Financial Statements

NetSolutions Income Statement For the Two Months Ended December 31, 20Y3 Revenues: Fees earned..... $16,840 Rent revenue.... 120 Total revenues..... $16,960 Expenses: Wages expense... $ 4,525 Supplies expense..... 2,040 Rent expense..... 1,600 Utilities expense. ..... 985 Insurance expense...... 200 Depreciation expense..... . .....siri 50 Miscellaneous expense...... 455 Total expenses... 9,855 Net income. ......... $ 7,105 NetSolutions Statement of Owner's Equity For the Two Months Ended December 31, 20Y3 Chris Clark, capital, November 1, 20Y3. ....... 0 Investment on November 1, 20Y3...... $25,000 Net income for November and December.... 7,105 Withdrawals during November and December...... (4,000) Increase in owner's equity........ 28,105 Chris Clark, capital, December 31, 20Y3...... $28, 105 NetSolutions Balance Sheet December 31, 20Y3 Assets Current assets: Cash. ..... $ 2,065 Accounts receivable..................... 2,720 Supplies......... 760 Prepaid insurance...... 2,200 Total current assets.... $ 7,745 Property, plant, and equipment: Land. ..... $20,000 Office equipment...... $1,800 Less accumulated depreciation.............seri.1:1# 50 1,750 Total property, plant, and equipment.......... 21,750 Total assets. .... $29,495 Liabilities Current liabilities: Accounts payable...... $ 900 Wages payable........ 250 Unearned rent..... 240 Total liabilities. ...+ $ 1,390 Owner's Equity Chris Clark, capital.............." 28,105 Total liabilities and owner's equity........ $29,495