DBA Company Income Statement For the period ended December 31, 2015 Revenues Service Revenue $2,80,500 Total Revenues $2,80,500 Costs and Expenses Salaries and Wages $1,09,000 Supplies Expenses $14,400 Maintenance $30,500 Advertising Expenses $9,400 Utilities Expenses $16,900 Property Tax Expenses $21,000 Insurance Expenses $28,000 Depreciation Expenses $5,800 Interest Expenses $12,000 Total Costs and Expenses $2,47,000 Net Income / (Net Loss) $33,500 DBA Company Statement of Retained Earnings For the year ended December 31, 2015 Retained Earnings - 1/1/15 $2,000 Add: Net Income $33,500 $35,500 Less: Dividends $14,000 Retained Earnings - 31-12-2015 $21,500 DBA Company Balance Sheet As on December 31, 2015 Assets Amount Amount Liabilities Amount Current Assets Current Liabilities Cash $37,400 Accounts Payable $14,600 Supplies $4,200 Property Tax Payable $3,000 Prepaid Insurance $3,900 Interest Payable $6,000 Unearned Service Revenue $700 Long-Term Assets Land $80,000 Long-Term Liabilities Equipment $1,20,000 Mortgage Payable $50,000 Less: Accumulated Depreciation $42,000 $78,000 Share Holders Equity Retained Earnings $21,500 Common Stock $1,07,700 Total Assets $2,03,500 Total Liabilites and Equity $2,03,500 Solution DBA Company Income Statement For the period ended December 31, 2015 Revenues Service Revenue $2,80,500 Total Revenues $2,80,500 Costs and Expenses Salaries and Wages $1,09,000 Supplies Expenses $14,400 Maintenance $30,500 Advertising Expenses $9,400 Utilities Expenses $16,900 Property Tax Expenses $21,000 Insurance Expenses $28,000 Depreciation Expenses $5,800 Interest Expenses $12,000 Total Costs and Expenses $2,47,000 Net Income / (Net Loss) $33,500 DBA Company Statement of Retained Earnings For the year ended December 31, 2015 Retained Earnings - 1/1/15 $2,000 Add: Net Income $33,500 $35,500 Less: Dividends $14,000 Retained Earnings - 31-12-2015 $21,500 DBA Company Balance Sheet As on December 31, 2015 Assets Amount Amount Liabilities Amount Current Assets Current Liabilities Cash $37,400 Accounts Payable $14,600 Supplies $4,200 Property Tax Payable $3,000 Prepaid Insurance $3,900 Interest Payable $6,000 Unearned Service Revenue $700 Long-Term Assets Land $80,000 Long-Term Liabilities Equipment $1,20,000 Mortgage Payable $50,000 Less: Accumulated Depreciation $42,000 $78,000 Share Holders Equity Retained Earnings $21,500 Common Stock $1,07,700 Total Assets $2,03,500 Total Liabilites and Equity $2,03,500.

1. DBA Company Income Statement For the period ended December 31, 2015 Revenues
Service Revenue $2,80,500 Total Revenues $2,80,500 Costs and Expenses Salaries
and Wages $1,09,000 Supplies Expenses $14,400 Maintenance $30,500 Advertising
Expenses $9,400 Utilities Expenses $16,900 Property Tax Expenses $21,000 Insurance
Expenses $28,000 Depreciation Expenses $5,800 Interest Expenses $12,000 Total Costs
and Expenses $2,47,000 Net Income / (Net Loss) $33,500 DBA Company Statement of
Retained Earnings For the year ended December 31, 2015 Retained Earnings - 1/1/15
$2,000 Add: Net Income $33,500 $35,500 Less: Dividends $14,000 Retained Earnings -
31-12-2015 $21,500 DBA Company Balance Sheet As on December 31, 2015 Assets
Amount Amount Liabilities Amount Current Assets Current Liabilities Cash $37,400
Accounts Payable $14,600 Supplies $4,200 Property Tax Payable $3,000 Prepaid Insurance
$3,900 Interest Payable $6,000 Unearned Service Revenue $700 Long-Term Assets
Land $80,000 Long-Term Liabilities Equipment $1,20,000 Mortgage Payable $50,000 Less:
Accumulated Depreciation $42,000 $78,000 Share Holders Equity Retained Earnings
$21,500 Common Stock $1,07,700 Total Assets $2,03,500 Total Liabilites and Equity
$2,03,500
Solution
DBA Company Income Statement For the period ended December 31, 2015 Revenues
Service Revenue $2,80,500 Total Revenues $2,80,500 Costs and Expenses Salaries
and Wages $1,09,000 Supplies Expenses $14,400 Maintenance $30,500 Advertising
Expenses $9,400 Utilities Expenses $16,900 Property Tax Expenses $21,000 Insurance
Expenses $28,000 Depreciation Expenses $5,800 Interest Expenses $12,000 Total Costs
and Expenses $2,47,000 Net Income / (Net Loss) $33,500 DBA Company Statement of
Retained Earnings For the year ended December 31, 2015 Retained Earnings - 1/1/15
$2,000 Add: Net Income $33,500 $35,500 Less: Dividends $14,000 Retained Earnings -
31-12-2015 $21,500 DBA Company Balance Sheet As on December 31, 2015 Assets
Amount Amount Liabilities Amount Current Assets Current Liabilities Cash $37,400
Accounts Payable $14,600 Supplies $4,200 Property Tax Payable $3,000 Prepaid Insurance
$3,900 Interest Payable $6,000 Unearned Service Revenue $700 Long-Term Assets
Land $80,000 Long-Term Liabilities Equipment $1,20,000 Mortgage Payable $50,000 Less:
Accumulated Depreciation $42,000 $78,000 Share Holders Equity Retained Earnings
$21,500 Common Stock $1,07,700 Total Assets $2,03,500 Total Liabilites and Equity
$2,03,500