Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need the solutions and answers of these in tables . As soon as possible. 2. Prepare an income statement for July 2023. 3. Prepare

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

I need the solutions and answers of these in tables . As soon as possible.

2. Prepare an income statement for July 2023. 3. Prepare an statement of changes in equity for July 2023. 4. Prepare an balance sheet for July 2023. Exercise 125 and 126 Effects of transactions on the accounting equation and Financial statements LO6, 7, 8 Natalie Gold is the owner of the marketing agency Vivid Voice. The company focuses on online consulting services, such as online marketing campaigns and blog services. The June transactions for Vivid Voice resulted in totals at June 30,2023, as shown in the following accounting equation format: During July, the following occurred: a. Collected $970 from a credit customer. b. Paid $3,350 for equipment purchased on account in June. c. Did work for a client and collected cash; $2,800. d. Paid a part-time consultant's wages; $1,120. e. Paid the July rent; $2,900. f. Paid the July utilities; $1,450. g. Performed services for a customer on credit, $2,450. h. Called an information technology consultant to fix the agency's photo editing software in August; it will cost $520. 1. Show the effects of the activities listed in (a) through (h). For each transaction that affects equity, select the appropriate description beside it (owner investment, owner withdrawal, revenue, expenses: provided in the dropdown). (Enter all amounts as positive values. If the transection/event does not affect equity or does not require a journal entry, select "No Affect on Equity" in the 'Explanation of equity trensection' field.) Analysis Component: Review Gold's balance sheet. How much of the assets are financed by Gold? How much of the assets are financed by debt? (Do not round intermediate calculations.) 1. Show the effects of the activities listed in (a) through (h). For each transaction that affects equity, select the appropriate description beside it (owner investment, owner withdrawal, revenue, expenses provided in the dropdown). (Enter all amounts as positive values. If the transaction/event does not affect equity or does not require a journal entry, select "No Affect on Equity" in the 'Explanation of equity transaction' field.)

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 Accounting

Authors: Harrison, Horngren, Thomas

1st Edition

0558823513, 978-0558823511

More Books

Students also viewed these Accounting questions