DLite Dry Cleaners is owned and operated by Joel Palk A building and equipment are currently being rented, pending expansion to new facilities The actual work of dry cleaning is done by another company at wholesale rates Theassetsand theliabilitiesof thebusinesson July 1, 2016, are as follows Cash, $47,000 Accounts Receivable, $95,000 Supplies, $8,600 Land, $76,000 Accounts Payable, $30,000 Business transactionsduring July are summarized as follows A Joel Palk invested additional cash in the business with a deposit of $34,000 in the business bank account B Paid $50,000 for the purchase of land adjacent to land currently owned by DLite Dry Cleaners as a future building site C Received cash from cash customers for dry cleaning revenue, $32,375 D Paid rent for the month, $6,000 E Purchased supplies on account, $2,200 F Paid creditors on account, $22,600 G Charged customers for dry cleaning revenue on account, $86,750 H Received monthly invoice for dry cleaning expense for July (to be paid on August 10), $28,800 I Paid the following wages expense, $8,200 truck expense, $2,000 utilities expense, $1,900 miscellaneous expense, $2,300 J Received cash from customers on account, $90,000 K Determined that the cost of supplies on hand was $5,300 therefore, the cost of supplies used during the month was $5,500 L Withdrew $13,000 cash for personal use Required 1 Determine the amount of Joel Palks capital as of July 1 of the current year 2 The assets, liabilities, and owners equityas of July 1 are stated in equation form similar to that shown in this chapter In tabular form below the equation, indicate increases and decreases resulting from each transaction and the new balances after each transaction 3 Prepare an income statementfor July, a statement of owners equityfor July, and a balance sheetas of July 31 4 Prepare a statement of cash flowsfor July Refer to the Accountsin the accounting equation grid and to the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries Be sure to complete the statement heading If a net loss has been incurred, enter that amount as a negative number using a minus sign Enter amounts that represent cash outflows as a negative number using a minus sign You will not need to enter colons ( ) or the word Deducton the statements

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DLite Dry Cleaners is owned and operated by Joel Palk. A building and equipment are currently being rented, pending expansion to new facilities. The actual

DLite Dry Cleaners is owned and operated by Joel Palk. A building and equipment are currently being rented, pending expansion to new facilities. The actual work of dry cleaning is done by another company at wholesale rates. Theassetsand theliabilitiesof thebusinesson July 1, 2016, are as follows: Cash, $47,000;Accounts Receivable, $95,000; Supplies, $8,600; Land, $76,000;Accounts Payable, $30,000.Business transactionsduring July are summarized as follows:

A.	Joel Palk invested additional cash in the business with a deposit of $34,000 in the business bank account.
B.	Paid $50,000 for the purchase of land adjacent to land currently owned by DLite Dry Cleaners as a future building site.
C.	Received cash from cash customers for dry cleaning revenue, $32,375.
D.	Paid rent for the month, $6,000.
E.	Purchased supplies on account, $2,200.
F.	Paid creditors on account, $22,600.
G.	Charged customers for dry cleaning revenue on account, $86,750.
H.	Received monthly invoice for dry cleaning expense for July (to be paid on August 10), $28,800.
I.	Paid the following: wages expense, $8,200; truck expense, $2,000; utilities expense, $1,900; miscellaneous expense, $2,300.
J.	Received cash from customers on account, $90,000.
K.	Determined that the cost of supplies on hand was $5,300; therefore, the cost of supplies used during the month was $5,500.
L.	Withdrew $13,000 cash for personal use.

Required:

Determine the amount of Joel Palks capital as of July 1 of the current year.

The assets, liabilities, andowners equityas of July 1 are stated in equation form similar to that shown in this chapter. In tabular form below the equation, indicate increases and decreases resulting from each transaction and the new balances after each transaction.

Prepare anincome statementfor July, astatement of owners equityfor July, and abalance sheetas of July 31.*

Prepare astatement of cash flowsfor July.*

* Refer to theAccountsin the accounting equation grid and to the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. If a net loss has been incurred, enter that amount as a negative number using a minus sign. Enter amounts that represent cash outflows as a negative number using a minus sign. You will not need to enter colons (:) or the wordDeducton the statements.