Answered step by step
Verified Expert Solution
Question
1 Approved Answer
From the last four columns of this partial worksheet for Lawson's Nails, complete the three financial statements: (Click the icon to view the partial worksheet.)
From the last four columns of this partial worksheet for Lawson's Nails, complete the three financial statements: (Click the icon to view the partial worksheet.) Begin by preparing the income statement for September. (If a box is not used in the income statement, leave the bo Lawson's Nails Income Statement For Month Ended September 30, 201X Cash Revenue: Cash Operating Expense: Advertising Expense 260 Rent Expense 500 Salaries Expense 660 Nail Supplies 135 Depreciation Expense, Salon Equip. 240 Total Operating Expenses Net income 5600 1735 3865 Prepare a statement of owner's equity for September. (There were no new investments from the owner during the a Lawson's Nails Statement of Owner's Equity For Month Ended September 30, 201X P. Lawson, Capital, September 30, 201X Less: in Capital Accounts Receivable Nail Supplies Salon Equipment Accounts Payable P. Lawson, Capital Lawson's Nails Partial Worksheet For Month Ended September 30, 201X Income Statement Balance Sheet Dr. Cr. Dr. Cr. 5,600 1,700 410 1,200 1,000 P. Lawson, Withdrawals 150 7,320 Nail Fees Advertising Expense 2,100 240 Rent Expense Salaries Expense 500 660 Nail Supplies Expense 135 Depreciation Expense, Salon Equip. 240 Accumulated Depreciation, Salon Equip. Salaries Payable Totals Net income 240 175 1,775 325 2,100 9,060 8,735 325 2,100 2,100 9,060 9,060 Totals Print Done Prepare the balance sheet. Complete the asset portion of the statement in this step, and then complete the liabilities and owner's equity portion of the statement in the following step. (For the asset portion of the statement, select the long-term asset account(s) last.) Assets Less: Lawson's Nails Balance Sheet September 30, 201X Liabilities and Owner's Equity Liabilities Total liabilities Owner's Equity Total Assets Total Liabilities and Owner's Equity
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started