Question: Using your answer from Exercise 1-24, prepare an income statement, a statement of changes in equity, and a balance sheet for July 2020. Analysis Component:

Using your answer from Exercise 1-24, prepare an income statement, a statement of changes in equity, and a balance sheet for July 2020.

Analysis Component: Review Gold?s balance sheet. How much of the assets are financed by Gold? How much of the assets are financed by debt?

Exercise 1-24

Natalie Gold is the owner of the marketing agency Vivid Voice. The company focuses on online consulting services, such as online marketing campaigns and blog services. The June transactions for Vivid Voice resulted in totals at June 30, 2020, as shown in the following accounting equation format:

Equity Liabilitles Assets Explanation of Equity Transaction Accounts Natalie Gold, Capital Accounts

Equity Liabilitles Assets Explanation of Equity Transaction Accounts Natalie Gold, Capital Accounts Payable + Receivable + Supplies Cash + Equipment $1,900 $6,000 + $1,200 $6,500 $4,000 $11,600

Step by Step Solution

★★★★★

3.39 Rating (171 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Analysis component 11550 or 8851 calculated as 1155013050 100 of the assets ar... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Fundamental Accounting Principles Questions!

Using your answer from Exercise 1-22, prepare an income statement, statement of changes in equity, and balance sheet for March 2020. Analysis Component: Review Omar?s income statement. Does the...

Using your answer from Exercise 1-20, prepare an income statement, a statement of changes in equity, and a balance sheet using the formats provided. Analysis Component: Identify which assets were...

Using your answer from Exercise 1-19, prepare an income statement, a statement of changes in equity, and a balance sheet using the formats provided. Analysis Component: Identify which assets were...

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 a. Collected $800 from a credit customer. b....

Lab 3 Record transactions and create financial Statements.Exercise 1 - 2 0 Effects of transactions on the accounting equation LO 6 , 7 eXcelCHECK FIGURE: Mailin Moon, Capital = $ 1 3 , 6 5 0 Mailin...

Using your answer from Exercise 1-21, prepare an income statement, statement of changes in equity, and balance sheet for March 2014. In exercise 1-21 a. Pete Kequahtooway invested $4,300 cash and...

Exercise 1-21Financial statements L08 excel CHECK FIGURES: Profit $8,150, Total assets = $14,250 Using your answer from Exercise 1-20, prepare an income statement, a statement of changes in equity,...

Using your answer from Exercise 1-21, prepare an income statement, statement of changes in equity, and balance sheet for March 2014. In exercise 1-21 a. Pete Kequahtooway invested $4,300 cash and...

Determine the missing amount for each of the following equations: help me 6:47 PM 1 80% Il chatr Lab 2 - E1-20, E1-21 S2021.docx Lab 3 Record transactions and create financial Statements. Exercise...

Amber Industries (a sole proprietorship) sold three 1231 assets during 2018. Data on these property dispositions are as follows: Asset Cost Acquired Depreciation Sold For Sold On Rack $100,000...

It often happens that a substance possessing a smectic liquid crystalline phase just above the melting point passes into a nematic liquid crystalline phase at a higher temperature. Account for this...

What is the basic idea involved in zero-base budgeting?

=+b. Why do you think this argument about the lack of generality of theories is made for developing countries more than it is made for developed countries?

You are an accountant at Bright Consulting. The CEO tells his employees, People are our greatest assets. When you show him the financial statements, he becomes very angry and demands, Why do we not...

Blue Water Kayak began operations on January 1, 2016. The owner invested $10,000 during the first year and was able to withdraw cash of $42,000 after a successful first year. During 2017, the second...

On August 1, 2016, Cross Fitness entered its second year of operations. Cross Fitness provides high- performance group and personal training courses that have been derived from scientific research...

You don t pay off your credit card balance in full. Over the next month, you have an average daily balance of $ 3 , 5 2 8 on your credit card over a 3 0 - day billing cycle. If the credit card APR is...

Suncoast Healthcare is planning to acquire a new x ray machine that costs $200,000. The business can either lease the machine using an operating lease or buy it using a loan from a local bank....

You are attempting to value a call option with an exercise price of $108 and 1 year to expiration. The underlying stock pays no dividends, its current price is $108, and you believe it has a 50%...