For the Year Ended July 31, 2017
Revenues:
Service revenue $45,500
Expenses:
Salary expense $19,400
Rent expense 7,500
Utilities expense 5,000
Interest expense 1,500 33,400
Net income $12,100
Diff: 2 Type: ES
L.O.: 1-2
CPA COMPETENCIES: Chapter 1
1.1.1 Evaluates financial reporting needs
1.1.2 Evaluates the appropriateness of the basis of financial reporting
1.1.3 Evaluates reporting processes to support reliable financial reporting
91) The following alphabetical listing shows the assets, liabilities, and shareholders' equity for Zap Ltd. as of December 31, 2014. Prepare a balance sheet dated December 31, 2017.
Accounts payable $12,200 Inventory $23,500
Accounts receivable 21,000 Note payable 11,000
Cash 21,600 Retained earnings 17,100