Using your answer from Exercise 1-23, prepare an income statement, a statement of changes in equity, and
Question:
Using your answer from Exercise 1-23, prepare an income statement, a statement of changes in equity, and a balance sheet for July 2014.
In exercise 1-23
b. Paid $2,500 for equipment purchased on account in June.
c. Did work for a client and collected cash; $1,100.
d. Paid the part-time worker's wages; $950.
e. Paid the July rent; $ 1,200.
f. Paid the July utilities; $600.
g. Performed services for a customer on credit; $1,600.
h. Called a repair person to fix the equipment in August; it will cost $350.
Analysis Component: Review Otto's balance sheet. How much of the assets are financed by Otto Ingles? How much of the assets are financed by debt?
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Related Book For
Fundamental Accounting Principles
ISBN: 978-0071051507
Volume I, 14th Canadian Edition
Authors: Larson Kermit, Tilly Jensen
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