Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I can not for the life of me figure out the net increase in the owners equity could someone please help me out and what

I can not for the life of me figure out the net increase in the owners equity could someone please help me out and what steps i need to take thank you

image text in transcribed ASSIGNMENT RESOURCES Exercise 1-08 reen Shot Scree Unit 1 Lab 0...49.42 AM 2020-0. Learning Activities Your answer is partially correct. Try again. 114 Exercise An analysis of the transactions made by Pharoah & Co., a certified public accounting firm, for the month of August is shown below. The expenses were 1-08 $750 for rent, $4,400 for salaries and wages, and $380 for utilities. Exercise reen Shot Scree 1-11 Accounts Accounts Owner's Owner's 0...46.56 AM 2020-0.. (Video) Cash + Receivable + Supplies + Equipment = Payable + Capital - Drawings + Revenues - Expenses Review 1. +$14,700 +$14,700 Score 2. -1,200 +$4,000 +$2,800 Review Results by 3. -700 +$700 Study 4. +5,300 +$3,100 +$8,400 freen Shot Screen Objective -0...44.51 PM 2020-0... 5 . -1,700 -1,700 6. -3,000 -$3,000 7. -750 -$750 8 . +500 -500 9 . -4,400 -4,400 reen Shot Screen -0....28.51 PM 2020-0.... 10. +380 -380 (b) Determine how much owner's equity increased for the month. creen Shot Screen x -0....52.11 PM 2020-0...5 Net increase in owner's equity 17570 (c) Compute the amount of net income for the month. creen Shot Screen S -0...47.40 PM 2020-0...56. Net income 2870

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

Financial Reporting And Analysis

Authors: Lawrence Revsine, Daniel Collins

4th Edition

0073527092, 978-0073527093

More Books

Students also viewed these Accounting questions

Question

An improvement in the exchange of information in negotiations.

Answered: 1 week ago

Question

1. Effort is important.

Answered: 1 week ago