Accounting Case
Essay by gorgebeib • September 27, 2011 • Essay • 288 Words (2 Pages) • 2,256 Views
Parkview Landscaping Corporation Parkview Landscaping Corporation Parkview Landscaping Corporation
Income Statement Statement of Retained Earnings Balance Sheet
For the Month Ending July 31 For the Month Ending July 31 July 31
Revenues: Retained Earnings, July 1 Assets:
Landscaping Revenue $5,344 Add: Net Income 2,144 Cash $21,356
Subtotal Prepaid Insurance 2,200
Expenses: Less: Dividends 1,600 Landscaping Supplies 388
Rent Expense 2,080 Retained Earnings, July 31 $544 Landscaping Equipment 8,800
Utility Expense 308 Less: Accum. Depr. (140)
Insurance Expense 200 Total Assets 32,604
Supplies Expense 392
Depreciation Expense 140 Liabilities:
Income Taxes Expense 80 Accounts Payable 7,980
Total Expenses 3,200 Income Taxes Payable 80
Total Liabilities 8,060
Net Income 2,144 Stockholders' Equity:
Common Stock 24,000
Retained Earnings 544
Total Stockholders' Equity 24,544
Total Liabilities &
Stockholders' Equity $32,604
Parkview Landscaping Corporation
Trial Balance
July 31
Account Title Debit Credit
Cash(Debit) 21356 0
Prepaid Insurance (Debit) 2400 0
Landscaping Supplies (Debit) 780 0
Landscaping Equipment(Debit) 8800 0
Accum. Depr-Equipment 0 0
Accounts Payable (Credit) 0 7980
Income Tax Payable 0 0
Common Stock (Credit) 0 24000
Retained Earnings 0 0
Dividents (Debit) 1600 0
Landscaping Revenue (Credit) 0 5344
Rent Expense (Debit) 2080 0
Utitlity Expense (Debit) 308 0
Insurance Expense 0 0
Supplies Expense 0 0
Depreciation Expense 0 0
Income Tax Expense 0 0
37324 37324
July 1 Began business by making a deposit in a company bank account of $24,000, in exchange
for 4,800 shares of $5 par value common stock.
July 1 Paid the premium on a one-year insurance policy, $2,400.
July 1 Paid the current month's rent, $2,080.
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