Holmes Cleaning Service began operation on January 1, 2016. The company experien

Question

Holmes Cleaning Service began operation on January 1, 2016. The company experienced the following events for its first year of operations:

           

Adjusted the accounts to reflect management’s expectations that uncollectible accounts expense would be $1,650. The expense was determined using the percent of revenue method.

A)Prepare an income statement, balance sheet, and statement of cash flows for 2016

Holmes Cleaning Service began operation on January 1, 2016. The company experienced the following events for its first year of operations:

Explanation / Answer

A) Holmes Cleaning Service

Income Statement for the year ended 2016 (Amount in $)

Statement of cash flows for the year 2016 (Amount in $)

Holmes Cleaning Service

Balance Sheet as on 31 December, 2016 (Amount in $)

Revenue from cleaning services 84,000 Less: Costs Salaries paid (28,500) Uncollectible accounts expense (1,650) Net Income 53,850

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