a. Huntington Researchers, Inc., issues its common stock to Laura Huntington who invests $ 20 comma 000$20,000 to open the business.

b. The company purchases on account office supplies costing $ 350$350.

c. Huntington Researchers pays cash of $ 15 comma 000$15,000 to acquire a lot next to the campus. The company intends to use the land as a building site for a business office.

d. Huntington Researchers performs research for clients and receives cash of $ 2 comma 100$2,100.

e.Huntington Researchers pays $ 130$130 on the account payable that it created in transaction b.

f. Huntington pays $ 1 comma 800$1,800 of personal funds for a vacation.

g. Huntington Researchers pays cash expenses for office rent ($ 370$370) and utilities ($ 80$80).

h. The business sells a small parcel of the land for its cost of $ 6 comma 500$6,500.

i. The business declares and pays a cash dividend of $ 1 comma 000$1,000.

Requirement 1. Analyze the preceding transactions in terms of their effects on the accounting equation of

HuntingtonHuntington

Researchers, Inc. (Use parentheses or a minus sign for numbers to be subtracted. If a box is not used in the table, leave the box empty; do not select a label or enter a zero. Enter the transactions in the same order as they appear in the transaction list.)

Type of

Stockholders'

Assets

=

Liabilities

+

Stockholders' Equity

Equity Transaction

Office

Accounts

Common

Retained

Cash

+

Supplies

+

Land

=

Payble

+

Stock

+

Earnings

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

Bal

Total

=

Requirement 2. Prepare the income statement, statement of retained earnings, and balance sheet of

HuntingtonHuntington

Researchers, Inc., after recording the transactions.

Begin by preparing the income statement for

HuntingtonHuntington

Researchers, Inc.. (If a box is not used in the statement, leave the box empty; do not select a label or enter a zero. Use parentheses or a minus sign for a net loss.)

Review the accounting equation prepared in Requirement 1.

LOADING...

	Huntington Reaserchers, Inc.
	Income Statement
	Month Ended April 30, 2016

	Revenue:
	Expenses:
	Net income (loss)

Prepare the statement of retained earnings of

HuntingtonHuntington

Researchers, Inc. (Complete all answer boxes. For entries with a $0 balance, make sure to enter "0" in the appropriate column.)

Review the accounting equation prepared in Requirement 1.

LOADING...

	Huntington Researchers, Inc.
	Statement of Retained Earnings
	Month Ended April 30, 2016

	Add:
	Subtotal
	Less:

Prepare the assets section of the balance sheet of

HuntingtonHuntington

Researchers, Inc. Then, complete the balance sheet in the next step by preparing the liabilities and stockholders' equity sections. (If a box is not used in the statement, leave the box empty; do not select a label or enter a zero.)

Review the accounting equation prepared in Requirement 1.

LOADING...

	Huntington Researchers, Inc.
	Balance Sheet
	April 30, 2016

	Assets

	Liabilities
	Stockholders' Equity

Indicate the relationships within the statements that link them together.

The

beginning retained earnings

dividends

ending retained earnings

net income

service revenue

total assets

total expenses

total liabilities

total stockholders' equity

amount from the

balance sheet

income statement

flows to the statement of retained earnings. The

beginning retained earnings

dividends

ending retained earnings

net income

service revenue

total assets

total expenses

total liabilities

total stockholders' equity

amount from the

income statement

statement of retained earnings

flows to the balance sheet.