Pioneer Services Capital Statement For the year ended Dec 31 E G Eberhart, capital, Jan 1 Add: Net income Less: Withdrawals by owner E G Eberhart, capital Dec 31 Pioneer Services Balance Sheet Dec 31 Assets Cash Accounts receivable Supplies Prepaid insurance Total assets Problem 1-3 a,b,c Liabilities $6150 Accounts payable 12260 Salary payable 1200 400 Owner’s equity E G Eberhart, capital $20010 Total liabilities and capital $4010 2100 13900 $20010 $10,655 28,245 (25,000) $13,900 Assets Cash a 50000 AR Truck Sup. Office Sup Prepaid Land Ins. Liabilities NP AP Stockholders’ Equity Capital Stock 50000 R E Explanation b -2500 12400 c d -5280 e -120 f -600 g 8690 -8690 h -1100 i -2000 j 30550 k -3025 l -840 m -1475 n -16600 3810 1615 960 120 600 6000 8670 1615 -5280 -2000 -1100 Advertising 30550 Revenue -3025 Rent -840 Utilities -1475 Misc. -16600 Wage o p -220 q r s -8000 t -750 16180 34260 d(1) -2680 2745 -340 740 -200 28000 20000 400 28000 24000 5005 -220 Tax -2680 Truck Sup. -340 Office Sup. -200 Insurance 50000 -750 Dividend 3320 Express Delivery Inc. Income Statement For the two months ended April 30 Sales Expenses: Rent Utilities Wage Tax Truck Sup. Office Sup. Insurance Advertising Misc. Total expenses Net income Express Delivery Inc. Retained Earnings Statement For the two months ended April 30 Retained Earnings Beginning Add: Net income Less: Dividend Retained Earnings Ending Express Delivery Inc. Balance Sheet April 30 Assets Cash Accounts receivable Truck supplies Office supplies Prepaid insurance Liabilities $16180 Notes payable 34260 Accounts payable 2745 740 Owner’s equity 400 Capital stock $24000 5005 29005 50000 $0 4,070 (750) $3,320 3025 840 16600 220 2680 340 200 1100 1475 $ 30550 26480 $4070 Land Total assets
28000 Retained earnings $82325 Total liabilities and capital 3320 $82325
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