120 |
| | | |
| Owner's Equity | | 23,675 |
| Total Liabilities & Equity | | $ 26,795 |
| Complete the Following rations for Quixote Consulting used in Unis 2 and 3. |
CURRENT RATIO
ACID TEST RATIO
INVENTORY TURNOVER
ACCOUNTS RECEIVABLE TURNOVER
DEBT TO TOTAL ASSET RATIO
TIMES-INTEREST-EARNED RATIO
PROFIT MARGIN
ASSET TURNOVER
RETURN ON ASSETS
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