Income Statement Larry Phillips
Revenue (Salary) 38,000
Expenses
Rent 14,400
Utilities 7,500
Insurance 3,500
Food 3,000
Transportation 2,000
Clothing and treats 1,500
Total Expenses 31,900
Operating profit 6,100
Tax 5,700
Net Income 400
Balance Sheet Larry Phillips
Assets Liabilities
Sugar Hill Bldg 2,250,000 Mortgage SH 990,000
S Bronx House 284,000 Mortgage SB 209,000
Brokerage Acct 289,950
Cash 225,000
Truck 10,000
Total Assets 3,058,950 Total Liabilities 1,199,000
Net Worth 1,859,950
Capital Statement Larry Phillips
Larry Phillips Capital Jan 1, 20xx 1,766,593
Net asset gains 93,357
Owner draws 00
Larry Phillips Capital Oct 1, 20xx 1,859,950