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If someone could help me. I would really appreciate it!! Larry Power started a new business in the name of Power Electrical on October 1,

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If someone could help me. I would really appreciate it!!

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Larry Power started a new business in the name of Power Electrical on October 1, 2023. During October, a number of activities occurred and the following totals resulted at October 31, 2023 (shown in accounting equation format): Assets = Liabilities + Equity Accounts Office Office Electrical Accounts Larry Power, Cash + Receivable + Supplies + Equip. + Equip. = Payable + Capital $39,555 -l- $7,955 + $2,855 + $37,555 + $18,555 = $27,555 + $78,255 During November, the following occurred: |_\\ Nov. Rented office space and paid cash for the month's rent of $8,166. Purchased electrical equipment for $27,666 from an electrician who was going out of business, by using $14,566 in personal funds and agreeing to pay the balance in 36 days. Purchased office supplies by paying $2,766 cash. Completed electrical work and immediately collected $2,966 for doing the work. 5 6 8 Purchased $6,166 of office equipment on credit. 5 6 Lu Completed electrical work on credit in the amount of $6,966. Interviewed and hired a part-time electrician who will be paid $6,266 each month. He will begin work in three weeks. 18 Purchased $1,966 of office supplies on credit. 26 Paid for the office equipment purchased on November 8. 24 Billed a client $5,256 for electrical work; the balance is due in 36 days. 28 Received $6,966 for the work completed on November 15. 36 Paid the office assistant's salary of $5,366. 36 Paid the monthly utility bills of $4,566. 36 Power withdrew $2,366 from the business for personal use. The following table shows the effects of each November activity on the items in the equation. Bal. Oct. 31 Nov. 1 Accounts Office Office Electrical Accounts Larry Cash Receivable Supplies Equip. Equip. Payable Power,Capital $ 39,000 5 7,900 $ 2,800 5 37,000 5 13,500 $ 27,000 $78,200 - 3,100 - 3,100 +14,500 +14,500 - 14, 599 +5 27,999 +$ 12,599 - 2,700 + 2,700 + 2,900 + 2,900 + 6,100 + 6,100 + 6,900 + 6,900 + 1,900 + 1 900 - 5,100 - 6 100 + 5,250 + 5,250 + 5,900 - 6,900 - 5,300 - 5,300 - 4,500 - 4,500 - 2,300 - 2,300 $19,399 $ 13,159 $ 7,499 $43,199 $45,599 $41,499 $97,559 $123,950 = $ 128,950 Explanation of Equity Transaction Rent expense Investment by owner Electrical fees earned Electrical fees earned Electrical fees earned Salaries expense Utilities expense withdrawal by owner Required: 1. Using the above information, prepare an income statement. Revenues: Operating expenses: $ Utilities expense _ Total operating expenses 13,400 2. Using the above information, prepare a statement of changes in equity. POWER ELECTRICAL Statement of Changes in Equity For Month Ended November 30, 2023 Larry Power, capital, November 1 Total $ 0 0 Larry Power, capital, November 303. Using the above information, prepare a balance sheet. Assets Liabilities __ l_ll_ Total assets $ 0 Total liabilities and equity $ 0

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