6 Help Save& Exit Su Check my wa 95,390 8.000 Accounts receivable office supplie
ID: 2410189 • Letter: 6
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6 Help Save& Exit Su Check my wa 95,390 8.000 Accounts receivable office supplies Prepaid insurance Office equipment Aceus. Depreciation-Office equip Accounts payable Interest payable Salaries payable Unearned eonaulting fees 21,000 7,240 9,000 3,560 ,000 30,000 16,000 1,500 .000 16,000 $25,000 100 22,000 4.000 162,000 tern notes payable Logan, Capital J.Logan, Withdravals Consulting fees earned Depreciation expense-Office Salaries expesse Interest expense Inaurance expense Rent expense Office supplies expense Advertising expense o 10,004,000 ,000 76,400 10,500 181,000 1,300 .680 9,400 Totals 324,100 $324,100 357,500 357,500 2(a-1) Prepare JKL Company's income statement for the year ended July 31, 2017 2(a-2) Prepare JKL Company's statement of owner's equity for the year ended July 31, 2017 was $44,000, and the current-year withdrawals were $10o.500 2(b) Prepare JKL Company's the balance sheet as of July 31, 2017 Note: J. Logan, Complete this question by entering your answers in the tabs below.Explanation / Answer
JKL Company
Income Statement
For the Year ended July 31 2017
Consulting Fees Earned
$ 181,000.00
Net Income
$ 181,000.00
Expenses
Depreciation on Office equipment
$ 5,000.00
Salaries Expenses
$ 76,400.00
Interest Expense
$ 2,800.00
Insurance Expenses
$ 3,680.00
Rent Expenses
$ 14,560.00
Office Supplies Expenses
$ 9,400.00
Advertisement Expenses
$ 17,210.00
$ 129,050.00
Net Income
$ 51,950.00
JKL Company
Balance Sheet
For the Year ended July 31 2017
Assets
Cash
$ 95,390.00
Accounts Receivable
$ 21,000.00
Office Supplies
$ 9,000.00
Prepaid Insurance
$ 3,560.00
Office equipment
$ 89,000.00
Less: Accumulated Depreciation
$ 30,000.00
$ 59,000.00
Total Assets
$ 187,950.00
Liabilities
Accounts Payable
$ 16,000.00
Interest Payable
$ 1,500.00
Salaries Payable
$ 9,000.00
Unearned consulting fees
$ 16,000.00
Long Term Liabilities
Long Term Notes Payable
$ 60,000.00
J Logan Capital Account
$ 85,450.00
Total Liabilities
$ 187,950.00
Statement of Retained earnings
beginning balance july 31 2016
$ 44,000.00
Add: Net Income for the year
$ 51,950.00
Less: Drawings
$ 10,500.00
Ending balance July 31 2017
$ 85,450.00
JKL Company
Income Statement
For the Year ended July 31 2017
Consulting Fees Earned
$ 181,000.00
Net Income
$ 181,000.00
Expenses
Depreciation on Office equipment
$ 5,000.00
Salaries Expenses
$ 76,400.00
Interest Expense
$ 2,800.00
Insurance Expenses
$ 3,680.00
Rent Expenses
$ 14,560.00
Office Supplies Expenses
$ 9,400.00
Advertisement Expenses
$ 17,210.00
$ 129,050.00
Net Income
$ 51,950.00
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