Generally Accepted Accounting Principles and Balance Sheet

E1-3. The Long Run Golf & Country Club details the following accounts in its financial statements.

Accounts payable and accrued liabilities a) liability (L) b) operating activity (O)
Accounts receivable a) asset (A) b) operating activity (O)
Property, plant, and equipment a) asset (A) b) investing activity (I)
Food and beverage operations revenue a) revenue (R) b) operating activity (O)
Golf course operations revenue a) revenue (R) b) operating activity (O)
Inventory a) asset (A) b) operating activity (O)
Long term debt a) liability (L) b) financing activity (F)
Office and general expense a) expense (E) b) operating activity (O)
Professional fees expense a) expense (E) b) operating activity (O)
Wages and benefits expense a) expense (E) b) operating activity (O)

P1-3A part (a)
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Eckersley Service Company
Income Statement
For the period June 1, 2011 to June 30, 2011

Revenues
Sales Revenue $7000

Expenses
Wage expense $1400
Supplies expense $1000
Gas and Oil expense $ 600
Advertising expense $ 400
Utilities expense $300
Total Expenses $3700
Net Income $3300

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Eckersley Service Company
Retained Earnings Statement
For the period June 1, 2011 to June 30, 2011

Retained earnings, June 1 $ 0
Add: Net Income $3300 Less: Dividends $2000
Retained earnings, June 30 $1300

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Eckersley Service Company
Balance Sheet
June 30, 2011 Assets
Cash $4600
Accounts Receivable $4000
Supplies $2400
Equipment $29000
Total Assets $40000 Liabilities and