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    Aaa Company

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    Jaysan Sacbibit
    The AAA Company income statement for December 2020 shows service revenues of $4.92 million with a cost of service of $3.015 million, resulting in a gross margin of $1.905 million. Total operation and other expenses were $1.3 million, giving a net income of $605,000. The AAA Company balance sheet as of December 31, 2020 lists total assets of $3.797 million, including cash, accounts receivable, inventory and fixed assets. Total liabilities and owner's equity equal the total assets.

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    Aaa Company

    Uploaded by

    Jaysan Sacbibit
    16 views4 pages
    The AAA Company income statement for December 2020 shows service revenues of $4.92 million with a cost of service of $3.015 million, resulting in a gross margin of $1.905 million. Total operation and other expenses were $1.3 million, giving a net income of $605,000. The AAA Company balance sheet as of December 31, 2020 lists total assets of $3.797 million, including cash, accounts receivable, inventory and fixed assets. Total liabilities and owner's equity equal the total assets.

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    AAA COMPANY

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    The AAA Company income statement for December 2020 shows service revenues of $4.92 million with a cost of service of $3.015 million, resulting in a gross margin of $1.905 million. Total operation and other expenses were $1.3 million, giving a net income of $605,000. The AAA Company balance sheet as of December 31, 2020 lists total assets of $3.797 million, including cash, accounts receivable, inventory and fixed assets. Total liabilities and owner's equity equal the total assets.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    16 views4 pages

    Aaa Company

    Uploaded by

    Jaysan Sacbibit
    The AAA Company income statement for December 2020 shows service revenues of $4.92 million with a cost of service of $3.015 million, resulting in a gross margin of $1.905 million. Total operation and other expenses were $1.3 million, giving a net income of $605,000. The AAA Company balance sheet as of December 31, 2020 lists total assets of $3.797 million, including cash, accounts receivable, inventory and fixed assets. Total liabilities and owner's equity equal the total assets.

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    AAA COMPANY

    Income Statement

    December 31, 2020

    Service Revenues

    Service Income 4,920,000

    Less:
    Cost of Service
    3,015,00 3,015,000

    Gross Margin 1,905,000

    Operation & Other Expenses

    Salaries Expense 600,000

    Utilities Expense 180,000

    Rent Expense 240,000

    Advertising Expense 60,000

    Transportation Expense 120,000

    Depreciation Expense 30,000

    Interest Expense 10,000

    Taxes and Licenses Expense 60,000 1,300,000

    Net Income 605,000


    AAA COMPANY

    Balance Sheet

    December 31, 2020

    ASSET

    Cash in Bank 123,000

    Petty Cash Fund 10,000

    Accounts Receivable 644,340

    Notes Receivable 132,200

    Merchandise Inventory, Dec. 31. 2020 774,460

    Prepaid Expenses 3,200

    Furniture & Fixtures, Net 760,000


    Office Equipment, Net
    1,350,000

    TOTAL ASSET 3,797,200

    Labilities & Owner Equity

    Accounts Payable 960,300

    Notes Payable – Non Current 229,000

    Accrued Expenses Payable 7,900


    Avendano, Capital
    2,600,000

    Total Labilities & Owner Equity 3,797,200


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