Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Bindy Crawford created a corporation providing legal services, Tarnetisk, Inc., on July 1, 2022. On July 31 the balance sheet showed: Cash 54,800, Accounts Receivable
Bindy Crawford created a corporation providing legal services, Tarnetisk, Inc., on July 1, 2022. On July 31 the balance sheet showed: Cash 54,800, Accounts Receivable $1,900; Supplies $880, Equipment $7,400; Accounts Payable $6,600; Common Stock 59,400; and Retained Earnings 41,980. During Augut the fallowing transactions occurred. Aug. 1 4 9 15 19 23 26 21 Collected $1,020 of accounts receivable clue from customers. Paid 32.760 osh for accounts payable due. Performed services worth $5,560, of which $3.660 is collected in cash and the balance is due in September. Purchased all lilionel llice equipment for $1,160, paying $500 in cesh and the balance un suuril. Peid salaries $1,310, rent for August $750, and advertising expenses $370. Paid a cash dividend of $590. Darrowed 5,7.50 from American Federal Bank; the money was borrawed on a 4-month nate payable. incurrer utility expenses for the month on account $380. Prepere a te bular analysis of the August trensactions beginning with July 31 balarices Include margini explanetions for any changes in Relained Earnings. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See Illustration 3-4 for example. Post entries in the order presented in the question.) Assets TAMARISK, INC. Liabilities Notes Accounts Common Payable Payable Stock Stockholders' Equity Revenues Expenses Cash + Accounts + Supplies + Equipment Equipment = + Retained + Dividends July 31 bal. Aug. 1 Prepare an income statement far August TAMARISK, INC. Income Statement Prepare a retained carnings statement for August. (List items that increase retained camnings first.) TAMARISK, INC. Retained Earnings Statement TAMARISK, INC. Retained Earnings Statement Prepare a classified balance sheet at August 31. (List current assets in order of liquidity) TAMARISK, INC. Balance Sheet Assets Liabilities and Stockholders' Equity TAMARISK, INC. Balance Sheet Assets Liabilities and Stockholders' Equity $
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started