Chapter 7 Financial Statements for a Proprietorship • 17
Name Date Class
7-R RECYCLING PROBLEM (LO1, 2, 3)
Preparing financial statements with a net loss
1., 2.
% OF
SALES
3.
Destin Heating Repair
Statement of Owner’s Equity
For Month Ended April 30, 20–
Isabel Ybarra, Capital, April 1
Net Loss
Destin Heating Repair
Income Statement
For Month Ended April 30, 20 – –
Revenue:
Sales 3 2 7 0 00 100.0
Expenses:
Advertising Expense 45000
Cash Short and Over 2 00
9,336.00
962.00
18 • Recycling Problem Working Papers
4.
TE
Destin Heating Repair
Balance Sheet
April 30, 20 – –
Assets Liabilities
Cash 6 9 6 0 00 Accts. Pay.—Coastal Supplies 1 1 1 2 00
Petty Cash 1 5 0 00 Owner’s Equity
Accts. Rec.—Jennifer Ford 1 9 6 00 Isabel Ybarra, Capital 7 7 7 4 00