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i need the answer and explation for required 4 please. Fargo Company operates a pet grooming service. On August 1 of the current year, the
i need the answer and explation for required 4 please.
Fargo Company operates a pet grooming service. On August 1 of the current year, the firm's account balances were as follow During August the following transactions occurred: Aug. 6 Rendered services for various clients on account for $10,890. Aug. 13 Received $2,500 on account from clients. Aug. 18 Paid $4,080 on accounts payable. Aug. 18 Paid miscellaneous expenses, $1,200. Aug. 31 Determined that $4,080 insurance premiums expired during August Aug. 31 Determined that supplies on hand at August 31 amounted to $10,890 Required 1: What is the proper balance of Supplies Expense showing on August 31st income statement? \$ Required 2: What is the proper amount of Prepaid Insurance showing on August 31st balance sheet? \$ Required 3: If these were all the transactions, what is the Net Income (loss) for the period? \$ Required 4: If these were all the transactions, what is the amount of total assets at the end of the period? \$ Required 5: If these were all the transactions, what is the amount of total liabilities at the end of the period? $ Required 6: If these were all the transactions, what is the amount of total owner's equity at the end of the period? $Step by Step Solution
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