Income Statement With Owners Equity Stand -Myassignmenthelp.Com

Question: Discuss About The Income Statement With Owners Equity Stand? Answer: Introducation As evident from the above stated income statement it can be said that the net profit that has been transferred to capital accounting stood 7285. Cash Budget for the period 2018 Particulars Quarter 1 Quarter 2 Quarter 3 Quarter 4 Opening Balance 600 3533.75 5467.5 6401.25 Receipts Cash Receipts 3500 2500 1500 2500 Total 4100 6033 6967 8901 Expenses Overheads 275 275 275 275 Selling Expense 291.25 291.25 291.25 291.25 Total 566 566 566 566 Closing Balance 3533 5467 6401 8335 Cash receipts for the first year = 50*70 = 3500 Cash receipts for the Second quarter = 50*50 = 2500 Cash receipts for the Third quarter = 50*30 = 1500 Cash receipts for the Fourth quarter = 50*50 = 2500 Opening Balance = Opening Balance Closing Balance The closing amount of cash budget at the end of the fourth quarter stood 8335. Julia Schlussier Co Balance Sheet January 31-12-2018 Assets Amount () Amount () Current Assets Cash 8335 Prepaid Insurance 260 Prepaid Road Tax 120 Total Current Assets 8715 Non-Current Assets Tangible Assets Scooter 1500 Less: Depreciation 300 1200 Photo Camera 2500 Less: Depreciation 500 2000 Computer 1600 Less: Depreciation 400 1200 Intangible Assets Software 800 Less: Depreciation 200 600 Total Non-current Assets 5000 Total Assets 13715 Liabilities and stockholder Equity Current Liabilities Current portion of Parents loan 400 Total Current Liability 400 Long-Term Liabilities Parents Loan 1600 Less: Repayment 400 1200 Total Liabilities 2000 Stockholders Equity 2850 Net Profit (tranferred from P/L A/c) 7665 Total Liabilities and Stockholders Equity 13715 As evident from the balance sheet, that Julia Co has the equal balance of the total assets and total liabilities. The net profit has been transferred to balance sheet from the income statement with owners equity standing 3230. References Deegan, C. (2013). Financial accounting theory. McGraw-Hill Education Australia. Edwards, J. R. (2013).A History of Financial Accounting (RLE Accounting)(Vol. 29). Routledge. Weil, R. L., Schipper, K., Francis, J. (2013).Financial accounting: an introduction to concepts, methods and uses. Cengage Learning. Williams, J. (2014).Financial accounting. McGraw-Hill Higher Education.