Empire Realty, organized May 1, 2015, is owned and operated by Bertram Mitchell. How many errors can
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Empire Realty Income Statement May 31, 2015 Revenues: Sales commissions $233,550 Expenses: Office salaries expense. Rent expense Automobile expense Miscellaneous expense Supplies expense $145,800 49,5D0 11,250 3,600 1,350 Total expenses Net income 211.50D Bertram Mitchell Statement of Owner's Equity May 31, 2014 Bertram Mitchell, capital, May 1, 2015 Less withdrawals during May Additional investment during May Net income for May $ 06,80D 9,00D 37,800 11.25D 9,050 57,05D $116,100 Bertram Mitchell, capital, May 31, 2015 Balance Sheet For the Month Ended May 31, 2015 Assets Liabilities Cash Accounts payable. $10.850 Accounts receivable S 64,350 9,000 17.100 Supplies Owner's Equity Bertram Mitchell, capital 116 100 $189, 450 Total assets. $31,950 Total liabilities and owner's equity
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1 All financial statements should contain the name of the business in their heading The statement of owners equity is incorrectly headed as Bertram Mi...View the full answer
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Related Book For
Accounting
ISBN: 978-0176509743
Volume 1, 2nd canadian Edition
Authors: Carl warren, James Reeve, Jonathen Duchac, Sheila Elworthy,
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