## Answers

JOVA COMPANY | ||

Balance Sheet | ||

As of December 31, Year 1 | ||

Assets | ||

Cash | 38700 | |

Accounts Receivable | 7700 | |

Less: Allowance for doubtful accounts | 1370 | 6330 |

Total Assets | 45030 | |

Liabilities | ||

Stock holder's equity | ||

Common Stock | 13500 | |

Retained Earnings | 31530 | 45030 |

Total Stock holder's equity | 45030 | |

Total liabilities and stock holder's equity | 45030 |

Cash Balance

Issue of Common Stock | 13500 |

Add: Account receivable collected | 60800 |

Less: Operating Expenses paid | 35600 |

Cash Balance | 38700 |

Retained Earnings

Service Revenue Earned | 68500 |

Less: Operating Expenses | 35600 |

Less: Allowance for doubtful accounts (68500*2%) | 1370 |

Retained Earnings | 31530 |

(All amounts are in $)

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