Continuing Problem P1-54 (p. 50) is the first of the series of problems that will continue throughout this course.

The Continuing Problem for chapters 1 through5will take you throughthe accounting cycle process for Daniels Consulting.

In this chapter's continuing problem, you will analyze the effects of Daniels Consulting December 2016tranactionson the accounting equation, preparethe company's financial statements, and calculate the return on assets.

Continuing Problem P1-54 is worth 5 points.

Use the attached worksheet to complete your work.

Chapter 1 Continuing Problem P1-54 5 Points Total Name: Requirement 1 Assets = Liabilities + Equity Cash + Accounts Receivable + Office Supplies + Equipment + Furniture = Accounts Payable + Unearned + Daniels, Capital - Daniels, Withdrawals + Service Revenue - Rent Expense - Utilities Expense Revenue Requirement 2 DANIELS CONSULTING Income Statement Month Ended December 31, 2016 Requirement 3 DANIELS CONSULTING Statement of Owner's Equity Month Ended December 31, 2016 Requirement 4 DANIELS CONSULTING Balance Sheet December 31, 2016 Assets Liabilities Owner's Equity Requirement 5