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Part 1, income statement
part 2, statement of owner's equity
part3, balance sheet
part 4, Analyze the financial statement
part 5, prepare closing entries
| Accounts payable | | 6,300 |
| Accounts Receivable | 9,000 | |
| Accumulated Depreciation Building | | 41,000 |
| Accumulated Depreciation Equipment | | $4,200 |
| Building | 350,000 | |
| Cash | $98,000 | |
| Depreciation expense, building | 7,000 | |
| Depreciation expense, equipment | 800 | |
| Insurance expense | 5,200 | |
| Interest payable | | 2,000 |
| Land | 700,000 | |
| Long-term note payable | | 52,000 |
| Misty Jam, Capital | | 1,010,000 |
| Misty Jam, Withdrawals | 200,500 | |
| Office equipment | 8,000 | |
| Office supplies | 3,300 | |
| Prepaid Insurance | 9,000 | |
| Prepaid Rent | 15,000 | |
| Rent expense | 6,000 | |
| Salaries expense | 89,000 | |
| Salaries payable | | 14,500 |
| Service fees earned | | 370,800 |
| Totals | $1,500,800 | $1,500,800 |
Additional Information:
A $8,000 installment on the long-term note payable is due within one year.
Misty Jam invested $25,000 into her business during the year.
Answer & Explanation
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