Question
A tabular analysis of the transactions made during September 2022 by Huskies Together Company during its first month of operations is shown as follows. Each
A tabular analysis of the transactions made during September 2022 by Huskies Together Company during its first month of operations is shown as follows. Each increase and decrease in stockholders equity is explained.
Show all your work for partial credits in your uploaded file.
Part I: Describe each transaction.
Part II: Determine how much stockholders equity changed for the month.
Part III: Compute the net income for the month.
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| Assets = | Liabilities | + | Stockholders Equity | ||||||||||||||||
| Cash | + | Accounts Receivable |
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Supplies | + | Equipment | = | Accounts Payable | + | Common Stock | + | Retained Earnings |
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Revenues | Expenses | Dividend |
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1. | $30,000 |
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| $30,000 |
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2. | 2,000 |
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| 6,000 |
| 4,000 |
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3. | 600 |
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| 600 |
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4. | 2,500 |
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| 2,500 |
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5. | 4,100 |
| 5,400 |
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| 9,500 |
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| Service Revenue. | ||||
6. | -700 |
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| -700 |
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| Rent Expense | ||||
7. | 2,600 |
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| 2,600 |
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8. | 3,000 |
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| 3,000 |
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| Salary Expense | ||||
9. |
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| 250 |
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| 250 |
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10. | 400 |
| 400 |
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