Equipment $ 7,000 Office supplies $ 2,100 Salaries expense 3,600 Rental revenue 1,100 Consulting revenue 15,000 Advertising expense 520 Cash 9,200 Prepaid insurance 1,600 Utilities expense 320 Accounts payable 3,220 Note payable 3,000 Note receivable 3,100 Accounts receivable 4,100 Rent expense 2,600 A. Lopez, Withdrawals 2,600 Unearned revenue 420 Required: 1. Prepare a March income statement for the business. 2. Prepare a March statement of owner’s equity. The owner’s capital account balance at February 28 was $0, and the owner invested $14,000 cash in the company on March 1. 3. Prepare a March 31 balance sheet. Hint: Use the owner’s capital account balance calculated in part 2.

Required: 1.  Income statement for the month end March 31 .

                                                      $                $

Rental revenue                                           1,100

Consulting revenue                                 15,000

Total Revenue                                          16,100

Less Expenses :

Salaries expense                     3,600

Advertising expense                  520

Utilities expense                         320

Rent expense                          2,600      (7,040)

Net Income/(loss)                                     9,060

Required: 2. Statement of owner’s equity for the month end March 31.

Beginning Balance                                      $0

Capital                                                      $14,000

Add Profit earned during the month      $ 9,060

Less A. Lopez, Withdrawals                   ($2,600)

Ending Balance                                      $20,460

Required: 3. Balance Sheet as at March 31.

Non Current Assets

Equipment                                               $ 7,000

Total Non Current Assets                       $ 7,000

Current Assets

Office supplies                                         $ 2,100

Cash                                                        $ 9,200

Prepaid insurance                                    $1,600

Note receivable                                      $ 3,100

Accounts receivable                                $4,100

Total Current Assets                             $20,100

Total Assets                                           $27,100

Equity and Liabilities

Equity

Equity                                                     $20,460

Total Equity                                           $20,460

Liabilities

Accounts payable                                 $ 3,220

Unearned revenue                                  $ 420

Note payable                                        $ 3,000

Total Liabilities                                      $6,640

Total Equity and Liabilities                   $27,100

Explanation:

First prepare the Income statement to determine the profit earned during the year.

Then, include this profit in the statement of owners equity to determine the month end balance.

Lastly, prepare the balance sheet, remember to include the equity balance you have calculated.

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