MONTEE COMPANY

Income Statement
For the Month Ended July 31, 2017
Debit Credit
Revenue
Service Revenue $
6,150
Expenses
Salaries and Wages Expense $
2,600
Supplies Expense 950
Utilities Expense 600
Insurance Expense 400
Depreciation Equipment 150
Total Expenses 4,700
Net Income $1,450
 SAVAGLIA COMPANY
Worksheet (Partial)
For the Month Ended April 30, 2017

Adjusted T- Income Balance Sheet

Balance Statement
Account titles Dr. Cr. Dr. Cr. Dr. Cr.
Cash 10,000 10,000
Accounts 7,840 7,840
Receivable
Prepaid Rent 2,280 2,280
Equipment 23,050 23,050
Accumulated 4,900 4,900
Depreciation-
Equipment
Notes Payable 5,700 5,700

Accounts 4,900 4,920

Payable
Owner’s Capital 27,960 27,960
Owner’s 3,650 3,650
Drawing
Service Revenue 15,590 15,590
Salaries and 10,840 10,840
Wages Expense
Rent Expense 760 760
Depreciation 650 650
Expense
Interest Expense 57 57
Interest Payable 57
Totals 59,127 59,127 12,307 15,590 46,820 43,480
3,283 3,283
15,590 46,820 46,763
 SAVAGLIA COMPANY
Income Statement
For the Month Ended April 30, 2017
RevenuesService revenue $ 15,590
Expenses
Salaries and wages expense$ 10,840
Rent Expense 760
Depreciation expense 650
Interest expense 57
Total expenses 12,307
Net income $ 3,283

SAVAGLIA COMPANY
Owner's Equity Statement
For the Month Ended April 30, 2017
Owner's Capital, April 1 $ 27,960
Add: Net income 3,283
31,243
Less: Drawings 3,650
Owner's Capital, April 30 27,593

SAVAGLIA COMPANY
Balance Sheet
April 30, 2017
Assets
Current assets
Cash. $ 10,000
Accounts receivable 7,840
Prepaid rent 2,280
Total current assets $ 20,120
Property, plant, and equipmentEquipment. 23,050
Less: Accumulated depreciation – equipment 4,900 18,150
Total assets $ 38,270
Liabilities and Owner's Equity
Current liabilities
Notes payable $ 5,700
Accounts payable 4,920
Interest payable 57
Total current liabilities 10,677
Owner's Equity
Owner's Capital 27,593
Total liabilities and owner's equity. $ 38,270