Homework Answers
1.
| CULLEN CONSULTING SERVICES | |||
| Balance Sheet | |||
| Apr 1, 2019 | |||
| Assets | Liabilities | ||
| Equipment | 18000 | Accounts payable | 1400 |
| Cash | 43200 | ||
| Office supplies | 1400 | ||
| Prepaid rent | 5800 | Owners Equity | |
| Cullen Beaty capital | 67000 | ||
| Total Assets | 68400 | Total Liabilities and owners equity | 68400 |
Cash = 49000 - 5800 = 43200
Capital = 18000 + 49000 = 67000
2.
| Revenue | |
| Fees for computer repairs | 34600 |
| Fees for printer repairs | 4550 |
| Total | 39150 |
| Expenses | |
| Advertising expense | 4300 |
| Salaries expense | 17100 |
| Telephone expense | 1650 |
| Utilities expense | 600 |
| Total | 23650 |
| Net Income | 15500 |
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