Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Can you please tell me if I got this statement of owner's equity filled in correctly? It is for practice on my study guide. Guy

image text in transcribed

Can you please tell me if I got this statement of owner's equity filled in correctly? It is for practice on my study guide.

image text in transcribed
Guy Mckinley started the Mckinley Charter Service at the beginning of August 2019. On August 31, 2019, the accounting records of the business showed the following information. Equipment $ 23,500 Rent Expense $ 6,060 Accounts Receivable 2,500 Cash 7, 100 Fees Income 32,750 Salaries Expense 11,900 Boats 102,500 Utilities Expense 2, 506 Gasoline Expense 8,700 Supplies 4,700 Loans Payable 81,000 Initial Investment 50, 500 Owners' Withdrawal 3, 150 Accounts Payable 8,300 Prepare an income statement and a statement of owner's equity for the month and a balance sheet as of August 31, 2019. Complete this question by entering your answers in the tabs below. Income Stmt of Statement Owners Eqty Balance Sheet :Prepare a statement of owner's equity for the month of August 31, 2019 MCKINLEY CHARTER SERVICE Statement of Owner's Equity Month Ended August 31, 2019 Guy Mckinley, Capital, August 1, 2019 $ 50,500 Net loss for August 1,050 Less: Withdrawals for August 3,150 Decrease in capital (2,100) Guy Mckinley, Capital, August 31, 2019 $ 48.400

Step by Step Solution

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

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

Recommended Textbook for

Horngrens Cost Accounting A Managerial Emphasis

Authors: Srikant M. Datar, Madhav V. Rajan, Louis Beaubien

8th Canadian Edition

134453735, 9780134824680, 134824687, 9780134733081 , 978-0134453736

More Books

Students also viewed these Accounting questions