Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Cosmo Thomas started a new business, Thomas Gymnastics and completed the following transactions during December of 2 0 1 6 : Dec 1 : Thomas

Cosmo Thomas started a new business, Thomas Gymnastics and completed the following transactions during December of 2016:
Dec 1: Thomas contributed $19,000 cash in exchange for capital.
Dec 2: Recelved $3,800 cash from customers for services performed.
Dec 5: Paid $300 cash for office supplies
Dec 9-Performed services for a customer and billed the customer for services rendered, $4,500
Dec 10: Received $150 invoice for utilities due in two weeks
Oec 15: Paid for advertising in the local paper: $350
Dec 20: Paid Utility Invoice received on December 10.
Dec 24: Collected cash in full from customer billed on Dec 9.
Dec 28: Paid rent for the month, $2,600
Dec 29: Paid $1,200 to assistant for wages
Dec 30: Received $1,600 cash from customers for services performed
Dec 31: Thomas withdrew $3,000 cash from the business for personal use
Thomas Gymnastics
Income Statement
For Month ending December 31,2016
Service Revenue:
Less:Operating Expenses:
Rent Expense:
Utilities Expense:
Wages Expense:
Advertising Expense:
Total Expenses:
q,
NET INCOME:
Thomas Gymnastics
Balance Sheet
31-Dec-2016
ASSETS:
Cash
Accounts Receivable:
Office Supplies:
LIABILITIES:
Accounts Payable:
OWNER'S EQUITY:
Cosmo Thomas, Capital:
TOTAL LIABILITIES
+OWNER'S EQUITY:
TOTAL ASSETS:
Thomas Gymnastics
Statement of Owner's Equity
For Month ending December 31,2016
Opening Owner's Equity December 1,2016:
Plus: Net Income (Revenues - Expenses)
Less: Withdrawals
Ending Owner's Equity December 31,2016
Thomas Gymnastics P1-48B
A sss s E E
T
Cash
Cash
Accounts
Receivable
\table[[Office],[Supplies]]
Supplies
=
Date
Cosmo Thomas started a new business, Thomas Gymnastics and completed the following transactions during December of 2016:
Dec 1: Thomas contributed $19,000 cash in exchange for capital.
Dec 2: Received $3,800 cash from customers for services performed.
Dec 5: Paid $300 cash for office supplies
Dec. 9- Performed services for a customer and billed the customer for services rendered, $4,500
Der 10: Received $150 invoice for utilities due in two weeks
bec 15: Paid for advertising in the local paper: $350
Dec 20: Paid Utility invoice received on December 10.
Dec 24: Collected cash in full from customer billed on Dec 9.
Dec 28: Paid rent for the month, $2,600
Dec 29: Paid $1,200 to assistant for wages
Dec 30: Received $1,600 cash from customers for services performed
Dec 31: Thomas withdrew $3,000 cash from the business for personal use
image text in transcribed

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

Return Jahrgang 2018 Magazin Fur Transformation Und Turnaround

Authors: Stefanie Burgmaier, Hans Haarmeyer, Thorsten Garber

3rd Edition

365825601X, 9783658256012

More Books

Students also viewed these Accounting questions

Question

I dont trust that theyll keep my complaint confi dential.

Answered: 1 week ago