Sam decided to start a printing company called, Sam Printing Inc. This company was his dream job and he saved up $30 000 to start the company therefore he didn’t need a loan from the bank. Sam did his first job for $300 to customer Mike. Mike paid him $200 and the rest on account. Sam was running out of supplies so he had to buy pens, notebooks, paper etc for $500. He decided that he should pay his rent for $200 and gas for $100. Sam was getting really busy and needed to buy a computer. He paid $500 for an Acer laptop on account. He received a call from Mike who told him she sent him the money he owed him. Sam is doing really well and decided to buy another store to continue his printing business. The store costs $5000. He needed a loan from the bank to purchase this store. After receiving the loan he decided to pay off the Acer laptop. Use the template below: Prepare an income statement for Sam Printing Inc. using the following information to see if he is profiting or loosing?
Sam decided to start a printing company called, Sam Printing Inc. This company was his dream job
and he saved up $30 000 to start the company therefore he didn’t need a loan from the bank. Sam
did his first job for $300 to customer Mike. Mike paid him $200 and the rest on account. Sam was
running out of supplies so he had to buy pens, notebooks, paper etc for $500. He decided that he
should pay his rent for $200 and gas for $100. Sam was getting really busy and needed to buy a
computer. He paid $500 for an Acer laptop on account. He received a call from Mike who told him
she sent him the money he owed him. Sam is doing really well and decided to buy another store to
continue his printing business. The store costs $5000. He needed a loan from the bank to purchase
this store. After receiving the loan he decided to pay off the Acer laptop. Use the template below:
Prepare an income statement for Sam Printing Inc. using the following information to see if
he is profiting or loosing?
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