Problem 2. Given are the amounts of assets, liabilities, owner’s e.pdf
Problem 2. Given are the amounts of assets, liabilities, owner’s equity, revenues, and expenses of AQUA Inc. at 12/31/10. The beginning amount of Retained Earnings at 1/1/10 was $20,000, and during the year Dividends of $60,000 were taken out by the owners of Aqua Inc. Accounts Payable 59,000 Land 78,000 Accounts Receivable 15,000 Unearned Revenue 45,000 Advertising Expense 13,000 Utilities Expense 5,000 Building 160,000 Rent Expense 13,000 Cash 140,000 Operating Expenses 23,000 Supplies 10,000 Common Stock 240,000 Salary payable 2,000 Accumulated Depreciation 10,000 Prepaid Insurance Expense 20,000 Service Revenue 170,000 Interest Expense 9,000 Retained Earnings ? Prepare the year-end Balance Sheet and Income Statement for AQUA LLP at the end of the year. (Include Correct Headings) Solution Income Statement of AQUA LLP Period ending on 31.12.2010 Particulars Amount Service Revenue 170000 Operating expenese Operating Expenses 23000 Administrative Expenses Supplies 10000 Rent Expenses 13000 Utilities Expenes 5000 28000 Selling expenses Advertsing Expenses 13000 Total Expenses 64000 Operating Income 106000 Non-Operating Expenses Interest expenses 9000 Total Non-Operating Expenses 9000 Net Income 97000 Balance Sheet of AQUA LLP As on 31.12.2010 Particulars Amount I. Equity & Libilities 1. Shareholders\' Funds Common Stock 240000 Retained Earnings (See Workings) 57000 2. Non-Current Liabilities 0 3. Current Liabilities Accounts Payable 59000 Salary Payable 2000 Unearned Revenue 45000 106000 Total 403000 II. Assets 1. Non-Current Assets Land 78000 Building 160000 Less: Accumulated Depreciation -10000 228000 2. Current Assets Accounts Receivables 15000 Cash 140000 Prepaid Insurance Expenses 20000 175000 Total 403000 Working Notes Retailed Earnings Opening Balance on 1.1.2010 20000 Add: Net Income 97000 Total 117000 Less: Dividend Paid 60000 Closing Balance as on 31.12.2010 57000.
Problem 2. Given are the amounts of assets, liabilities, owner’s e.pdf
Problem 2. Given are the amounts of assets, liabilities, owner’s equity, revenues, and expenses of AQUA Inc. at 12/31/10. The beginning amount of Retained Earnings at 1/1/10 was $20,000, and during the year Dividends of $60,000 were taken out by the owners of Aqua Inc. Accounts Payable 59,000 Land 78,000 Accounts Receivable 15,000 Unearned Revenue 45,000 Advertising Expense 13,000 Utilities Expense 5,000 Building 160,000 Rent Expense 13,000 Cash 140,000 Operating Expenses 23,000 Supplies 10,000 Common Stock 240,000 Salary payable 2,000 Accumulated Depreciation 10,000 Prepaid Insurance Expense 20,000 Service Revenue 170,000 Interest Expense 9,000 Retained Earnings ? Prepare the year-end Balance Sheet and Income Statement for AQUA LLP at the end of the year. (Include Correct Headings) Solution Income Statement of AQUA LLP Period ending on 31.12.2010 Particulars Amount Service Revenue 170000 Operating expenese Operating Expenses 23000 Administrative Expenses Supplies 10000 Rent Expenses 13000 Utilities Expenes 5000 28000 Selling expenses Advertsing Expenses 13000 Total Expenses 64000 Operating Income 106000 Non-Operating Expenses Interest expenses 9000 Total Non-Operating Expenses 9000 Net Income 97000 Balance Sheet of AQUA LLP As on 31.12.2010 Particulars Amount I. Equity & Libilities 1. Shareholders\' Funds Common Stock 240000 Retained Earnings (See Workings) 57000 2. Non-Current Liabilities 0 3. Current Liabilities Accounts Payable 59000 Salary Payable 2000 Unearned Revenue 45000 106000 Total 403000 II. Assets 1. Non-Current Assets Land 78000 Building 160000 Less: Accumulated Depreciation -10000 228000 2. Current Assets Accounts Receivables 15000 Cash 140000 Prepaid Insurance Expenses 20000 175000 Total 403000 Working Notes Retailed Earnings Opening Balance on 1.1.2010 20000 Add: Net Income 97000 Total 117000 Less: Dividend Paid 60000 Closing Balance as on 31.12.2010 57000.
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Problem 2. Given are the amounts of assets, liabilities, owner’s e.pdf
- 1. Problem 2. Given are the amounts of assets, liabilities, owner’s equity, revenues, and expenses of AQUA Inc. at 12/31/10. The beginning amount of Retained Earnings at 1/1/10 was $20,000, and during the year Dividends of $60,000 were taken out by the owners of Aqua Inc. Accounts Payable 59,000 Land 78,000 Accounts Receivable 15,000 Unearned Revenue 45,000 Advertising Expense 13,000 Utilities Expense 5,000 Building 160,000 Rent Expense 13,000 Cash 140,000 Operating Expenses 23,000 Supplies 10,000 Common Stock 240,000 Salary payable 2,000 Accumulated Depreciation 10,000 Prepaid Insurance Expense 20,000 Service Revenue 170,000 Interest Expense 9,000 Retained Earnings ? Prepare the year-end Balance Sheet and Income Statement for AQUA LLP at the end of the year. (Include Correct Headings) Solution Income Statement of AQUA LLP Period ending on 31.12.2010 Particulars Amount Service Revenue 170000 Operating expenese Operating Expenses 23000 Administrative Expenses Supplies 10000 Rent Expenses 13000 Utilities Expenes 5000 28000 Selling expenses Advertsing Expenses 13000 Total Expenses 64000 Operating Income 106000 Non-Operating Expenses Interest expenses 9000 Total Non-Operating Expenses 9000 Net Income 97000 Balance Sheet of AQUA LLP As on 31.12.2010 Particulars Amount I. Equity & Libilities 1. Shareholders' Funds Common Stock 240000 Retained Earnings (See Workings) 57000 2. Non-Current Liabilities 0 3. Current Liabilities Accounts Payable 59000 Salary Payable 2000 Unearned Revenue 45000 106000 Total 403000 II. Assets 1. Non-Current Assets Land 78000 Building 160000 Less: Accumulated Depreciation -10000 228000 2. Current Assets Accounts Receivables 15000 Cash 140000 Prepaid Insurance Expenses 20000 175000 Total 403000 Working Notes Retailed Earnings Opening Balance on 1.1.2010 20000 Add: Net Income 97000 Total 117000 Less: Dividend Paid 60000 Closing Balance as on 31.12.2010 57000