EX 1-25 Financial statements
Empire Realty, organized May 1, 2012, is owned and operated by Bertram Mitchell. How many errors can you find in the following statements for Empire Realty, prepared after its first month of operations?
| Empire Realty | ||
| Income Statement | ||
| May 31, 2012 | ||
| Sales commissions | $233,550 | |
| Expenses: | ||
| Office salaries expense | $145,800 | |
| Rent expense | 49,500 | |
| Automobile expense | 11,250 | |
| Miscellaneous expense | 3,600 | |
| Supplies expense | 1,350 | |
| Total expenses | 211,500 | |
| Net income | $67,050 | |
| Bertram Mitchell | |
| Statement of Owner’s Equity | |
| May 31, 2011 | |
| Bertram Mitchell, capital, May 1, 2012 | $46,800 |
| Less withdrawals during May | 9,000 |
| $37,800 | |
| Additional investment during May | 11,250 |
| $49,050 | |
| Net income for May | 67,050 |
| Bertram Mitchell, capital, May 31, 2012 | $116,100 |
| Balance Sheet | |||
| For the Month Ended May 31, 2012 | |||
| Assets | Liabilities | ||
| Cash | $14,850 | Accounts receivable | $64,350 |
| Accounts payable | 17,100 | Supplies | 9,000 |
| K | Owner’s Equity | ||
| k | Bertram Mitchell, capital | 116,100 | |
| Total assets | $31,950 | Total liabilities and owner’s equity | $189,450 |
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