Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Can someone please help me by using the same spreadsheets for each section like the pictures that are down below. Thank you. Transactions; Financial Statements

Can someone please help me by using the same spreadsheets for each section like the pictures that are down below. Thank you.

Transactions; Financial Statements

Bevs Dry Cleaners is owned and operated by Beverly Zahn. A building and equipment are currently being rented, pending expansion to new facilities. The actual work of dry cleaning is done by another company for a fee. The assets and the liabilities of the business on November 1, 2019, are as follows: Cash, $18,480; Accounts Receivable, $37,840; Supplies, $3,520; Land, $44,000; Accounts payable, $15,840. Business transactions during November are summarized as follows:

  1. Beverly Zahn invested additional cash in the business with a deposit of $33,000 in the business bank account.
  2. Purchased land adjacent to land currently owned by Bevs Dry Cleaners to use in the future as a parking lot, paying cash of $16,600.
  3. Paid rent for the month, $12,140.
  4. Charged customers for dry cleaning revenue on account, $34,410.
  5. Paid creditors on account, $14,170.
  6. Purchased supplies on account, $6,070.
  7. Received cash from cash customers for dry cleaning revenue, $32,380.
  8. Received cash from customers on account, $40,480.
  9. Received monthly invoice for dry cleaning expense for November (to be paid on December 10), $16,190.
  10. Paid the following: wages expense, $8,910; truck expense, $3,240; utilities expense, $3,440; miscellaneous expense, $1,540.
  11. Determined that the cost of supplies on hand was $8,170; therefore, the cost of supplies used during the month was $1,420.
  12. Withdrew $9,300 cash for personal use.

Required:

1. Determine the amount of Beverly Zahns capital as of November 1. $88,000

2. Use the attached spreadsheet to complete part 2. Click on the Spreadsheet icon above to open and save the Excel file to your computer. Your input into the spreadsheet will not be included in your grade in CengageNOW on this problem.

Enter the assets, liabilities, and owner's equity as of November 1 in equation form similar to that shown in this chapter. In tabular form below the equation, indicate increases and decreases resulting from each transaction and the new balances after each transaction.

3. Using the balances from the spreadsheet, prepare an income statement for November, a statement of owner's equity for November, and a balance sheet as of November 30. Use a minus sign to indicate a net loss if applicable.

Balance sheet as of November 30: When entering assets, enter them in order of liquidity.

4. Prepare a statement of cash flows for November: Use the minus sign to indicate cash outflows, decreases in cash, and cash payments.

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

Noong 3. Using the balances from the spreadsheet, prepare an income statement for November, a statement of owner's equity for November, and a balance sheet as of November 30. Use a minus sign to indicate a net loss if applicable. Income Statement Rey's Dry Cleaners Income Statement For the Month Ended November 30, 2010 1 Dry cleaning revenue 2 Expenses 3 Dry cleaning expense 4 Wegesen Suppliese pense 5 6 Rente 7 8 Mas expense Total expenses 10 11 Not Incom Statement of Owner's Equity Bev's Dry Cleaners Statement of Owner's Equity For the Month Ended November 30, 2019 1 Beverly Zahn Capital November 1, 2019 $ 2. Additional investment during November $ 3 Net Income for November 4 withdrawals 5. Increase in owner's equity 6 Beverly Zahi.capital. November 30, 2019 Balance sheet as of November 30: When entering assets, enter them in order of liquidity. Balance Sheet . Bev's Dry Cleaners Balance Sheet November 30, 2019 1 Assets Liabilities 2 Cash Accounts payable 3 Accounts receivable 4 Supplies Owner's Equity tu 5 Land Beverly Zahn capital 6 Total assets Total liabilities and owner's equity Amazon Yahoo Os Outlook Bigbend PayPal Account E Reading list 4. Prepare a statement of cash flows for November: Use the minus sign to indicate cash outflows, decreases in cash, and cash payments Statement of Cash Flows Bey's Dry Cleaners Statement of Cash Flows For the Month Ended November 30, 2010 1 Cash flows from operating activities: 2 Cash receipts from customers 00 7 Cash payments for expenses and payments to creditors 4 Net cash flow from operating activities 5 Cash flows used for investing activities: 6 Cash payment for purchase of land 7 Cash flows from financing activities: 3 Cash receipt of owner's investment 10. Cash withdrawal by owner 10 Nel cash flow from financing activities 11 Net Increase in cash during November 12 Cash balance, November 1, 2019 13 Cash balance. November 30, 2019

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

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

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

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

Get Started

Students also viewed these Accounting questions