t t Deg g olthe year.) 4.9 An engineering construction firm is chartered to prov

Question

t t Deg g olthe year.) 4.9 An engineering construction firm is chartered to provide consulting services, design, and a limited range of construction services. Its designs have developed into registered patents Some designs are licensed by subcontractors, the firm not choosing to use them itself; it does re- ceive income from that business arrangement. These accounts and their balance are summa- rized below or a family-owned firm titled "Eastwood s are in units of $1000, but ignore r each account title, first identify if it is an asset, liability, net worth, income, expense, Find the income statement and balance sheet f Engineering Services," Second Quarter. (Hints: These value that. Fo or tax. Each account will have a spot in either the income or balance-sheet statement.)

Explanation / Answer

Income Statement Revenue in $ in $ Fees Recived 73 Sales of design 7 Equipment Lease 6 Royality on Patent 40 Interest On owned Securities 126 Less Salary Expense 28 Utilities Paid 5 Taxes 12 Office Rent 1 Travel 4 Interest On owned Securities 2 Supplies Expense 9 61 Net Income after tax 65 Balance sheet Liability Amount in $ Asset Amount in $ Opening bal of retained earning 27 Equipment Book Value 58 Profit as per income statement 65 Receivable from project 55 Capital Stock 25 Account Payable 30 Patent Asset 11 Bond Owned 12 Cash in Hand 3

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