Question

These financial statement items are for Flint Corporation for the year end, July 31, 2018. Salaries...

These financial statement items are for Flint Corporation for the year end, July 31, 2018.

Salaries payable $5,435
Salaries expense 51,750
Utilities expense 22,620
Equipment 32,960
Accounts payable 4,465
Service revenue 76,390
Rent revenue 8,210
Bank loan payable 1,325
Common shares, August 1, 2017 15,370
Cash 28,450
Accounts receivable 19,550
Accumulated depreciation-equipment 5,460
Dividends declared 4,020
Depreciation expense 3,930
Interest expense 100
Interest payable 100
Income tax expense 1,500
Retained earnings, August 1, 2017 32,495


Flint issued $15,630 of common shares during the year.

Prepare a classified statement of financial position at July 31, 2018:

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Answer #1
Flint Corporation
Statement of Financial Position
July 31, 2018
$ $ $
Assets
Property, Plant, and Equipment
Equipment    32,960.00
Less: Accumulated Depreciation-Equipment     (5,460.00)    27,500.00
      27,500.00
Current Assets
Prepaid Insurance
Accounts Receivable    19,550.00
Cash    28,450.00       48,000.00
Total Assets     75,500.00
Equity and Liabilities
Equity
Share Capital (15,370 + 15,630)    31,000.00
Retained Earnings    33,175.00       64,175.00
Non-current Liabilities
Bank Loan Payable        1,325.00
Current Liabilities
Salaries payable      5,435.00
Accounts Payable      4,465.00
Interest Payable         100.00       10,000.00
Total Equity and Liabilities     75,500.00
Explanation
Calculation of net income
Revenues:
Service revenue    76,390.00
Rent revenue      8,210.00
Total Revenues    84,600.00
Expenses:
Salaries Expense    51,750.00
Utilities expense    22,620.00
Depreciation expense      3,930.00
Interest Expenses         100.00
Income tax expense      1,500.00
Total expenses    79,900.00
Net income    4,700.00
Statement of Retained earnings
Retained earnings, beginning    32,495.00
Add: Net income      4,700.00
Less: Dividend paid     (4,020.00)
Retained earnings, Ending 33,175.00
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