pg 360 Answers

							               Tom Plastering
             Income Statement
                 31-Oct-01

Revenue                                         $ 120,365.00

Expenses
 Bank Interest and Charges      $    1,325.15
 Materials Used                     22,519.20
 Misc.                                 783.17
 Rent                                6,000.00
 Telephone                             864.32
 Truck                               8,889.25
 Utilities                           4,563.26
 Wages                              35,582.47
 Supplies                            1,112.90
 Insurance                           1,596.85
 Depreciation - Equipment              800.00
 Depreciation - Truck                3,200.00
 Small Tools                         1,553.00
Total Expenses                                      88,789.57

Net Income                                      $   31,575.43
                                     Tom's Plastering
                                 Classified Balance Sheet
                                         31-Oct-01

Assets
Current Assets
Bank                                                 $    1,412.01
Accounts Receivable                                       7,545.00
Supplies                                                    360.00
Small tools                                                 350.00
Prepaid Insurance                                           510.95
Materials                                                 2,850.00   $ 13,027.96

Fixed Assets
Equipment                            $    9,500.00
Less: Accumlated
Depreciation -
Equipment                               4,000.00     $    5,500.00
Truck                                $ 19,500.00
Less: Accumlated
Depreciation -
Truck                                    11,200.00        8,300.00     13,800.00
Total Assets                                                         $ 26,827.96

Liabilities and Owner's Equity
Current Liabilities
 Accounts Payable                                    $    3,054.25
 GST Payble                          $     702.00
 Less GST Recoverable                      480.00           222.00
 Bank Loan                                               10,000.00   $ 13,276.25

Tom Michaud, Capital
Balance, Nov 1, 2000                                 $ 17,510.28
 Net Income                          $ 31,575.43
 Drawings                              35,534.00
 Decrease in Capital                                      3,958.57
Balance, Oct 31, 2001                                                  13,551.71
Total Liabilities and Equity                                         $ 26,827.96