4. Do not do the Statement of Cash flows. Traction thru "L'are listed IEEE if your accounting System is out of balance L ick on tabs below and complete the income Statement, Statement of Retained Earnings and Balance Sheet for the month of March 2012. 4. Det do the Statement of Cash flow Save this file under your name as follows: "Esame Frame Kean Dry Cleaner s when done Beginning balances are in the narrative below. Transactions A.Lare also in column A Transactions; financial statements Kean Dry Cleaners is owned and operated by Wally Lowman. A building and equipment are currently being rented, pending expansion to new facilities. The actual work of dry cleaning is done by another company at wholesale rates. The assets and the liabilities of the business on March 1, 2012, are as follows: Cash, $15,000; Accounts Receivable, $31.000; Supplies, $3,000, Land, $36,000, Accounts Payable, $13,000. Business transactions during March are summarized as follows: a. Wally Lowman invested additional cash in the business with a deposit of $28,000 in the business bank account. b. Paid $14,000 for the purchase of land as a future building site. C. Received cash from cash customers for dry cleaning revenue, $17,000. d. Paid rent for the month, $5,000. e. Purchased supplies on account, $2,500. f. Paid creditors on account, $12,800. -8. Charged customers for dry cleaning revenue on account, $34,000. h. Received monthly invoice for dry cleaning expense for March (to be paid on April 10), $13.500. i. Paid the following: wages expense, $7,500; truck expense, $2,500; utilities expense, $1.500; miscellaneous expense, $2,700 Received cash from customers on account, $28,000. k. Determined that the cost of supplies on hand was $1,900; therefore, the cost of sup- plies used during the month was $3,600 1. Withdrew $8,000 cash for personal use. Instructions 1. Determine the amount of Wally Lowman's capital as of March 1 of the current year. 2. State the assets, liabilities, and owner's equity as of March 1 in equation form similar to that shown in this chapter. In tabular form below the equation, indicate increases and decreases resulting from each transaction and the new balances after each transaction. 3. Prepare an income statement for March, a statement of owner's equity for March, and a halance sheet as of March 31. M IT DIaW PUMulas Data Review Ealibri (Body) 16 B I U E A E. E ** Acct 201 Textbook pages 31 & 32 27e INCOME STATEMENT Acct 2d1 Textbook pages 31 Don't get "Thickened underscores Don't forget $'s.... In proper format. Don't forget headings including the Be sure to check textbook for financia The publisher failed to inclu of the income statement. is what you are expected to Financials have no decimal plac Learn the formulas for each Formula: Revenue - Expens Only account types in the formula are Use $ at the top of each column and Verify format of statement from text Important wording: "Beginning' Capital an STATEMENT OF OWNER'S EQUITY Formula: Beginning Capital + Co End Cap UUSAA JUU Formulas Calibri (Body) 14 Home Insert Draw B I U E Data A Review = 3 fx Financials have no decimal places. Round to nearest dollar. Date BOB BALANCE SHEET SST Cross Foot Derence o f your accounting system is out of balance and your errors and fix before o 3. Click on tabs below and complete the income Statement, Statement of Retained Earnings and Balance Sheet for the month of Mara 4. Do not do the Statement of Cash flows. Save this file under your name as follows trame, Frame Rean Dry Cleaners Spts) When done upload back to the assignment in Canvas Beginning balances are in the narrative below. Transactions A-L are also in column A. Transactions; financial statements Kean Dry Cleaners is owned and operated by Wally Lowman. A building and equipment are currently being rented, pending expansion to new facilities. The actual work of dry cleaning is done by another company at wholesale rates. The assets and the liabilities of the business on March 1, 2012, are as follows: Cash, $15,000; Accounts Receivable, $31,000; Supplies, $3,000; Land, 536,000; Accounts Payable, $13,000. Business transactions during March are summarized as follows: a. Wally Lowman invested additional cash in the business with a deposit of $28,000 in the business bank account. b. Paid $14,000 for the purchase of land as a future building site. c. Received cash from cash customers for dry cleaning revenue, $17,000. d. Paid rent for the month, $5,000. e. Purchased supplies on account, $2,500. f. Paid creditors on account, $12,800. 8. Charged customers for dry cleaning revenue on account, $34,000. h. Received monthly invoice for dry cleaning expense for March (to be paid on April 10), $13,500. 1. Paid the following: wages expense, $7,500; truck expense, $2,500; utilities expense, $1,500; miscellaneous expense, $2,700 1. Received cash from customers on account, $28,000. k. Determined that the cost of supplies on hand was $1,900; therefore, the cost of sup plies used during the month was $3,600 1 Withdrew $8,000 cash for personal use. Instructions 1. Determine the amount of Wally Lowman's capital as of March 1 of the current year. 2. State the assets, liabilities, and owner's equity as of March 1 in equation form similar to that shown in this chapter. In tabular form below the equation, indicate increases and decreases resulting from each transaction and the new balances after each transaction. 3. Prepare an income statement for March, a statement of owner's equity for March, and a halance sheet as of March 31. 3a. Income Stmt 3h 30 Bale Calibri (Body) 11 BI U SA. 3 Ets Transaction financial statements Kean Dry Cleaners is owned and operated by Wally Lawman. A building and equipment are currently being rented, pending expansion to new facilities. The actual work of dry cleaning is done by another company at wholesale rates. The assets and the lates of the business on March 1, 2012, new follow Cash, $15,000, Accounts Receivable $31.000, Supplies, $3,000, Land, M,000, Accounts Payable, $15,000. Business transactions during March are summarized as follows a. Wally Lowman invested additional cash in the business with a deposit of $28,000 in the business bank account b. Paid $14,000 for the purchase of land as a future building site. Received cash from cash customers for dry cleaning revenue, $17,000 d. Paid rene for the month, $5.000. e Purchased supplies on account, $2.500 Paid creditors on account, $12.800. Charged customers for dry cleaning revenue on account, $34.000. h. Received monthly invoice for dry cleaning expense for March to be paid on April 109, $13,500 Paid the following wages expense, $7.500; truck expense, $2,500, utilities expense, Si miscellaneous expense, $2,700 Heceived cash from customers o n , 525,000 Determined that the cost of supplies on hand therefore the cost of sup liewed during the month was $3,600 LWithdrew $.000 cash for personal use. Instructions 1 Determine the wally Low 's capital of March of the current year. 2. Sate the ladies and we' yo March 1 Inequation fo r to the shown in this chapece la tabular form below the equation indicate increases and decreas ing face each an d the new balances her each action 3. Prepare an income for March, a statement of owner's equity for March, and lange where of March 4. Do not do the Statement of Cash flows. Traction thru "L'are listed IEEE if your accounting System is out of balance L ick on tabs below and complete the income Statement, Statement of Retained Earnings and Balance Sheet for the month of March 2012. 4. Det do the Statement of Cash flow Save this file under your name as follows: "Esame Frame Kean Dry Cleaner s when done Beginning balances are in the narrative below. Transactions A.Lare also in column A Transactions; financial statements Kean Dry Cleaners is owned and operated by Wally Lowman. A building and equipment are currently being rented, pending expansion to new facilities. The actual work of dry cleaning is done by another company at wholesale rates. The assets and the liabilities of the business on March 1, 2012, are as follows: Cash, $15,000; Accounts Receivable, $31.000; Supplies, $3,000, Land, $36,000, Accounts Payable, $13,000. Business transactions during March are summarized as follows: a. Wally Lowman invested additional cash in the business with a deposit of $28,000 in the business bank account. b. Paid $14,000 for the purchase of land as a future building site. C. Received cash from cash customers for dry cleaning revenue, $17,000. d. Paid rent for the month, $5,000. e. Purchased supplies on account, $2,500. f. Paid creditors on account, $12,800. -8. Charged customers for dry cleaning revenue on account, $34,000. h. Received monthly invoice for dry cleaning expense for March (to be paid on April 10), $13.500. i. Paid the following: wages expense, $7,500; truck expense, $2,500; utilities expense, $1.500; miscellaneous expense, $2,700 Received cash from customers on account, $28,000. k. Determined that the cost of supplies on hand was $1,900; therefore, the cost of sup- plies used during the month was $3,600 1. Withdrew $8,000 cash for personal use. Instructions 1. Determine the amount of Wally Lowman's capital as of March 1 of the current year. 2. State the assets, liabilities, and owner's equity as of March 1 in equation form similar to that shown in this chapter. In tabular form below the equation, indicate increases and decreases resulting from each transaction and the new balances after each transaction. 3. Prepare an income statement for March, a statement of owner's equity for March, and a halance sheet as of March 31. M IT DIaW PUMulas Data Review Ealibri (Body) 16 B I U E A E. E ** Acct 201 Textbook pages 31 & 32 27e INCOME STATEMENT Acct 2d1 Textbook pages 31 Don't get "Thickened underscores Don't forget $'s.... In proper format. Don't forget headings including the Be sure to check textbook for financia The publisher failed to inclu of the income statement. is what you are expected to Financials have no decimal plac Learn the formulas for each Formula: Revenue - Expens Only account types in the formula are Use $ at the top of each column and Verify format of statement from text Important wording: "Beginning' Capital an STATEMENT OF OWNER'S EQUITY Formula: Beginning Capital + Co End Cap UUSAA JUU Formulas Calibri (Body) 14 Home Insert Draw B I U E Data A Review = 3 fx Financials have no decimal places. Round to nearest dollar. Date BOB BALANCE SHEET SST Cross Foot Derence o f your accounting system is out of balance and your errors and fix before o 3. Click on tabs below and complete the income Statement, Statement of Retained Earnings and Balance Sheet for the month of Mara 4. Do not do the Statement of Cash flows. Save this file under your name as follows trame, Frame Rean Dry Cleaners Spts) When done upload back to the assignment in Canvas Beginning balances are in the narrative below. Transactions A-L are also in column A. Transactions; financial statements Kean Dry Cleaners is owned and operated by Wally Lowman. A building and equipment are currently being rented, pending expansion to new facilities. The actual work of dry cleaning is done by another company at wholesale rates. The assets and the liabilities of the business on March 1, 2012, are as follows: Cash, $15,000; Accounts Receivable, $31,000; Supplies, $3,000; Land, 536,000; Accounts Payable, $13,000. Business transactions during March are summarized as follows: a. Wally Lowman invested additional cash in the business with a deposit of $28,000 in the business bank account. b. Paid $14,000 for the purchase of land as a future building site. c. Received cash from cash customers for dry cleaning revenue, $17,000. d. Paid rent for the month, $5,000. e. Purchased supplies on account, $2,500. f. Paid creditors on account, $12,800. 8. Charged customers for dry cleaning revenue on account, $34,000. h. Received monthly invoice for dry cleaning expense for March (to be paid on April 10), $13,500. 1. Paid the following: wages expense, $7,500; truck expense, $2,500; utilities expense, $1,500; miscellaneous expense, $2,700 1. Received cash from customers on account, $28,000. k. Determined that the cost of supplies on hand was $1,900; therefore, the cost of sup plies used during the month was $3,600 1 Withdrew $8,000 cash for personal use. Instructions 1. Determine the amount of Wally Lowman's capital as of March 1 of the current year. 2. State the assets, liabilities, and owner's equity as of March 1 in equation form similar to that shown in this chapter. In tabular form below the equation, indicate increases and decreases resulting from each transaction and the new balances after each transaction. 3. Prepare an income statement for March, a statement of owner's equity for March, and a halance sheet as of March 31. 3a. Income Stmt 3h 30 Bale Calibri (Body) 11 BI U SA. 3 Ets Transaction financial statements Kean Dry Cleaners is owned and operated by Wally Lawman. A building and equipment are currently being rented, pending expansion to new facilities. The actual work of dry cleaning is done by another company at wholesale rates. The assets and the lates of the business on March 1, 2012, new follow Cash, $15,000, Accounts Receivable $31.000, Supplies, $3,000, Land, M,000, Accounts Payable, $15,000. Business transactions during March are summarized as follows a. Wally Lowman invested additional cash in the business with a deposit of $28,000 in the business bank account b. Paid $14,000 for the purchase of land as a future building site. Received cash from cash customers for dry cleaning revenue, $17,000 d. Paid rene for the month, $5.000. e Purchased supplies on account, $2.500 Paid creditors on account, $12.800. Charged customers for dry cleaning revenue on account, $34.000. h. Received monthly invoice for dry cleaning expense for March to be paid on April 109, $13,500 Paid the following wages expense, $7.500; truck expense, $2,500, utilities expense, Si miscellaneous expense, $2,700 Heceived cash from customers o n , 525,000 Determined that the cost of supplies on hand therefore the cost of sup liewed during the month was $3,600 LWithdrew $.000 cash for personal use. Instructions 1 Determine the wally Low 's capital of March of the current year. 2. Sate the ladies and we' yo March 1 Inequation fo r to the shown in this chapece la tabular form below the equation indicate increases and decreas ing face each an d the new balances her each action 3. Prepare an income for March, a statement of owner's equity for March, and lange where of March