Module2
sheyitqan
Problem4-27A.docxRequirement 1
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ELIAS REAL ESTATE APPRAISAL |
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Income Statement |
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Year Ended June 30, 2014 |
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Revenues: |
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Service Revenue |
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$ 48,200 |
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Expenses: |
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Salaries Expense |
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Interest Expense |
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Depreciation Expense—Building |
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Insurance Expense |
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Utilities Expense |
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Supplies Expense |
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Total Expenses |
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Net Loss |
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$ |
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Requirement 2
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ELIAS REAL ESTATE APPRAISAL |
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Statement of Owner’s Equity |
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Year Ended June 30, 2014 |
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Elias, Capital, July 1, 2013 |
$ 40,500 |
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Owner contribution |
0 |
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$ 31,800 |
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Net loss for the year |
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Owner withdrawal |
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Elias, Capital, June 30, 2014 |
$ |
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P4-27A, cont.
Requirement 3
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ELIAS REAL ESTATE APPRAISAL |
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Balance Sheet |
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June 30, 2014 |
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Assets |
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Current Assets: |
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Cash |
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$ 4,900 |
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Accounts Receivable |
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Office Supplies |
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Prepaid Insurance |
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Total Current Assets |
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Plant Assets: |
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Building |
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Less: Accumulated Depreciation—Building |
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Land |
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Total Plant Assets |
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Total Assets |
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$ 75,700 |
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Liabilities |
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Current Liabilities: |
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Accounts Payable |
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Interest Payable |
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Salaries Payable |
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Unearned Revenue |
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Total Current Liabilities |
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Long-term Liabilities: |
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Notes Payable |
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Total Liabilities |
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Owner’s Equity |
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Elias, Capital |
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Total Liabilities and Owner’s Equity |
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$ 75,700 |
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