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Roberts Lawn Service Final

Roberts Lawn Service generated $6,250 in revenue from May 1 to August 31, with $3,300 in expenses, giving net income of $2,950. Owner Jack Roberts began with $400 in capital and ended with $2,850 after withdrawing $500. The balance sheet on August 31 showed total assets of $3,200, including $750 in cash, exceeding total liabilities of $300.

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Varun Shah
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198 views2 pages

Roberts Lawn Service Final

Roberts Lawn Service generated $6,250 in revenue from May 1 to August 31, with $3,300 in expenses, giving net income of $2,950. Owner Jack Roberts began with $400 in capital and ended with $2,850 after withdrawing $500. The balance sheet on August 31 showed total assets of $3,200, including $750 in cash, exceeding total liabilities of $300.

Uploaded by

Varun Shah
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Roberts Lawn Service Income Statement For the Period of May 1,2011 to August 31,2011 Revenues: Service Revenue

Expenses: 6250.00

Salary Expense Supplies Expense


Rent Expense Repairs Expense Amortization Expense- Trailer Total Expenses Net Income $

2100.00 400.00
400.00

300.00 100.00
3300.00 2,950.00

Roberts Lawn Service Statement of Owners Equity For the Period of May 1,2011 to August 31,2011 Jack Roberts Capital, May 1,2011 Add: Net Income Less: Withdrawals Jack Roberts Capital, August 31,2011 $400.00 $2,950.00 $500.00 $2,850.00

Roberts Lawn Service Balance Sheet 30-Apr-10 ASSETS CURRENT ASSETS CASH Accounts Receivable Supplies Prepaid Rent Total Current Assets CAPITAL ASSETS Trailer Less: Accum. Amortization-Building Total Capital Assets 300.00 100.00 200.00 OWNER'S EQUITY Jack Roberts, Capital 2850.00 2000.00 LIABILTIES CURRENT LIABILITIES

750.00 Salary Payable


50.00 200.00 3000.00 Total Current Liabilities

300.00
300.00

Total Assets

3200.00

Total Liabilities

3150.00

Yes, Jack Roberts was successful in his business. He was able to make a profit of $2950. Also we know that his business was successful as his assets were more than his liabilities where his assets were worth $3200 and liabilities were only $300. He also gained skills to run the business more efficiently for the next summer break and would be able to create bigger profits. He could also enter the business experience into his resume which would lead him to have higher paid jobs in the future.

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