Preparing financial statements and evaluating business performance
Presented here are the accounts of Quick and EZ Delivery for the year ended December 31, 2012.
| Land | $ 7,000 | Owner investment, 2012 | $ 32,000 |
| Note payable | 30,000 | Accounts payable | 14,000 |
| Property tax expense | 2,900 | Accounts receivable | 1,700 |
| Trott, drawing | 32,000 | Advertising expense | 17,000 |
| Rent expense | 13,000 | Building | 137,900 |
| Salary expense | 69,000 | Cash | 6,000 |
| Salary payable | 500 | Equipment | 17,000 |
| Service revenue | 192,000 | Insurance expense | 2,000 |
| Supplies | 8,000 | Interest expense | 6,000 |
| Trott, capital, 12/31/2011 | 51,000 |
Requirements
1. Prepare Quick and EZ Delivery”s income statement.
2. Prepare the statement of owner”s equity.
3. Prepare the balance sheet.
4. Answer these questions about the company:
a. Was the result of operations for the year a profit or a loss? How much?
b. How much in total economic resources does the company have as it moves into the new year?
c. How much does the company owe to creditors?
d. What is the dollar amount of the owner”s equity in the business at the end of the year?
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