Scribd Logo
Upload

Welcome to Scribd!

  • University of Sialkot Accounting Assignment Submitted By:: Ayesha Sumbal Hajra Arslan Hina

    Uploaded by

    Saqib Ameer
    8 views4 pages
    Green Lawns Inc. earned $192,000 in lawn care revenue in 2015. Expenses totaled $108,000, including $104,000 in salaries, $2,400 in supplies, $600 in advertising, and $2,000 in depreciation. This led to net income before taxes of $83,000 and net income after $23,200 in taxes of $59,800. Retained earnings increased to $145,800 after adding net income and subtracting $4,000 in dividends. The balance sheet shows assets of $205,800 including $182,200 in cash and $9,000 in accounts receivable, with total liabilities of $10,000 and shareholders

    Original Description:

    Original Title

    Accounting assignment

    Copyright

    © © All Rights Reserved

    Available Formats

    PPTX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    Green Lawns Inc. earned $192,000 in lawn care revenue in 2015. Expenses totaled $108,000, including $104,000 in salaries, $2,400 in supplies, $600 in advertising, and $2,000 in depreciation. This led to net income before taxes of $83,000 and net income after $23,200 in taxes of $59,800. Retained earnings increased to $145,800 after adding net income and subtracting $4,000 in dividends. The balance sheet shows assets of $205,800 including $182,200 in cash and $9,000 in accounts receivable, with total liabilities of $10,000 and shareholders

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pptx, pdf, or txt
    8 views4 pages

    University of Sialkot Accounting Assignment Submitted By:: Ayesha Sumbal Hajra Arslan Hina

    Uploaded by

    Saqib Ameer
    Green Lawns Inc. earned $192,000 in lawn care revenue in 2015. Expenses totaled $108,000, including $104,000 in salaries, $2,400 in supplies, $600 in advertising, and $2,000 in depreciation. This led to net income before taxes of $83,000 and net income after $23,200 in taxes of $59,800. Retained earnings increased to $145,800 after adding net income and subtracting $4,000 in dividends. The balance sheet shows assets of $205,800 including $182,200 in cash and $9,000 in accounts receivable, with total liabilities of $10,000 and shareholders

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pptx, pdf, or txt
    of 4

    University of Sialkot

    Accounting assignment
    M.com (1st)
    Submitted by:
    Ayesha
    Sumbal
    Hajra
    Arslan
    Hina
    Subm
    itted
    to:
    Ma’am
    Sadaf
    Topic
    :
    Solution:
    Green lawns Inc.
    Income
    statement
    Details
    For the year Amount
    ended on Amount
    Revenues:
    Dec 31, 2015
    Lawn.care 192,000
    revenue earned
    Expenses:
    Salary expenses
    104,000
    Supply expenses
    2400
    Advertising
    600
    exp.
    Depreciation 2000 108,000
    expenses: equip.
    Net.income 83000
    before tax
    23200
    Less: tax exp.
    59800
    Net income
    Retained earning statement
    Details Amount Amount

    Retain earning 90,000


    Add:
    Net income 59800
    Less:
    Dividend 4000

    Retain 145,800
    earning
    Balance sheet
    Assets Amount Liabilities Amount

    Cash 182,200 A/c payable 3000


    A/c Income tax
    recei 9000 payable 7000
    vabl 600
    e Total
    Supplies 14000 liabilities 10,000
    Equi 24800
    Dep 10,000 SHE:
    Capital
    stock 50,000
    Retain
    earning 145800
    195,800

    205800 205800

    You might also like