On March 31, 2012, Destin Incorporated reported the following balance sheet: Assets
Cash 3,000
Inventory 14,000
Prepaid Insurance 3,000
Equipment (net) 20.000
Total Assets 40,000
Liabilities & Owners' Equity
Loan Payable 10,000
Common Stock 25,000
Retained Eamings 5,000
Total Liabilities and OE 40,000
During the month ended April 30, 2012, Destin reports the following activities:
They earn revenue totaling $16,000 related to selling inventory, all received in cash. The cost of the inventory sold is $9,000.
Employees earn $2,000, all of which is paid in cash during April.
Other operating expense total $1,000, all paid in cash during April.
They purchase inventory for cash at a total cost of $10,000.
Other information:
A. Depreciation on the equipment is $1,000 per month.
B. The insurance policy was purchased on January 1, 2012, and covers six months.
Required:
1. Calculate Destin's net income for the month ended April 30, 2012.
2. Calculate Destin's retained earnings as of April 30, 2012.
3. Calculate the total assets as of April 30, 2012.
4. Calculate the total liabilities as of April 30, 2012.
5. Calculate the total owners' equity as of April 30, 2012.
6. Calculate the balance of Accumulated depreciation as of April 30, 2012.

Destin Incorporated

1. Net income for the month ended April 30, 2012 is $1,000.

2. Retained earnings as of April 30, 2012 is $6,000.

3. Total assets as of April 30, 2012 is $41,000.

4. Total liabilities as of April 30, 2012 is $10,000.

5. The total owners' equity as of April 30, 2012 is $31,000.

6. The balance of Accumulated depreciation as of April 30, 2012 is $4,000.

Explanation:

a) Data and Calculations:

Balance sheet:

Assets

Cash                                   3,000 + 16,000 -2,000 - 1,000 - 10,000 = 6,000

Inventory                           14,000 + 10,000 - 9,000 = 15,000

Prepaid Insurance             3,000 - 2,000 = 1,000

Equipment (net)              20,000 - 1,000

Total Assets                    40,000

Liabilities & Owners' Equity

Loan Payable                  10,000

Common Stock              25,000

Retained Earnings           5,000

Total Liabilities and OE 40,000

Revenue                   $16,000

Cost of goods sold      9,000

Gross profit                $7,000

Wages                          2,000

Other expenses           1,000

Depreciation expense 1,000

Insurance expense     2,000

Total expenses         $6,000

Net income                $1,000

Retained earnings:

Beginning balance    5,000

Net income                1,000

Ending balance        6,000

Total assets:

Cash balance   6,000

Inventory         15,000

Prepaid insur.    1,000

Equipment      19,000

Total assets = 41,000

Total liabilities:

Loan Payable  10,000

Equity:

Common Stock     25,000

Retained earnings  6,000

Owners' equity     31,000

For the year, the balance of Accumulated Depreciation = $4,000 ($1,000 * 4)

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