Module2
Requirement 1
|
ELIAS REAL ESTATE APPRAISAL |
||
|
Income Statement |
||
|
Year Ended June 30, 2014 |
||
|
|
|
|
|
Revenues: |
|
|
|
Service Revenue |
|
$ 48,200 |
|
Expenses: |
|
|
|
Salaries Expense |
|
|
|
Interest Expense |
|
|
|
Depreciation Expense—Building |
|
|
|
Insurance Expense |
|
|
|
Utilities Expense |
|
|
|
Supplies Expense |
|
|
|
Total Expenses |
|
|
|
Net Loss |
|
$ |
|
|
|
|
Requirement 2
|
ELIAS REAL ESTATE APPRAISAL |
|
|
Statement of Owner’s Equity |
|
|
Year Ended June 30, 2014 |
|
|
|
|
|
Elias, Capital, July 1, 2013 |
$ 40,500 |
|
Owner contribution |
0 |
|
|
$ 31,800 |
|
Net loss for the year |
|
|
Owner withdrawal |
|
|
Elias, Capital, June 30, 2014 |
$ |
|
|
|
P4-27A, cont.
Requirement 3
|
ELIAS REAL ESTATE APPRAISAL |
|||
|
Balance Sheet |
|||
|
June 30, 2014 |
|||
|
|
|
|
|
|
Assets |
|||
|
Current Assets: |
|
|
|
|
Cash |
|
$ 4,900 |
|
|
Accounts Receivable |
|
|
|
|
Office Supplies |
|
|
|
|
Prepaid Insurance |
|
|
|
|
Total Current Assets |
|
|
|
|
Plant Assets: |
|
|
|
|
Building |
|
|
|
|
Less: Accumulated Depreciation—Building |
|
|
|
|
Land |
|
|
|
|
Total Plant Assets |
|
|
|
|
Total Assets |
|
|
$ 75,700 |
|
|
|
|
|
|
Liabilities |
|||
|
Current Liabilities: |
|
|
|
|
Accounts Payable |
|
|
|
|
Interest Payable |
|
|
|
|
Salaries Payable |
|
|
|
|
Unearned Revenue |
|
|
|
|
Total Current Liabilities |
|
|
|
|
Long-term Liabilities: |
|
|
|
|
Notes Payable |
|
|
|
|
Total Liabilities |
|
|
|
|
|
|
|
|
|
Owner’s Equity |
|||
|
Elias, Capital |
|
|
|
|
Total Liabilities and Owner’s Equity |
|
|
$ 75,700 |
|
|
|
|
|