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Ly Chapter 3 Lab (Question 7) ~ Lyryx Learning Inc - Google Chrome lifa1.lyryx.com/student-servlets/LabServlet?ccid=10937 Net Income 5,628 Net Income. 5,628 Allarco Inc. Allarco Inc. Statement of Changes in Equity Statement of Changes in Equity For Month Ended December 31, 2014 For Month Ended December 31, 2014 Share Retained Total Share Retained Total Capital Earnings Equity Capital Earnings Equity Balance, December 1 0 0 0 Balance, December 1. 0 0 0 Issuance of shares. 6,600 6,600 Issuance of shares 6,600 6,600 Net income. 5,628 5,628 Net income 5,628 5,628 Dividends (1,068) (1,068) Dividends (1,068) (1,068) Balance, December 31 6,600 4,560 11, 160 Balance, December 31 6,600 4,560 11, 160 Allarco Inc. Allarco Inc. Balance Sheet Balance Sheet December 31, 2014 December 31, 2014 Assets Assets Cash 9,800 Cash 9,800 Prepaid advertising. 6,000 Prepaid advertising. 6,000 Prepaid rent 2,260 Prepaid rent 2,260 Total assets 18,060 Total assets. 18,060 Liabilities Liabilities Accounts payable. 4,200 Accounts payable. 4,200 Long-term notes payable. 2,700 Long-term notes payable 2,700 Total liabilities. 6.900 Total liabilities. 6,900 Equity Equity Share capital 6,600 Share capital 6,600 Retained earnings 4,560 Retained earnings 4,560 Total equity. 11, 160 Total equity. 11, 160 Total liabilities and equity. 18,060 Total liabilities and equity. 18,060 2:28 PMy Chapter 3 Lab (Question 7) ~ Lyryx Learning Inc - Google Chrome X lifa 1.lyryx.com/student-servlets/LabServlet?ccid=10937 Consider the journal entries below. General Journal Page GJ2 Date Account/Explanation F |Debit Credit 31/Dec Cash 250 Interest Earned. 250 Received Cash for Interest Earned 31/Dec | Cash 400 Share Capital. 400 New Shares issued The financial statements on the left were prepared without taking these transactions into account. Modify the copies on the right to show how these transactions would affect the financial tatements. Allarco Inc. Allarco Inc. Income Statement Income Statement For Month Ended December 31, 2014 For Month Ended December 31, 2014 Revenues. 7,373 Revenues. 7,373 Expenses. 1,745 Expenses 1,745 Net Income. 5,628 Net Income 5,628 Allarco Inc. Allarco Inc. Statement of Changes in Equity Statement of Changes in Equity For Month Ended December 31, 2014 For Month Ended December 31, 2014 Share Retained Total Share Retained Total Capital Earnings Equity Capital Earnings Equity Balance, December 1 0 0 0 Balance, December 1 0 Issuance of shares. 6,600 6,600 Issuance of shares 6,600 6,600 Net income. 5,628 5,628 Net income.. 5,628 5,628 Dividends (1,068) (1,068) Dividends. (1,068) (1,068) Balance, December 31. 6,600 4,560 11, 160 Balance, December 31.. 6,600 4,560 11, 160