Assignment on Accounting Information and System

Accounting
Information and
System

FINANCE 1
Part A
Income Statement
Biker are better Inc.
Income Statement
(for the year ending 31st December 2018)
Particulars 2018
Revenue
$
34,000.00
Less: Cost of goods sold
$
-
Gross Profit
$
34,000.00
Operating Income
Other income
$
12,500.00
Operating expenses
General & Admin Expenses
Rent
$
3,250.00
Salaries
$
27,500.00
Depreciation Expense and
Equipment
$
2,000.00
Total Operating expenses
$
32,750.00
Earnings before interest and tax
$
13,750.00
Interest
$
250.00
Earnings before tax
$
13,500.00
Less: Tax -
Profit After Tax
$
13,500.00

FINANCE 2
Balance Sheet Statement
Chan Home Services
For the month ended 29 February 2020
Balance Sheet
Amount Amount
Assets
Current Assets
Cash $45,000
Accounts Receivable
$
19,500.00
Prepaid rent
$
8,850.00
$
73,350.00
Non-Current Assets
Equipment
$
47,500.00
Less: Acc. Depreciation Equipment $8,000
$
39,500.00
Total Assets
$
112,850.00
Liabilities
Current Liabilities
Accounts Payables
$
9,000.00
Interest payable
$
250.00
$
9,250.00
Non-Current Liabilities
Loan Payable
$
15,600.00
$
15,600.00
Shareholder's Capital
Capital
$
80,000.00
Less: Withdrawals (Drawings
$
5,500.00
Add: Net Profit
$
13,500.00
$
88,000.00