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From an analysis of the owner's equity columns, compute the net income or net loss for April. Sue Kojima opened a law office on July 1, 2014. On July 31, the balance sheet showed Cash $5,000, Accounts Receivable $1,500, Supplies $500, Equipment $6,000, Accounts Payable $4,200, and Owners Capital $8,800. During August, the following transactions occurred. Collected $1,200 of accounts receivable. Paid $2,800 cash on accounts payable. Recognized revenue of $7,500 of which $3,000 is collected in cash and the balance i due in September. Purchased additional equipment for $2,000, paying $400 in cash and the balance c account. Paid salaries $2,500, rent for August $900, and advertising expenses $400. Withdrew $700 in cash for personal use. Received $2,000 from Standard Federal Bank-money borrowed on a note payable. Incurred utility expenses for month on account $270. Prepare a tabular, analysis of the August transactions beginning with July 31 balance The column headings should be as follows: Cash + Accounts Receivable + Supplied Equipment = Notes Payable + Accounts Payable + Owner's Capital Owner's Dra + Revenues - Expenses. Prepare an income statement for August, an owner's equity statement for August, a balance sheet at August 31. On June 1. Tamara Eder started Crazy Creations Co., a company that provides From an analysis of the owner's equity columns, compute the net income or net loss for April. Sue Kojima opened a law office on July 1, 2014. On July 31, the balance sheet showed Cash $5,000, Accounts Receivable $1,500, Supplies $500, Equipment $6,000, Accounts Payable $4,200, and Owners Capital $8,800. During August, the following transactions occurred. Collected $1,200 of accounts receivable. Paid $2,800 cash on accounts payable. Recognized revenue of $7,500 of which $3,000 is collected in cash and the balance i due in September. Purchased additional equipment for $2,000, paying $400 in cash and the balance c account. Paid salaries $2,500, rent for August $900, and advertising expenses $400. Withdrew $700 in cash for personal use. Received $2,000 from Standard Federal Bank-money borrowed on a note payable. Incurred utility expenses for month on account $270. Prepare a tabular, analysis of the August transactions beginning with July 31 balance The column headings should be as follows: Cash + Accounts Receivable + Supplied Equipment = Notes Payable + Accounts Payable + Owner's Capital Owner's Dra + Revenues - Expenses. Prepare an income statement for August, an owner's equity statement for August, a balance sheet at August 31. On June 1. Tamara Eder started Crazy Creations Co., a company that provides
