Problem Set I (P1-3A)

ACC/300
Lindsay Hamner
April 3, 2015
Arnold Gilbo

Income Statement
Beardsley Service Company
For the month ending June 30, 2012

Revenues
Service Revenue

$7,500.00

Total Revenues

$7,500.00

Expenses
Supplies

$1,000.00

Maintenance and Repairs

$600.00

Utilities

$300.00

Salaries and wages expense

$1,400.00

Advertising

$400.00

Total Expenses

Net Income

$3,700.00

$3800.00

Retained Earnings Statement

Beardsley Service Company
For the month ending June 30, 2012

Retained Earnings, June 1, 2012

$0.00

Add: Net Income

$3,800.00
$3,800.00

Less: Dividends

$1,400.00

Retained Earnings, June 30, 2012

$2,400.00

Balance Sheet

Beardsley Service Company

For the month ending June 30, 2012

Assets
Cash

$4,600

Accounts Receivable

$4,000

Supplies

$2,400

Equipment

$26,000

Total Asetts

$37,000

Liabilities
Notes Payable

$12,000

Accounts Payable

$500

Total Liabilities

$12,500

Stockholders Equity
Common Stock
Retained Earnings

$22,100
$2,400

Total Stockholders Equity

$24,500

Total Liabilites and Stockholders Equity

$37,000