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A.) Income Statement

The income statement shows the JM Photocopying Center earned $24,227.50 in revenues from photocopying but incurred $21,992 in expenses, resulting in net income of $2,235.83. The statement of changes in equity shows the owner's initial capital of $10,000 and a net addition of $1,735.83 from the net income, bringing the owner's capital to $11,735.83. The statement of financial position outlines the company's assets of $71,852.50 including $37,377.50 in current assets and $34,475 in non-current assets, and its liabilities of $60,116.67 including current liabilities

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1K views2 pages

A.) Income Statement

The income statement shows the JM Photocopying Center earned $24,227.50 in revenues from photocopying but incurred $21,992 in expenses, resulting in net income of $2,235.83. The statement of changes in equity shows the owner's initial capital of $10,000 and a net addition of $1,735.83 from the net income, bringing the owner's capital to $11,735.83. The statement of financial position outlines the company's assets of $71,852.50 including $37,377.50 in current assets and $34,475 in non-current assets, and its liabilities of $60,116.67 including current liabilities

Uploaded by

Shawn Mendez
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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A.

) Income Statement

JM Photocopying Center
Income Statement
for the period ended Dec 31, 2019

     

Photocopying Revenues   24,227.50

Expenses:    

Taxes and Licenses expense    2,000.00   

Salaries expense    4,800.00   

Supplies expense    7,000.00   

Utilities expense    2,500.00   

Rent expense    5,000.00   

Depreciation expense       525.00   

Bad debts expense       166.67   

Total Expenses   (21,992)

Net income   2,235.83

B.) Change in Equity

JM Photocopying Center
Statement of Changes in Equity
For the period ended Dec 31, 2019

   

Mercado, Capital Jan 1, 2019    10,000.00 

Changes in Equity during the period:  

Additional Investment                   -  

Drawings      (500.00 )

Net Income (Loss)      2,235.83 

Net Addition (Deduction)      1,735.83 

Mercado, Capital Dec 31, 2019     11,735.83 


C.) Statement of Financial Position

JM Photocopying Center
Statement of Financial Position
as of period ended Dec 31, 2019

           

Cash    16,500.00      Accounts Payable      2,500.00 

Accounts Receivable, net*      7,350.00      Loan Payable    50,000.00 

Notes Receivable      5,527.50      Notes Payable      5,000.00 

Unused Supplies      3,000.00      Salaries Payable          816.67 

Prepaid Rent      5,000.00      Unearned Photocopying      1,800.00 


Revenues

Total Current Assets   37,377.50      Total Liabilities**    60,116.67 

           

Photocopying Equipment,    29,550.00      Mercado, Capital    11,735.83 


net*

Furniture and Fixtures, net*      4,925.00      Total Equity    11,735.83 

Total Non-Current Assets    34,475.00         

           

Total Assets   71,852.50      Total Liabilities and Equity    71,852.50 

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