Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Allarco Inc began operations on June 1, 2014 The transactions for the first month follow a Allarco Inc issued shares to shareholders for $100,000

    

Allarco Inc began operations on June 1, 2014 The transactions for the first month follow a Allarco Inc issued shares to shareholders for $100,000 b. $100 of commissions were earned and collected today by Allarco Inc. Performed consulting services today and collected $900. d. Allarco Inc collected $1,200 for commissions earned today. e Allarco inc paid a $750 bill received today for an advertising campaign that ran last week f. Allarco Inc collected $6,000 for commissions earned today Allarco Inc received a bill today for this month's utilities: $350. It will be paid within 30 days. A bill was received today for last week's $1,000 advertising campaign. It must be paid within 15 days $700 of commissions were earned and collected today by Allarco Inc Allarco Inc. paid dividends of $1,900 to the shareholders Fill out the following table, according to the transactions above. Select the headings for each column by clicking on the appropriate cell. Use additions and subtractions to show the transactions effects on the elements of the equation Show new totais after each transaction. Also indicate next to each change in the equity (in the explanation column) whether it was caused by issuance of share capital (investment), a revenue, an expense or payment of dividends, identify revenues and expenses by name In addition to this, prepare an income statement, a statement of changes in equity and a balance sheet for the month ended June 30 (a) (b) Bal. (c) Bal. (d) Bal. (e) Bal. (f) Bal. (g) Bal. (h) Bal. (1) Bal. (1) Bal. 11 b) Complete the following income statement: (select one) Income Statement (select one) x x x x x c) Complete the following statement of changes in equity: (select one) Statement of Changes in Equity (select one) X++ X4+ d) Complete the following Balance Sheet: X44 Share Retained Total Capital Earnings Equity (select one) Balance Sheel (select one) HA F X44

Step by Step Solution

3.31 Rating (157 Votes )

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting

Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella

1st edition

978-0133251579, 133251578, 013216230X, 978-0134102313, 134102312, 978-0132162302

More Books

Students also viewed these Accounting questions

Question

Fill out the following table for substance water

Answered: 1 week ago

Question

Fill out the following table for substance ammonia

Answered: 1 week ago

Question

Fill out the following table for substance ammonia:

Answered: 1 week ago

Question

What is the conceptual framework for financial reporting?

Answered: 1 week ago

Question

2. In which brain areas do new neurons form in adults?

Answered: 1 week ago