Question

Create an Income Statement and Balance Sheet for Tropical Shrimp Company Cash $70,000 Shrimp feed 10,400...

Create an Income Statement and Balance Sheet for Tropical Shrimp Company

Cash

$70,000

Shrimp feed

10,400

Accounts receivable

16,000

Accounts payable

19,700

Revenue

65,000

Equipment

75,000

Bank loan payable

20,000

Property and ponds

124,000

Wages

18,000

Utilities

5,500

Telephone

1,000

Capital

215,200
Business   Accounting   
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Answer #1
Income statement
For the year ended
Income
Revenues $ 65,000
Less:Expenses
Wages $ 18,000
Utilities $    5,500
Telephone $    1,000
Total expenses $ 24,500
Net income $ 40,500
Balance Sheet
Asa at
Assets Liabilities
Cash $   70,000 Accounts Payable $   19,700
Shrimp feed $   10,400 Bank loan payable $   20,000
Accounts Receiveble $   16,000
Equipment $   75,000 Total Liabilities $   39,700
Property and ponds $ 124,000 Capital
Capital (215,200+40,500) $ 255,700
Total Assets $ 295,400 Total Liabilities and Capital $ 295,400
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