Critical Thinking Problem 2.1 (Algo) Financial Statements LO 2-3, 2-4 The following account balances are for Ping Chung, Certified Public Accountant, as of April 30, 20X1. Cash Accounts receivable Maintenance expense Advertising expense Fees earned Ping Chung, Capital, April 1 Salaries expense Machinery Accounts payable Ping Chung, withdrawals for April $120,000 48,000 20,600 16,660 120,400 ? 57,500 89,500 52,800 30,500 Required: Determine the balance for Ping Chung, Capital, April 1, 20X1. Prepare an income statement and a statement of owner's equity for the month ended April 30, 20X1, and a balance sheet for April 30, 20X1. Complete this question by entering your answers in the tabs below. Ping Chung Capital Income Statement Stmt of Owners Eqty Balance Sheet Analyze Determine the balance for Ping Chung, Capital, April 1, 20X1. Ping Chung, Capital, April 1, 20X1 Critical Thinking Problem 2.1 (Algo) Financial Statements LO 2-3, 2-4 The following account balances are for Ping Chung, Certified Public Accountant, as of April 30, 20X1. Cash Accounts receivable Maintenance expense Advertising expense Fees earned Ping Chung, Capital, April 1 Salaries expense Machinery Accounts payable Ping Chung, withdrawals for April $120,000 48,000 20,600 16,66 ? 57,500 89,500 52,800 30,500 120,499 Required: Determine the balance for Ping Chung, Capital, April 1, 20X1. Prepare an income statement and a statement of owner's equity for the month ended April 30, 20X1, and a balance sheet for April 30, 20X1. Complete this question by entering your answers in the tabs below. Ping Chung Capital Income Statement Stmt of Owners Eqty Balance Sheet Analyze Prepare an income statement for the month of April 30, 20X1. PING CHUNG, CERTIFIED PUBLIC ACCOUNTANT Income Statement Month Ended April 30, 20X1 Revenue Fees earned 120,400 Expenses Salaries expense Maintenance expense Advertising expense 57,500 20,600 16,660 Total expenses $ 94,760 25,640 $ Critical Thinking Problem 2.1 (Algo) Financial Statements LO 2-3, 2-4 The following account balances are for Ping Chung, Certified Public Accountant, as of April 30, 20X1. Cash $120,000 48,000 20,600 16,660 120,400 Accounts receivable Maintenance expense Advertising expense Fees earned Ping Chung, Capital, April 1 Salaries expense Machinery Accounts payable Ping Chung, withdrawals for April 57,500 89,500 52,800 30,500 Required: Determine the balance for Ping Chung, Capital, April 1, 20X1. Prepare an income statement and a statement of owner's equity for the month ended April 30, 20X1, and a balance sheet for April 30, 20X1. Complete this question by entering your answers in the tabs below. Stmt of Ping Chung Capital Income Statement Owners Eqty Balance Sheet Analyze Prepare a balance sheet for Ping Chung, Certified Public Accountant, as of April 30, 20X1. PING CHUNG, CERTIFIED PUBLIC ACCOUNTANT Balance Sheet April 30, 20X1 Liabilities Machinery Assets Owner's Equity Total Assets $ 0 Total Liabilities and Owner's Equity $ 0 Critical Thinking Problem 2.1 (Algo) Financial Statements LO 2-3, 2-4 The following account balances are for Ping Chung, Certified Public Accountant, as of April 30, 20X1. $120,000 48,000 20,600 16,660 Cash Accounts receivable Maintenance expense Advertising expense Fees earned Ping Chung, Capital, April 1 Salaries expense Machinery Accounts payable Ping Chung, withdrawals for April 120,400 57,500 89,500 52,800 30,500 Required: Determine the balance for Ping Chung, Capital, April 1, 20X1. Prepare an income statement and a statement of owner's equity for the month ended April 30, 20X1, and a balance sheet for April 30, 20X1. Complete this question by entering your answers in the tabs below. Income Ping Chung Capital Stmt of Owners Eqty Balance Sheet Statement Analyze What net change in owner's equity occurred during the month of April? (Decreases in equity should be indicated by a minus sign.) Net change in owner's equity