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just can't figure it out as far as owners equity The following account balances are for Ping Chung, Certified Public Accountant, as of April 30,
just can't figure it out as far as owners equity
The following account balances are for Ping Chung, Certified Public Accountant, as of April 30, 20X1. Cash Accounts receivable Maintenance expense Advertising expense Fees earned Ping Chung, Capital, April 1 Salaries expense Machinery Accounts payable Ping Chung, withdrawals for April $120,000 48,000 18,400 15,560 107,200 ? 52,000 84,000 52,800 27, 200 Required: Determine the balance for Ping Chung, Capital, April 1, 20X1. Prepare an income statement and a statement of owner's equity for the month ended April 30, 20X1, and a balance sheet for April 30, 20X1. Required: Determine the balance for Ping Chung, Capital, April 1, 20X1. Prepare an income statement and a statement of owner's equity for the month ended April 30, 20X1, and a balance sheet for April 30, 20X1. Complete this question by entering your answers in the tabs below. Income Ping Chung Capital Stmt of Owners Eqty Statement Balance Sheet Analyze Determine the balance for Ping Chung, Capital, April 1, 20X1. Ping Chung, Capital, April 1, 20X1 PING CHUNG, CERTIFIED PUBLIC ACCOUNTANT Income Statement Month Ended April 30, 20X1 Revenue Fees earned $ 107,200 $ Expenses Maintenance expense Advertising expense Salaries expense 18,400 15,560 52,000 $ Total expenses Net income 85,960 21.240 $ s Ping Chung Capital Stmt of Owners Eqty Ping Chung Capital Income Statement Stmt of Owners Eqty Analyze Balance Sheet Prepare a statement of owner's equity for the month of April 30, 20X1. PING CHUNG, CERTIFIED PUBLIC ACCOUNTANT Statement of Owner's Equity Month Ended April 30, 20X1 Ping Chung, Capital, April 1, 20X1 Net income for April $ 21,240 Less: Withdrawals for April 27,200 Decrease in Capital Ping Chung, Capital, April 30, 20X1 $ (5,960) (5,960) $ Income Statement Balance Sheet > Prepare a balance sheet for Ping Chung, Certified Public Accountant, as of April 30, 20X1. PING CHUNG, CERTIFIED PUBLIC ACCOUNTANT Balance Sheet April 30, 20X1 Liabilities Assets S 52.300 Cash $ Accounts receivable 120,000 Accounts payable 48,000 84,000 Owner's Equity Ping Chung. Capital Machinery S 199 200 $ $ Total Assets 252,000 Total Liabilities and Owner's Equity 252.000 Stmt of Owners Eqty Analyze > Ping Chung Capital Income Statement Stmt of Owners Eqty Balance Sheet Analyze What net change in owner's equity occurred during the month of April? (Decreases in equity should be indicated by a minus sign.) Net change in owner's equity
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