Landscaping, Inc.

Income Statement as On 31-Dec-2014

Landscaping, Inc.

Income Statement
Date: 31-12-2014

Revenue

2012

Land Scaping Revenue Earned

Total Revenues

340,000

340,000

Expenses
Insurance
Office rent
Supplies expense
Salary Expense
Depreciation Expense - Trucks
Depreciation Expense - Levelling Equipment
Repair and Maintenance Expenses
Fuel Expense
Misc. Expenses
Interest Expense

Total Expenses

4,800
72,000
10,400
120,000
60,000
8,000
6,000
3,000
10,000
6,000

300,200

Net Income Before Taxes

Income tax expense

Income from Continuing Operations

39,800
12,000

27,800

{42}

Below-the-Line Items
Income from discontinued operations
Effect of accounting changes
Extraordinary items

Net Income

27,800

Retained Earnings Statement as on Dec. 31 2014

Retained Earnings

Landscaping, Inc.

Date: 31-12-2014
Owner's Equity
Retained earnings
Add: Net Income
Less: Dividends
Total

Balance Sheet as on December 31st 2014

60,000
27,800
(10,000)
77,800

Landscaping, Inc.

Balance Sheet

Date: 31-12-2014

Assets

2014

Current Assets
Cash
Accounts receivable
Unex[ired Insurance
Prepaid Rent
Supplies (as Inventory)

117,050
9,600
16,000
6,000
2,150
150,800

Total current assets

Fixed (Long-Term) Assets
Trucks
(Less accumulated depreciation - trucks)
Leveling Equipments
(Less accumulated depreciation - Leveling Equipments)
Intangible assets
Total fixed assets

Total Assets

300,000
(240,000)
40,000
(24,000)
76,000

226,800

Liabilities and Owner's Equity

Current Liabilities
Accounts payable
Salaries Payable
Income taxes payable
Interest payable
Unearned Landscaping revenue
Total current liabilities

3,000
1,800
2,100
300
1,800
9,000

Total long-term liabilities

100,000
100,000

Long-Term Liabilities
Notes Payable
Owner's Equity
Capital Stock
Retained earnings
Add: Net Income
Less: Dividends

40,000
60,000
27,800
(10,000)
117,800

Total owner's equity

Total Liabilities and Owner's Equity

226,800

Falcon Repairs
Income Statement as on Dec. 31 2014
Falcon Repairs

Income Statement

Date: 31-12-2014

Revenue

2012

Repair fees earned

Total Revenues

79,750

79,750

Expenses
Depreciation Expense - Equipment
Wages Expense
Insurance Expense
Rent Expense
Office Supplies Expense
Utilities Expense

Total Expenses

4,000
36,500
700
9,600
2,600
1,700

55,100

Net Income Before Taxes

Income tax expense

Income from Continuing Operations

24,650
-

24,650

{42}

Below-the-Line Items
Income from discontinued operations
Effect of accounting changes
Extraordinary items

Net Income

24,650

Retained Earnings Statement as on Dec. 31 2014

Falcon Repairs

Retained Earnings
Date: 31-12-2014

Owner's Equity
Retained earnings
Add: Net Income
Less: Dividends
Total

30,000
24,650
(15,000)
39,650

Balance Sheet as on Dec. 31 2014

Falcon Repairs

Balance Sheet
Date: 31-12-2014

Assets

2014

Current Assets
Cash
Accounts receivable

13,000
6,000

Office Supplies
Prepaid Insurance

1,200
1,950
22,150

Total current assets

Fixed (Long-Term) Assets
Equipment

48,000
(8,000
)
40,000

(Less accumulated depreciation - Equipment)

Total fixed assets

Total Assets

62,150

Liabilities and Owner's Equity

Current Liabilities
Accounts payable
Wages Payable
Total current liabilities

12,000
500
12,500

Total long-term liabilities

Long-Term Liabilities
Notes Payable
Owner's Equity
Capital Stock
Retained earnings
Add: Net Income

10,000
30,000
24,650

Less: Dividends

(15,000)
Total owner's equity

Total Liabilities and Owner's Equity

49,650

62,150