Homework Answers
Requirement 1: Prepare the worksheet as follows
| PIA Inc | ||||||||||||
| Work Sheet | ||||||||||||
| December 31,2007 | ||||||||||||
| Un-adjusted Trial Balance | Adjustments | Adjusted Trial Balance | Income Statement | Balance Sheet | ||||||||
| Debit | Credit | Debit | Credit | Debit | Credit | Debit | Credit | Debit | Credit | |||
| Cash | $15,000 | $15,000 | $15,000 | |||||||||
| Accounts receivable | $36,000 | e. | $2,000 | $38,000 | $38,000 | |||||||
| Supplies | $9,000 | b. | $8,000 | $1,000 | $1,000 | |||||||
| Equipment | $99,000 | $99,000 | $99,000 | |||||||||
| Accumulated Depreciation | $13,000 | c. | $9,000 | $22,000 | $22,000 | |||||||
| Accounts Payable | $6,000 | $6,000 | $6,000 | |||||||||
| Salary Payable | $0 | d. | $1,000 | $1,000 | $1,000 | |||||||
| Unearned Service Revenue | $5,000 | a. | $1,000 | $4,000 | $4,000 | |||||||
| Notes Payable, Long-term | $60,000 | $60,000 | $60,000 | |||||||||
| Capital | $36,000 | $36,000 | $36,000 | |||||||||
| Withdrawals | $62,000 | $62,000 | $62,000 | |||||||||
| Service Revenue | $182,000 | a | $1,000 | $185,000 | $185,000 | |||||||
| e | $2,000 | |||||||||||
| Salary Expense | $53,000 | d. | $1,000 | $54,000 | $54,000 | |||||||
| Supplies Expense ($9,000 − $1,000) | $0 | b. | $8,000 | $8,000 | $8,000 | |||||||
| Depreciation Expense | $0 | c. | $9,000 | $9,000 | $9,000 | |||||||
| Interest Expense | $6,000 | $6,000 | $6,000 | |||||||||
| Rent Expense | $15,000 | $15,000 | $15,000 | |||||||||
| Insurance Expense | $7,000 | $7,000 | $7,000 | |||||||||
| Totals | $302,000 | $302,000 | $21,000 | $21,000 | $314,000 | $314,000 | $99,000 | $185,000 | $215,000 | $129,000 | ||
| Net Income | $86,000 | $86,000 | ||||||||||
| Totals | $185,000 | $185,000 | $215,000 | $215,000 | ||||||||
Requirement 2: Prepare the financial statements as follows
a. Income statement
| PIA Inc | ||
| Income Statement | ||
| For the Year Ended December 31, 2007 | ||
| Particulars | Amount | Amount |
| Revenues: | ||
| Service revenue | $185,000 | |
| Expenses: | ||
| Salary Expense | $54,000 | |
| Supplies Expense | $8,000 | |
| Depreciation Expense | $9,000 | |
| Interest Expense | $6,000 | |
| Rent Expense | $15,000 | |
| Insurance Expense | $7,000 | |
| Total Expenses | $99,000 | |
| Net income | $86,000 | |
b. Statement of owners' equity
| PIA Inc | ||
| Statement of Owners' Equity | ||
| For the Year Ended December 31, 2007 | ||
| Particulars | Amount | |
| Capital - Beginning Balance | $36,000 | |
| Add: Net income | $86,000 | |
| Deduct: Withdrawals | ($62,000) | |
| Capital - Ending Balance | $60,000 | |
c. Balance sheet
| PIA Inc | |||||
| Balance Sheet | |||||
| December 31, 2007 | |||||
| Assets | Amount | Amount | Liabilities and Owners' Equity | Amount | Amount |
| Current Assets: | Current Liabilities: | ||||
| Cash | $15,000 | Accounts Payable | $6,000 | ||
| Accounts Receivable | $38,000 | Salary Payable | $1,000 | ||
| Supplies | $1,000 | Unearned Service Revenue | $4,000 | ||
| Total Current Assets | $54,000 | Total Current Liabilities | $11,000 | ||
| Non-Current Liabilities: | |||||
| Property, Plant and Equipment: | Notes Payable - Long-term | $60,000 | |||
| Equipment | $99,000 | Total liabilities | $71,000 | ||
| Deduct: Accumulated Depreciation - Equipment | ($22,000) | $77,000 | Owners' Equity: | ||
| Capital | $60,000 | ||||
| Total Assets | $131,000 | Total liabilities and owners' equity | $131,000 | ||
Requirement 3: The net income in 2007 is $86,000 and it represents a profit margin of 46.49% (86,000 ÷185,000) and therefore the company had a good year during 2007.
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