Posted: January 13th, 2024

ACC ACC100 The income statement for the month of June, 2014

The income statement for the month of June, 2014 of Camera Obscura Enterprises contains the following information:Revenues$7,000Expenses:Salaries and Wages Expense$3,000Rent Expense1,500Advertising Expense800Supplies Expense300Insurance Expense100Total expenses5,700Net income$1,300The entry to close Income Summary to Owner’s, Capital includesa credit to Income Summary for $1,300.a debit to Revenues for $7,000.credits to Expenses totalling $5,700.a credit to Owner's Capital for $1,300.The following information is for Bright Eyes Auto Supplies:Bright Eyes Auto SuppliesBalance SheetDecember 31, 2014Cash$ 40,000Accounts Payable$ 130,000Prepaid Insurance80,000Salaries and Wages Payable50,000Accounts Receivable100,000Mortgage Payable150,000Inventory140,000Total Liabilities330,000Land Held for Investment180,000Land250,000Building$200,000Less AccumulatedOwner’s Capital740,000Depreciation(60,000)140,000Trademark140,000Total Liabilities andTotal Assets$1,070,000Owner’sEquity$1070,000The total dollar amount of liabilities to be classified as current liabilities is$130,000.$180,000.$50,000.$330,000.The following items are taken from the financial statements of the Postal Service for the year ending December 31, 2014:Accounts payable$ 18,000Accounts receivable11,000Accumulated depreciation – equipment28,000Advertising expense21,000Cash15,000Owner’s capital (1/1/14)102,000Owner’s drawings14,000Depreciation expense12,000Equipment210,000Insurance expense3,000Note payable, due 6/30/1570,000Patents20,000Prepaid insurance (12-month policy)6,000Rent expense17,000Salaries and wages expense32,000Service revenue133,000Supplies4,000Supplies expense6,000What is total liabilities and owner’s equity at December 31, 2014?$176,000$232,000$190,000$218,000

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