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Q1) Assets and liabilities of Toronto Service Inc. as of December 31, 2008, and revenue and expenses for year ended December 31, 2008 are given below:

Accounts Payable

$21,000

Property tax expense

$5,000

Accounts Receivable

25,000

Rent expense

3,000

Advertising expense

10,000

Salary expense

85,000

Building

140,000

Salary payable

12,000

Cash

10,000

Service Revenue

200,000

Furniture

20,000

Share Capital

75,000

Interest expense

4,000

Supplies

3,000

Land

98,000

Note Payable

95,000

Beginning Retained Earnings were $50,000 and dividends totalled $50,000 for year.

a. Make Income Statement for year ended December 31, 2008.

b. Make Statement of Retained Earnings for the year.

c. Make Balance Sheet at December 31, 2008.

d. Based on the financial statements prepared, answer the following problems:

1. Was Toronto Service Inc. profitable during 2008? If so by how much?

2. Did Retained Earnings increase or decrease? Determine the amount of change?

3. Which is total, liabilities or total equity? Who owns more of company's assets, creditors or the shareholders?

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M917198

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