Presented here are the accounts of
Town and Country RealtyTown and Country Realty
for the year ended
DecemberDecember
Land
$10,000
Owner contribution, 2018
$36,000
Notes Payable
29,000
Accounts Payable
10,000
Property Tax Expense
2,400
Accounts Receivable
1,300
Hicks, Withdrawals
36,000
Advertising Expense
12,000
Rent Expense
8,000
Building
194,800
Salaries Expense
63,000
Cash
2,200
Salaries Payable
800
Equipment
13,000
Service Revenue
235,000
Insurance Expense
1,800
Office Supplies
9,000
Interest Expense
7,300
Hicks, Capital, Dec. 31, 2017
50,000
PrintDone
3131â,
20182018.
LOADING...
â(Click the icon to view theâ accounts.)
Requirements
1.
PrepareTown and Country Realty'sTown and Country Realty's
income statement. 2.
Prepare the statement ofâ owner's equity.
3.
Prepare the balance sheet.
Requirement 1. Prepare
Town and Country Realty'sTown and Country Realty's
income statement.
Town and Country Realty
Income Statement
Year Ended December 31, 2018
Revenues:
Service Revenue
Expenses:
Salaries Expense
Insurance Expense
Advertising Expense
Rent Expense
Interest Expense
Property Tax Expense
Total Expenses
Net Income
Presented here are the accounts of
Town and Country RealtyTown and Country Realty
for the year ended
DecemberDecember
Land | $10,000 | Owner contribution, 2018 | $36,000 | |
Notes Payable | 29,000 | Accounts Payable | 10,000 | |
Property Tax Expense | 2,400 | Accounts Receivable | 1,300 | |
Hicks, Withdrawals | 36,000 | Advertising Expense | 12,000 | |
Rent Expense | 8,000 | Building | 194,800 | |
Salaries Expense | 63,000 | Cash | 2,200 | |
Salaries Payable | 800 | Equipment | 13,000 | |
Service Revenue | 235,000 | Insurance Expense | 1,800 | |
Office Supplies | 9,000 | Interest Expense | 7,300 | |
Hicks, Capital, Dec. 31, 2017 | 50,000 |
PrintDone
3131â,
20182018.
LOADING...
â(Click the icon to view theâ accounts.)
Requirements
1. | Prepare Town and Country Realty'sTown and Country Realty's income statement. |
2. | Prepare the statement ofâ owner's equity. |
3. | Prepare the balance sheet. |
Requirement 1. Prepare
Town and Country Realty'sTown and Country Realty's
income statement.
Town and Country Realty | ||||
Income Statement | ||||
Year Ended December 31, 2018 | ||||
Revenues: | ||||
Service Revenue | ||||
Expenses: | ||||
Salaries Expense | ||||
Insurance Expense | ||||
Advertising Expense | ||||
Rent Expense | ||||
Interest Expense | ||||
Property Tax Expense | ||||
Total Expenses | ||||
Net Income |