Comprehensive Accounting Report: Air Care Services, January-April 2018

This accounting report presents the financial performance of Air Care Services from January 1, 2018, to April 30, 2018. It includes a detailed income statement, outlining revenue streams such as installation, repairs, service contracts, subcontracting, and interest, alongside various operating and payroll expenses. A comparative balance sheet is also provided, comparing the company's assets, liabilities, and equity as of March 31, 2018, and April 30, 2018, with percentage changes. The report further encompasses all journal entries made during April 2018, detailing debits and credits for various transactions, including payroll, loan and mortgage payments, and purchases of supplies. This comprehensive overview offers insights into the company's financial health and operational activities during the specified period.

Running head: ACCOUNTING SAGE – 2016 AIR CARE SERVICES
Accounting Sage – 2016 Air Care Services
Name of the Student:
Name of the University:
Author’s Note:

1ACCOUNTING SAGE – 2016 AIR CARE SERVICES
Table of Contents
Income Statement 01-01-2018 to 04-30-2018...........................................................................2
Comparative Balance Sheet.......................................................................................................3
All Journal Entries 04-30-2018 to 04-30-2018..........................................................................4

2ACCOUNTING SAGE – 2016 AIR CARE SERVICES
AIR CARE SERVICES
Income Statement 01-01-2018 to 04-30-2018
REVENUE
GENERAL REVENUE
Installation Revenue 1,30,500.00
Repairs Revenue 7,600.00
Service Contract Revenue 14,800.00
Subcontracting Revenue 61,000.00
Sales Discounts -1,312.60
Interest Revenue 554.39
TOTAL REVENUE 2,13,141.79
TOTAL REVENUE 2,13,141.79
EXPENSE
OPERATING EXPENSES
Bank Charges 345.00
Credit Card Fees 1,032.09
Purchase Discounts -480.00
Hydro Expenses 950.00
Maintenance Services 1,365.00
Computer Supplies Used 1,200.00
Office Supplies Used 1,300.00
Solar Panels Used 65,000.00
Inverters Used 40,200.00
Electrical Supplies Used 2,550.00
Insurance Expense 3,785.00
Telephone Expense 746.50
Loan Interest Expense 750.00
Mortgage Interest Expense 3,175.00
Vehicle Expenses 229.10
Promotion Expenses 1,155.00
Delivery Expenses 120.00
TOTAL OPERATING EXPENSES 1,23,422.69
PAYROLL EXPENSES
Wages 19,000.00

3ACCOUNTING SAGE – 2016 AIR CARE SERVICES
Payroll Service Charges 430.00
TOTAL PAYROLL EXPENSES 19,430.00
TOTAL EXPENSE 1,42,852.69
NET INCOME 70,289.10
Comparative Balance Sheet
As at 03-31-
2018
As at 04-30-
2018
Percen
t
ASSET
Current Assets
Bank:Chequing 34,660.00 44,982.40 -22.95
Bank: Visa 1,950.00 1,950.00 0.00
Bank:MasterCard 1,060.00 15,265.73 -93.06
MasterCard Receivable 0.00 642.18
-
100.00
Net Bank 37,670.00 62,840.31 -40.05
Accounts Receivable 24,200.00 63,765.39 -62.05
Prepaid Insurance 3,800.00 3,800.00 0.00
Solar Panels 28,280.00 29,280.00 -3.42
Inverters 33,420.00 37,220.00 -10.21
Electrical Supplies 6,100.00 3,550.00 71.83
Office Supplies 400.00 250.00 60.00
TOTAL CURRENT ASSETS
1,33,870.0
0
2,00,705.7
0 -33.30
SHOP & EQUIPMENT
Cmputer System 10,500.00 10,500.00 0.00
Service Equipment 10,000.00 10,000.00 0.00
Tools 3,000.00 4,575.00 -34.43
Van 31,000.00 31,000.00 0.00
Shop
1,10,000.0
0
1,10,000.0
0 0.00
TOTAL SHOP & EQUIPMENT
1,64,500.0
0
1,66,075.0
0 -0.95
TOTAL ASSET
2,98,370.0
0
3,66,780.7
0 -18.65
LIABILITY
Current Liabilities
Bank Loan 25,000.00 24,000.00 4.17
Credit Card Payable 1,010.00 1,010.00 0.00
Accounts Payable 20,100.00 49,840.00 -59.67

4ACCOUNTING SAGE – 2016 AIR CARE SERVICES
PST Payable 1,530.00 6,555.00 -76.66
GST Charged on Sales 1,530.00 6,555.00 -76.66
GST Paid on Purchases -840.00 -3,918.40 -78.56
GST Owing (Refund) 690.00 2,636.60 -73.83
TOTAL CURRENT LIABILITIES 48,330.00 84,041.60 -42.49
LONG TERM LIABILITIES
Mortgage Loan 80,000.00 79,200.00 1.01
TOTAL LONG TERM
LIABILITIES 80,000.00 79,200.00 1.01
TOTAL LIABILITY
1,28,330.0
0
1,63,241.6
0 -21.39
EQUITY
Owners Equity
S.Arturro,Capital
1,33,250.0
0
1,33,250.0
0 0.00
Net Income 36,790.00 70,289.10 -47.66
UPDATED CAPITAL
1,70,040.0
0
2,03,539.1
0 -16.46
TOTAL EQUITY
1,70,040.0
0
2,03,539.1
0 -16.46
LIABILITIES AND EQUITY
2,98,370.0
0
3,66,780.7
0 -18.65
All Journal Entries 04-30-2018 to 04-30-2018
Account
Number Account Description Debits Credits
04-30-
2018
J3
8
112
, Employees
2670 GST Paid on Purchases 5.00 -
5320 Wages 7,000.00 -
5340 Payroll Service Charges 100.00 -
1060 Bank:Chequing - 7,105.00
04-30-
2018
J3
9
113
, Bank
2100 Bank Loan 1,000.00 -
2850 Mortgage Loan 800.00 -
5010 Bank Charges 120.00 -
5200 Loan Interest Expense 125.00 -
5210
Mortgage Interest
Expense 775.00 -
1060 Bank:Chequing - 2,820.00
04-30-
2018
J4
0 7,

5ACCOUNTING SAGE – 2016 AIR CARE SERVICES
5150 Solar Panels Used
29,000.0
0 -
5160 Inverters Used
24,200.0
0 -
5170 Electrical Supplies Used 2,550.00 -
5120 Office Supplies Used 150.00 -
1300 Solar Panels -
29,000.0
0
1310 Inverters -
24,200.0
0
1320 Electrical Supplies - 2,550.00
1340 Office Supplies - 150.00
04-30-
2018
J4
1
718
,
Regina School
Board
1200 Accounts Receivable 29.39 -
4200 Interest Revenue - 29.39
65,854.3
9
65,854.3
9