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    Weddings "R" Us Worksheet For The Month Ended May 31, 2015

    Uploaded by

    Rey Villa
    1) The document provides financial statements for Weddings "R" Us for the month ended May 31, 2015 including an income statement, statement of owner's equity, and balance sheet. 2) The income statement shows revenues of $71,700 and expenses of $36,700 resulting in net income of $35,000. 3) According to the balance sheet, total assets are $546,700 including current assets of $71,700 and property and equipment (net) of $475,000, with total liabilities and owner's equity of $546,700.

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    Weddings "R" Us Worksheet For The Month Ended May 31, 2015

    Uploaded by

    Rey Villa
    82 views6 pages
    1) The document provides financial statements for Weddings "R" Us for the month ended May 31, 2015 including an income statement, statement of owner's equity, and balance sheet. 2) The income statement shows revenues of $71,700 and expenses of $36,700 resulting in net income of $35,000. 3) According to the balance sheet, total assets are $546,700 including current assets of $71,700 and property and equipment (net) of $475,000, with total liabilities and owner's equity of $546,700.

    Original Title

    FABM- MODULE 1&2

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    1) The document provides financial statements for Weddings "R" Us for the month ended May 31, 2015 including an income statement, statement of owner's equity, and balance sheet. 2) The income statement shows revenues of $71,700 and expenses of $36,700 resulting in net income of $35,000. 3) According to the balance sheet, total assets are $546,700 including current assets of $71,700 and property and equipment (net) of $475,000, with total liabilities and owner's equity of $546,700.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    82 views6 pages

    Weddings "R" Us Worksheet For The Month Ended May 31, 2015

    Uploaded by

    Rey Villa
    1) The document provides financial statements for Weddings "R" Us for the month ended May 31, 2015 including an income statement, statement of owner's equity, and balance sheet. 2) The income statement shows revenues of $71,700 and expenses of $36,700 resulting in net income of $35,000. 3) According to the balance sheet, total assets are $546,700 including current assets of $71,700 and property and equipment (net) of $475,000, with total liabilities and owner's equity of $546,700.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 6

    Weddings "R" Us

    Worksheet
    For the Month Ended May 31, 2015

    TRIAL TRIAL
    UNADJUSTED BALANCE ADJUSTING BALANCE ADJUSTED TRIAL INCOME STATEMENT BALANCE SHEET
    BALANCE
    ACCOUNTS DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT

    Cash 22,200 22,200 22000


    Accounts Receivable 12,000 5,300 17300 17300
    Supplies 18,000 3000 15000 15000
    Prepaid Rent 8,000 4,000 4000 4000
    Prepaid Insurance 14,400 1,200 13200 13200
    Service Vehicle 420,000 420000 420000

    Acc Dep: Service Vehicle 4000 4000 4000

    Office Equipment 60,000 60000 60000

    Acc Dep: Office Equipment 1,000 1000 1000


    Notes Payable 210,000 210000 210000
    Accounts Payable 53,000 53000 53000
    Salaries Payable 1800 1800 1800
    Utilities Payable 1,400 1400 1400
    Interest Payable 3,500 3500 3500
    Unearned Referral
    Revenues 10,000 4000 6000 6000
    Perez-Manalo, Capital 250,000 250000 25000
    Perez-Manalo, Drawing 14,000 14000 14000
    Consulting Revenue 62,400 5300 67700 67700
    Referral Revenues 4,000 4000 4000
    Salaries Expense 13,800 1800 15600 15600
    Supplies Expense 3000 3000 300
    Rent Expense 4000 4000 4000
    Insurance Expense 1200 1200 1200
    Utilities Expense 4,400 4400 4400
    Dep Exp: Service Vehicle 4000 4000 4000
    Dep Exp: Office Equipment 1000 1000 1000
    Interest Expense 3500 3500 3500
    586,800 586,800 27,800 27800 602,400 602400 34000 565700 530700
    71700 71700 35000
    565700 565700
    Weddings "R" Us
    Income Statement
    For the Month Ended May 31, 2015

    REVENUES
    Consulting Revenues 67700
    Refferal Revenues 4000
    TOTAL 71700

    EXPENSES
    Salaries Expense 15,600
    Supplies Expense 3,000
    Rent Expense 4,000
    Insurance Expense 1,200
    Utilities Expense 4,400
    Depreciation Exp. - Service Vehicle 4,000
    Depreciation Exp. - Office Equipment 1,000
    Interest Expense 3,500
    TOTAL (36700)
    35000
    Weddings "R" Us
    Statement of Changes in Owner’s Equity
    For the Month Ended May 31, 2015

    Diaz, Owner's equity, 5/1/2015 250,000


    Net Income 35,000
    Total 285,000
    Diaz, Drawing (14,000)
    Diaz, Owner's Equity, 5/31/2015 271,000
    Weddings "R" Us
    Statement of Financial Position
    As of May 31, 2015

    Assets
    Current Assets
    Cash 22,200
    Accounts Receivable 17,300
    Supplies 15,000
    Prepaid Rent 4,000
    Prepaid Insurance 13,200
    Total Current Assets 71,700

    Property and Equipment (Net)


    Service Vehicles 420,000
    Less: Accumulated Depreciation 4,000 416,000
    Office Equipment 60,000
    Less: Accumulated Depreciation 1,000 59,000 475,000
    Total Assets 546,700
    Liabilities
    Current Liabilities
    Notes Payable 210,000
    Accounts Payable 53,000
    Salaries Payable 1,800
    Utilities Payable 1,400
    Interest Payable 3,500
    Unearned Referral Revenues 6,000
    Total Current Liabilities 275,700
    Owner’s Equity
    Diaz Capital, 5/31/2015 271,000
    Total Liabilities and Owner's 546,700
    Equity

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