Question

In: Accounting

Presented here are the accounts of Jesse Daniel Lawn Service for the year ended December 31,...

Presented here are the accounts of Jesse Daniel Lawn Service for the year ended December 31, 2017. The retained earnings account shows the $52,000 balance as of the end of 2016, which is the beginning balance for 2016.

Land $11,000

Common Stock 34,000

Notes Payable 38,000

Accounts Payable 10,000

Property Tax Expense 3,100

Accounts Receivable 1,600

Dividends 34,000

Advertising Expense 10,000

Rent Expense 8,000

Building 205,400

Salaries Expense 63,000

Cash 4,000

Salaries Payable 1,400

Equipment 14,000

Service Revenue 240,000

Insurance Expense 1,600

Office Supplies 13,000

Interest Expense 6,700

Retained Earnings, 12/31/16 52,000

1.	Prepare Jesse Daniel Lawn Service's income statement for the year ended 12/31/2017
2.	Prepare the statement of retained earnings for the year ended 12/31/2017
3.	Prepare the balance sheet as of 12/31/2017

Expert Solution

1.Prepare Jesse Daniel Lawn Service's income statement for the year ended 12/31/2017

REVENUE
Service revenue		240000
EXPENSES
Salaries expenses	(63000)
Property Tax Expense	(3100)
Insurance Expense	(1600)
Advertising Expense	(10000)
Rent expenses	(8000)
Interest expenses	(6700)	(92400)
Net Income		147600

2. Prepare the statement of retained earnings for the year ended 12/31/2017

Beginning retained earnings	52000
Add: Net income	147600
Less : Dividend	(34000)
Ending retained earning	165600

3. Prepare the balance sheet as of 12/31/2017

ASSETS
Current assets
Cash	4000
Account receivable	1600
Office supplies	13000	18600
Non current assets
Land	11000
Building	205400
Equipment	14000	230400

TOTAL ASSETS		249000

LIABILITIES AND STOCKHOLDER'S EQUITY
Current liabilities
Account payable	10000
Salary payable	1400	11400
Long term liabilities
Notes payable	38000	38000
Total liabilities		49400
Stockholder's equity
Common stock	34000
Retained earnings	165600
Total stockholder's equity		199600
TOTAL LIABILTIES AND STOCKHOLDER'S EQUITY		249000

ekkarill92 answered 1 year ago

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