Chapter 10 f - Accounting Cycle Project 15e Home Insert Draw Page Layout Formulas Data Review View Automate @ Tell me \begin{tabular}{|c|c|c|c|} \hline \end{tabular} Chapter 10 f - Accounting Cycle Project 15e Home Insert Draw Page Layout Formulas Data Review View Automate @ Tell me July 31 Invoice the property management company $19,100.00 for July mowing work. The property management company will pay the invoice on the 20 th of next month. July 31 Pay the cash dividend which was declared on July 5. Chapter 10 f - Accounting Cycle Project 15e Home Insert Draw Page Layout Formulas Data Review View Automate @ Tell me Chapter 10 f - Accounting Cycle Project 15e Home Insert Draw Page Layout Formulas Data Review View Automate @ Tell me Chapter 10 f - Accounting Cycle Project 15e Home Insert Draw Page Layout Formulas Data Review View Automate @ Tell me Chapter 10 f - Accounting Cycle Project 15e Home Insert Draw Page Layout Formulas Data Review View Automate @ Tell me CAUTION Enter amounts into the accounts by typing in the amounts. Do NOT copy cells from the General Journal into the accounts. Chapter 10 f - Accounting Cycle Project 15e Home Insert Draw Page Layout Formulas Data Review View Automate @ Tell me Accumulated Depreciation Lenny's Lawn Service, Inc. - General Ledger CAUTION Enter amounts into the accounts by typing in the amounts. Do NOT copy cells from the General Journal into the accounts. Wages Payable Chapter 10 f - Accounting Cycle Project 15e Home Insert Draw Page Layout Formulas Data Review View Automate @ Tell me Chapter 10 f - Accounting Cycle Project 15e Home Insert Draw Page Layout Formulas Data Review View Automate @ Tell me CAUTION Enter amounts into the accounts by typing in the amounts. Do NOT copy cells from the General Journal into the accounts. Supplies Expense Mower Repair Expense Truck Rental Expense CAUTION Enter amounts into the Pre-Closing Trial Balance by typing in the amounts. Do NOT copy cells from the General Ledger. Enter amounts into the Financial Statements by typing in the amounts. Do NOT copy cells from the General Ledger or Pre-Closing Trial Balance. Note the new line item on Lenny's Income Statement Income from Operations. This is Lenny's income from the normal operations of the lawn mowing business. Interest Expense, which is not a cost of operating the business but rather a cost of financing the business, is shown below Income from Operations. Interest Expense is subtracted from Income from Operations to arrive at Net Income. This is the first time you have prepared a formal Statement of Stockholders' Equity for Lenny's. This statement shows what caused the change in Common Stock and in Retained Earnings from July 1, 2023 to July 31, 2023. Note that the Retained Earnings column on the statement looks different than the calculation you have been doing each month to determine the Retained Earnings amount needed for the Balance Sheet. Beginning Balance is the starting amount. In previous Retained Earnings calculations, you used Current Balance as the starting amount. Beginning Balance is the starting point for this calculation, because Dividends is shown as a line item (a deduction) in the Retained Earnings column. The Ending Balance in the Retained Earnings column is the balance needed for the Balance Sheet. Trans Ready \&x Accessibility: Investigate CAUTION Enter amounts into the Balance Sheet by typing in the amounts. Do NOT copy cells from the General Ledger or Pre-Closing Trial Balance. Note the following three new sub-totals appearing on Lenny's Balance Sheet: Total Current Assets is a total of those assets, which will turn-into cash during the next 12 months or be consumed during the next 12 months. The comparison of Total Current Assets to Total Current Liabilities gives some indication of Lenny's liquidity -that is, its ability to pay its bills in the short-term. Property \& Equipment, net is the amount of Fixed Asset cost, which remains to be depreciated in future accounting periods. Total Current Liabilities is a total of those liabilities that will require payment in the next 12 months. In the case of Unearned Revenue, this current liability will be "paid-off" by Lenny's delivering mowing services to the university. Trans Ready x Accessibility: Investigate CAUTION Enter amounts into the Post-Closing Trial Balance by typing in the amounts. Do NOT copy cells from the General Ledger. Chapter 10 f - Accounting Cycle Project 15e Home Insert Draw Page Layout Formulas Data Review View Automate @ Tell me \begin{tabular}{|c|c|c|c|} \hline \end{tabular} Chapter 10 f - Accounting Cycle Project 15e Home Insert Draw Page Layout Formulas Data Review View Automate @ Tell me July 31 Invoice the property management company $19,100.00 for July mowing work. The property management company will pay the invoice on the 20 th of next month. July 31 Pay the cash dividend which was declared on July 5. Chapter 10 f - Accounting Cycle Project 15e Home Insert Draw Page Layout Formulas Data Review View Automate @ Tell me Chapter 10 f - Accounting Cycle Project 15e Home Insert Draw Page Layout Formulas Data Review View Automate @ Tell me Chapter 10 f - Accounting Cycle Project 15e Home Insert Draw Page Layout Formulas Data Review View Automate @ Tell me Chapter 10 f - Accounting Cycle Project 15e Home Insert Draw Page Layout Formulas Data Review View Automate @ Tell me CAUTION Enter amounts into the accounts by typing in the amounts. Do NOT copy cells from the General Journal into the accounts. Chapter 10 f - Accounting Cycle Project 15e Home Insert Draw Page Layout Formulas Data Review View Automate @ Tell me Accumulated Depreciation Lenny's Lawn Service, Inc. - General Ledger CAUTION Enter amounts into the accounts by typing in the amounts. Do NOT copy cells from the General Journal into the accounts. Wages Payable Chapter 10 f - Accounting Cycle Project 15e Home Insert Draw Page Layout Formulas Data Review View Automate @ Tell me Chapter 10 f - Accounting Cycle Project 15e Home Insert Draw Page Layout Formulas Data Review View Automate @ Tell me CAUTION Enter amounts into the accounts by typing in the amounts. Do NOT copy cells from the General Journal into the accounts. Supplies Expense Mower Repair Expense Truck Rental Expense CAUTION Enter amounts into the Pre-Closing Trial Balance by typing in the amounts. Do NOT copy cells from the General Ledger. Enter amounts into the Financial Statements by typing in the amounts. Do NOT copy cells from the General Ledger or Pre-Closing Trial Balance. Note the new line item on Lenny's Income Statement Income from Operations. This is Lenny's income from the normal operations of the lawn mowing business. Interest Expense, which is not a cost of operating the business but rather a cost of financing the business, is shown below Income from Operations. Interest Expense is subtracted from Income from Operations to arrive at Net Income. This is the first time you have prepared a formal Statement of Stockholders' Equity for Lenny's. This statement shows what caused the change in Common Stock and in Retained Earnings from July 1, 2023 to July 31, 2023. Note that the Retained Earnings column on the statement looks different than the calculation you have been doing each month to determine the Retained Earnings amount needed for the Balance Sheet. Beginning Balance is the starting amount. In previous Retained Earnings calculations, you used Current Balance as the starting amount. Beginning Balance is the starting point for this calculation, because Dividends is shown as a line item (a deduction) in the Retained Earnings column. The Ending Balance in the Retained Earnings column is the balance needed for the Balance Sheet. Trans Ready \&x Accessibility: Investigate CAUTION Enter amounts into the Balance Sheet by typing in the amounts. Do NOT copy cells from the General Ledger or Pre-Closing Trial Balance. Note the following three new sub-totals appearing on Lenny's Balance Sheet: Total Current Assets is a total of those assets, which will turn-into cash during the next 12 months or be consumed during the next 12 months. The comparison of Total Current Assets to Total Current Liabilities gives some indication of Lenny's liquidity -that is, its ability to pay its bills in the short-term. Property \& Equipment, net is the amount of Fixed Asset cost, which remains to be depreciated in future accounting periods. Total Current Liabilities is a total of those liabilities that will require payment in the next 12 months. In the case of Unearned Revenue, this current liability will be "paid-off" by Lenny's delivering mowing services to the university. Trans Ready x Accessibility: Investigate CAUTION Enter amounts into the Post-Closing Trial Balance by typing in the amounts. Do NOT copy cells from the General Ledger