COM 315: Assignment Pt2

Damon Langford
V00962218
2022-10-30
Staement of Financial Position Assets Liabilities Shareholders Equity
Cash Prepaid Rent Computer - Equipment Accounts Payable Bank Loan Payable Common Shares
15,000 JE1 10,000 JE4 3,840 JE3 JE3 3,840 JE2 45,000 JE1 15,000
45,000 JE2 AE7 2,000 AE1 210
JE4 10,000
JE5 4,200 Ending Bal. Mar 31st 8,000 Ending Bal. Mar 31st 3,840 Ending Bal. Mar 31st 4,050 Ending Bal. Mar 31st 45,500 Ending Bal. Mar 31st 15,000
JE6 1,570
3,500 JE7
JE8 8,000
5,000 JE9 Accounts Recivable Accumulated Depreciation - Computer Salaries Payable Interest Payable Dividends Declared
JE11 1,200 12,500 JE10 80 AE6 AE1 600 AE5 150 5,500 JE12
JE12 5,500 1,800 AE3

Ending Bal. Mar 31st 14,300 Ending Bal. Mar 31st 80 Ending Bal. Mar 31st 600 Ending Bal. Mar 31st 150 Ending Bal. Mar 31st 5,500

Ending Bal. Mar 31st 38,030 Intangible Assets Supplies Deffered revenue Income Tax Payable
8,000 JE8 4,200 JE5 JE9 5,000 AE8 1,762
AE4 2,310 5,000 AE3
Ending Bal. Mar 31st 8000
Ending Bal. Mar 31st 1,890 Ending Bal. Mar 31st 0 Ending Bal. Mar 31st 1,762

Income Statement Expenses Revenues

Salaries Expense Supplies Expense Depreciation Expense Rent Expense Service Revenue
1,200 JE11 2,310 AE4 AE6 80 2,000 AE7 JE7 3,500
600 AE1 JE10 12,500
AE3 6,800
Ending Bal. Mar 31st 1,800 Ending Bal. Mar 31st 2,310 Ending Bal. Mar 31st 80 Ending Bal. Mar 31st 2,000 Student Name: Damon Langford Student Name: Damon Langford
Ending Bal. Mar 31st 22,800
Administration Expense Marketing Expense Interest Expense Income Tax Expense Student V00:962218 Student V00:962218
210 AE2 1,570 JE6 150 AE5 1,762 AE8
Cohort: A01 Cohort: A01

Ending Bal. Mar 31st 210 Ending Bal. Mar 31st 1,570 Ending Bal. Mar 31st 150 Ending Bal. Mar 31st 1,762
Account Debit Credit
Cash 38,030
Accounts Recievable 14,300
Supplies 1,890
Prepaid Rent 8,000
Equipment - Computer 3,840
Accumulated Depreciation - Equipment 80
Intangible Assets 8,000
Accounts Payable 4,050
Salaries Payable 600
Interest Payable 150
Deffered Revenue 0
Bank Loan Payable 45,000
Income Tax Payable 1,762
Common Shares 15,000
Dividends Declared 5,500
Service Revenue 22,800
Salaries Expense 1,800
Supplies Expense 2,310
Rent Expense 2,000
Depreciation Expense 80
Administration Expense 210
Marketing Expense 1,570
Interest Expense 150
Income Tax Expense 1,762
Debit: 89,442 Credit: 89,442

Name___________________ V#_____________________
 Cyla Khail & Associates
Statement of Income
March 31st, 2022
Service Revenue $ 22,800.00

Operating Expenses
Salaries Expense $ 1,800.00
Rent Expense 2000
Supplies Expense 2310
Advertising Expense 1570
Depreciation Expense 80
Administration Expense 210 7970

Other Income & Expenses

Interest Expense 150 150

Net Income Before Tax 14680

Income Tax Expense 1762
Net Income $ 12,918.00
 Cyla & Kahlil Associates
Statement of Financial Position
March 31st, 2022
Assets
Current Assets
Cash $ 38,030
Accounts recievable 14300
Supplies 1890
Prepaid Rent 8000
Total Current Assets $ 62,220
Long Term Assets
Long Term Investments 8000
Property Plant and Equipment
Computer $ 3,840.00
Less: Accumulated Depreciation - Computer 80 3760
Total Property Plant and Equipment 3760
Total Assets $ 73,980
Liabilities and Shareholders Equity
Liabilities
Current Liabilities
Accounts Payable 4050
Salaries Payable 600
Interest Payable 150
Deffered Revenue 0
Bank Loan Payable 45000
Income Tax Payable 1762
Total Current Liabilities $ 51,562
Total Liabilities $ 51,562
Shareholder Equity
Common Shares $ 15,000
Retained Earnings 7418
Total Shareholders Equity $ 22,418
Total Liabilities and Shareholders Equity $ 73,980
 Cyla Khalil & Associates
Statement of Changes In Equity
Month Ended March 31st, 2022
Common Shares Retained Earnings Total Equity
Balance, March 1 0 0 0
Net Income 12918 12918
Dividends Declared -5500 -5500
Issued Common Shares 15000 15000
Ending Balance, March 31 $ 15,000.00 $ 7,418.00 $ 22,418.00