An analysis of transactions for Star & Co. for July 2024 was presented in E1.13. Data from
Question:
An analysis of transactions for Star & Co. for July 2024 was presented in E1.13.
Data from Exercise 13
A tabular summary of the transactions for Star & Co., an accounting firm, for its first month of operations, July 2024, follows:
Instructions
Prepare an income statement and statement of owner’s equity for July and a balance sheet at July 31.
Transcribed Image Text:
Accounts Prepaid Cash + Receivable + Insurance + Equipment 1 $18,000 2 -4,000 3 -750 4 3,500 5 -2,000 6 -3,300 7 -800 8 1,350 9 -2,700 10 $4,800 -1,350 $750 $6,000 8,000 = Accounts B. Star, B. Star, Payable + Capital Drawings + Revenues - $24,000 $4,000 -2,000 420 -3,300 $8,300 Expenses -$800 Rent -2,700 Salaries -420 Utilities
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 50% (6 reviews)
Revenues Service revenue STAR CO Income Statement Month Ended July ...View the full answer
Answered By
Saikumar Ramagiri
Financial accounting:- Journal and ledgers, preparation of trail balance and adjusted trail balance Preparation of income statement, retained earning statement and balance sheet Banks reconciliation statements Financial statement analysis Cash flow statement analysis (both direct and indirect methods) All methods of Depreciations Management Accounting:- Ratios Budgeting control Cash budget and production budget Working capital management Receivable management Costing:- Standard and variance costing Marginal costing and decision making Cost-volume-profit analysis Inventory management (LIFO, FIFO) Preparation and estimation of cost sheet Portfolio management:- Calculation of portfolio standard deviation or risk Calculation of portfolio expected returns CAPM, Beta Financial management:- Time value of money Capital budgeting Cost of capital Leverage analysis and capital structure policies Dividend policy Bond value calculations like YTM, current yield etc International finance:- Derivatives Futures and options Swaps and forwards Business problems Finance problems Education (mention all your degrees, year awarded, Institute/University, field(s) of major): Education Qualification Board/Institution/ University Month/Year of Passing % Secured OPTIONALS/ Major ICWAI(inter) ICWAI inter Pursuing Pursuing - M.com(Finance) Osmania University June 2007 65 Finance & Taxation M B A (Finance) Osmania University Dec 2004 66 Finance & Marketing. B.Com Osmania University June 2002 72 Income Tax, Cost & Mgt, Accountancy, Auditing. Intermediate (XII) Board of Intermediate May 1999 58 Mathematics, Accountancy, Economics. S S C (X) S S C Board. May 1997 74 Mathematics, Social Studies, Science. Tutoring experience: • 10 year experience in online trouble shooting problems related to finance/accountancy. • Since 6 Years working with solution inn as a tutor, I have solved thousands of questions, quick and accuracy Skills (optional): Technical Exposure: MS Office, SQL, Tally, Wings, Focus, Programming with C Financial : Portfolio/Financial Management, Ratio Analysis, Capital Budgeting Stock Valuation & Dividend Policy, Bond Valuations Individual Skills : Proactive Nature, Self Motivative, Clear thought process, Quick problem solving skills, flexible to complex situations. Achievements : 1. I have received an Award certificate from Local Area MLA for the cause of getting 100% marks in Accountancy during my Graduation. 2. I have received a GOLD MEDAL/Scholarship from Home Minister in my MBA for being the “Top Rank student “ of management institute. 3. I received numerous complements and extra pay from various students for trouble shooting their online problems. Other interests/Hobbies (optional): ? Web Surfing ? Sports ? Watching Comics, News channels ? Miniature Collection ? Exploring hidden facts ? Solving riddles and puzzles
4.80+
391+ Reviews
552+ Question Solved
Related Book For
Accounting Principles Volume 1
ISBN: 9781119786818
9th Canadian Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
Question Posted:
Students also viewed these Business questions
-
An analysis of transactions for Star & Co. for July 2021 was presented in E1.13. Instructions Prepare an income statement and statement of owner?s equity for July and a balance sheet at July 31....
-
An analysis of transactions for Arthur Cooper & Co. was presented in Exercise. In Exercise, An analysis of the transactions made by Arthur Cooper & Co., a certified public accounting firm, for the...
-
An analysis of transactions for J. L. Kang & Co. Ltd. was presented in E1-8. Assume that August is the company's first month of business. Instructions Prepare an income statement and a retained...
-
This question is optional and will not be graded. We are interested in examining factors determining women's labor force participation. Use the data set mroz. dta and the do file ps5.2. do to answer...
-
Presented below is information related to Lor Co. 1. On April 5, purchased merchandise from Garcia Company for $19,000, terms 2/10, net/30, FOB shipping point. 2. On April 6, paid freight costs of...
-
Distinguish between naturalistic and participant observational procedures in terms of both method and ethics.
-
An increase in cash flow _________ the required return.
-
Betsy Ray started an accounting service on June 1, 20--, by investing $20,000. Her net income for the month was $10,000, and she withdrew $8,000. Prepare a statement of owners equity for the month of...
-
4 Check my work 5 The budget director for Franklin Cleaning Services prepared the following list of expected selling and administrative expenses. All expenses requiring cash payments are paid for in...
-
A co-op student, working for Insidz Co., recorded the companys transactions for the month. At the end of the month, the owner of Insidz Co. reviewed the students work and had some questions about the...
-
Here are some terms from the chapter: 1. Accounts payable 2. Expenses 3. Creditor 4. International Financial Reporting 5. Prepaid expense 6. Profit 7. Assets 8. Corporation 9. Unearned revenue 10....
-
Southern Neuroscience Center (SNC) completed a strategic plan and set this goal: to be recognized as the premier neurological specialty group in the region. To that end, SNC developed a marketing...
-
Write out the form of the partial fraction decomposition of the function (See Example). Do not determine the numerical values of the coefficients. (If the partial fraction decomposition does not...
-
Listed here are the costs associated with the production of 1,000 drum sets manufactured by TrueBeat. Costs 1. Plastic for casing$16,000 2. Wages of assembly workers$83,000 3. Property taxes on...
-
The diagram shows the instant when a long slender bar of mass 4.8 kg and length 2.9 m is horizontal. At this instant the mass m= 6.2 kg has a vertical velocity of 5.3 m/s. If the pulley has...
-
Holland has been down to the Law Clinic and has returned with several new cases/clients; Wanda and the doorman from the 7-Seas Bar/Grill,Wanda, who has been charged with malicious destruction of a...
-
2) A spring of constant k=1.2 N/cm is being compressed 5-cm by a 200-gram ball. The ball is released on a 10 degree incline. Determine: a) The speed of the ball when it leaves the spring b) The...
-
Using Internet resources such as www.theglobeandmail.com/globe-investor or ca.finance.yahoo.com, look up the companies listed in Table 12.2. What are the main businesses of each? On what stock...
-
Could a set of three vectors in span all of? Explain. What about n vectors in when n is less than m? R4
-
The ledger of Zug Limited at October 31, 2021, contains the following summary data: Your analysis reveals the following additional information: 1. The company has a 25% income tax rate. 2. On March...
-
The ledger of Weather Vane Limited at September 30, 2021, contains the following summary data: Your analysis reveals the following additional information: 1. The company has a 25% income tax rate. 2....
-
Now that Natalie is a shareholder of the bakery and the smoothies are becoming a significant portion of the business revenues, Natalie and her parents have changed the name of the company to Sant...
-
crane Inc. common chairs currently sell for $30 each. The firms management believes that it's share should really sell for $54 each. If the firm just paid an annual dividend of two dollars per share...
-
Determine the simple interest earned on $10,000 after 10 years if the APR is 15%
-
give me an example of 10 transactions from daily routine that we buy and put for me Liabilities + Owners' Equity + Revenues - Expenses
Study smarter with the SolutionInn App