Question

Complete an Income Statement, Statement of Owner's Equity, and Balance Sheet using the information provided below for Rya’s Planning Services.

Cash… …… ……… … … … ………$21,500
Accounts Receivable………17,500
Office Supplies…… … ………500
Equipment…… …… … …… …15,000
Accounts Payable… …… ……9,750
Rya Page, Capital… …………28,200
Rya Page, Drawing………………5,000
Planning Fees Income………26,250
Office Supplies Expense……200
Rent Expense…… ……… … ………800
Salaries Expense…… … ………3,000
Utilities Expense………… ……700

Answer 1

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Rya’s Planning Services
Income Statement
For the Month Ending...

Service Income:
Planning Fees Income $26,250
Total Income $26,250
Less:
Office Supplies Expenses $200
Rent Expense 800
Salaries Expense 3,000
Utilities Expense 700
Total Expenses (4,700)
Net Income $21,550


Rya’s Planning Services
Balance Sheet
As of....

Assets:
Cash $21,500
Accounts Receivable 17,500
Office Supplies 500
Equipment 15,000
Total Assets 54,500
Liabilities & Owner's Equity
Liabilities
Accounts Payable 9,750
Total Liabilities 9,750
Owner's Equity
Raya Page, Beg. Capital 28,200
Add: Net Income 21,550
Less: Drawings (5,000)
Raya Page, End. Capital 44,750
Total Liabilities & Owner's Equity 54,500