Question

Create a spreadsheet with 1. income statement. 2. balance sheet

Gin Yang, Culinary Academy Adjusted Trial Balance December 31
Cash	$                5,200
Accounts receivable	1,100
Prepaid insurance	1,200
Office supplies	320
Office equipment	3,000
Accumulated depreciation–office equipment		$                1,800
Buildings	75,000
Accumulated depreciation–buildings		26,000
Land	135,000
Salaries Payable		1,285
Property taxes payable		3,200
Interest payable		3,850
Unearned tuition revenue		3,300
Notes payable		85,000
Gin Yang, Capital Stock		35,000
Gin Yang, Dividends	5,000
Tuition revenue		92,855
Salaries expense	13,000
Utilities expense	1,400
Property taxes expense	1,975
Insurance expense	1,300
Office supplies expense	325
Depreciation expense–office equipment	1,120
Depreciation expense–buildings	4,850
Interest expense	2,500 $252,290	________ $252,290

Answer 1

INCOME STATEMENT
REVENUE:
Tuition revenue		$     92,855
EXPENSES:
Depreciation expense-Office equipment	$           1,120
Depreciation expense-Buildings	$           4,850
Salaries expenses	$         13,000
Office supplies expense	$               325
Property taxes expense	$           1,975
Utilities expense	$           1,400
Interest expense	$           2,500
Insurance expense	$           1,300
Total expenses		$     26,470
Net income		$     66,385
BALANCE SHEET
ASSETS
Current Assets:
Cash		$       5,200
Accounts receivable		$       1,100
Office supplies		$           320
Prepaid insurance		$       1,200
TOTAL CURRENT ASSETS			$         7,820
Non-Current assets:
Land		$ 1,35,000
Building	$         75,000
Accumulated depreciation-Building	$         26,000	$     49,000
Office equipment	$           3,000
Accumulated depreciation-Office equipment	$           1,800	$       1,200	$   1,85,200
TOTAL NON CURRENT ASSETS
TOTAL ASSETS			$   1,93,020
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Property taxes payable		$       3,200
Salaries payable		$       1,285
interest payable		$       3,850
Unearned tuiton revenue		$       3,300
Total current liabilities			$       11,635
Non-Current liabilities:
Notes payable			$       85,000
TOTAL LIABILITIES			$       96,635
Owner's Capital			$       96,385
TOTAL LIABILITIES AND OWNER'S EQUITY			$   1,93,020