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Galaxy Realty, organized October 1, 2008, is owned and operated by Ora Tasker. How many errors can you find in the following financial statements for Galaxy Realty, prepared after its second month of operations?
Galaxy Realty Income Statement November 30, 2008
Sales commissions
$103,800
Expenses:
Office salaries expense
64,800
Rent expense
22,000
Automobile expense
5,000
Miscellaneous expense
1,600
Supplies expense
600
Total expenses
94,000
Net income
$29,800
Ora Tasker Statement of Owner's Equity 30-Nov-07
Ora Tasker, capital, November 1, 2008
$20,800
Less withdrawals during November
4,000
$16,800
Additional investment during November
$21,800
Net income for the month
29,800
Ora Tasker, capital, November 30, 2008
$51,600
Balance Sheet For the Month Ended November 30, 2008
Assets
Liabilities
Cash
$6,600
Accounts receivable
$28,600
Accounts payable
7,600
Supplies
Owner's Equity
Ora Tasker, capital
51,600
Total assets
$14,200
Total liabilities and owner's equity
$84,200
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