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    Pelenio - Abm 12-A

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    The business consulting company had revenues of $82,500 and expenses of $64,500 in 2015, resulting in net income of $18,000. Retained earnings increased from $20,000 to $35,000 after adding net income and subtracting $3,000 in dividends. As of December 31, 2015 the company had total assets of $101,000 including $85,550 in cash and total liabilities of $16,000 resulting in total equity of $85,000.

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    Pelenio - Abm 12-A

    Uploaded by

    AAAAA
    65 views2 pages
    The business consulting company had revenues of $82,500 and expenses of $64,500 in 2015, resulting in net income of $18,000. Retained earnings increased from $20,000 to $35,000 after adding net income and subtracting $3,000 in dividends. As of December 31, 2015 the company had total assets of $101,000 including $85,550 in cash and total liabilities of $16,000 resulting in total equity of $85,000.

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    PELENIO_ABM 12-A

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    The business consulting company had revenues of $82,500 and expenses of $64,500 in 2015, resulting in net income of $18,000. Retained earnings increased from $20,000 to $35,000 after adding net income and subtracting $3,000 in dividends. As of December 31, 2015 the company had total assets of $101,000 including $85,550 in cash and total liabilities of $16,000 resulting in total equity of $85,000.

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    65 views2 pages

    Pelenio - Abm 12-A

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    AAAAA
    The business consulting company had revenues of $82,500 and expenses of $64,500 in 2015, resulting in net income of $18,000. Retained earnings increased from $20,000 to $35,000 after adding net income and subtracting $3,000 in dividends. As of December 31, 2015 the company had total assets of $101,000 including $85,550 in cash and total liabilities of $16,000 resulting in total equity of $85,000.

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    BUSINESS CONSULTING COMPANY

    Income Statement
    December 31, 2015
    Revenues: $ 82,500
    Expenses:
    Salaries expense $42,500
    Supplies expense $1950
    Rent expense $6000
    Insurance expense $950
    Advertising expense $250
    Depreciation expense- equipment $900
    Interest expense $450
    Income tax expense $11,500
    Total Expense $64500
    Net Income $ 18000

    BUSINESS CONSULTING COMPANY


    Statement of Retained Earnings
    December 31, 2015
    Retained Earnings - Beg. $20 000
    Plus: Net Income $18 000
    Total $38,000
    Less Dividends ($3000)
    Retained Earnings – End $35 000
    BUSINESS CONSULTING COMPANY
    Balance Sheet
    December 31, 2015
    Assets:
    Cash $ 85,550
    Accounts receivable $ 4700
    Prepaid Building rent $ 1,500
    Unexpired insurance $3,600
    Supplies $250
    Equipment $9000
    Accumulated depreciation – equipment $3,600 $ 5,400
    Total assets: $ 101,000
    Liabilities:
    Notes Payable $5000
    Accounts Payable $1,600
    Salaries Payable $ 2000
    Income Taxes Payable $3000
    Unearned service revenue $4400
    Total Liabilities: $16000
    Equity:
    Capital Stock $ 50,000
    Retained Earnings $ 35,000
    Total Liabilities and Equity: $ 101,000

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