Question
Assume the IslandCoffee Roasters Corp. ended the month of August2019 with these data: Payments of cash: Acquisition of equipment $202,400 Dividends 2,300 Retained Earnings August
Assume the IslandCoffee Roasters Corp. ended the month of
August2019 with these data:
Payments of cash:
Acquisition of equipment | $202,400
|
Dividends | 2,300 |
Retained Earnings August 1, 2019 | 0 |
Retained Earnings August 31, 2019 | 185,500 |
Utilities expense | 5700 |
Adjustments to reconcile net income to net cash provided by operations | 1,300 |
Salary expense | 78,900 |
Cash balance August 1, 2019 | 0 |
Cash Balance, August 31, 2019 | 5600 |
Cash receipts Issuance (sale) of Stock to owners | 21,200 |
Rent expense | 1,700 |
Common Stock | 21,200 |
Equipment | 202,400 |
Office Supplies | 7,500 |
Accounts payable | 8,800 |
Service Revenue | 274,100 |
First prepare the balance sheet header, then complete the assets section of the statement. Finally, complete the liabilities and stockholders' equity section of the statement. (Do not classify the balance sheet into current and long-term sections. In the first part complete the assets section of the balance sheet. In the second part complete the liabilities and stockholders' equity section of the balance sheet. If a box is not used in the balance sheet, leave the box empty; do not select a label or enter a zero.)
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