Answer:
ALERT SECURITY SERVICES CO.
Income Statement
For the Year Ended October 31, 2014
Fees earned $213
Expenses:
Wages expense $111
Rent expense 12
Insurance expense 10
Utilities expense 6
Supplies expense 4
Depreciation expense 3
Miscellaneous expense 2
Total expenses 148
Net income $ 65
ALERT SECURITY SERVICES CO.Statement of Owner’s Equity
For the Year Ended October 31, 2014
Brenda Schultz, capital, November 1, 2013 $260
Net income $65
Less withdrawals 8
Increase in owner’s equity 57
Brenda Schultz, capital, October 31, 2014 $317
ALERT SECURITY SERVICES CO.
Balance Sheet
October 31, 2014
Assets Liabilities
Current assets: Current liabilities:
Cash $ 12 Accounts payable $36
Accounts receivable 103 Wages payable 1
Supplies 4 Total liabilities $ 37
Prepaid insurance 2
Total current assets $121
Property, plant, and equipment:
Land $190
Equipment $50
Less accumulated depreciation 7 43 Owner’s Equity
Total property, plant, and Brenda Schultz, capital 317
equipment 233 Total liabilities and owner’s
Total assets $354 equity $354