List of Accounts: Requirement#2
- Alana Pivone Attorney
- Balance Sheet
- Income Statement
- Statement of Owners Equity
- March 31, 2018
- Month end March 31, 2018
- Expenses, Revenues, Total Assets, Total Expenses, Total Liabilities and owners equity.
- Accounts Payable, Accounts Receivable, Computer, Misc Expense, Office supplies, Pivone Capital, Pivone withdraws, service revenue, utilities expense.
Alana Pivone recently opened her own law office on March 1, which she operates as a sole proprietorship. The name of the new entity is Alana Pivone, Attorney. Pivone experienced the following events during the organizing phase of the new business and its first month of operation, March 2018. Some of the events were personal and did not affect the law practice. Others were business transactions and should be accounted for by the business. (Click the icon to view the transactions.) Read the requirements Requirement 1. Analyze the effects of the preceding events on the accounting equation of Alana Pivone, Attorney. Analyze the events chronologically, one transaction at a time, beginning with the transaction on the 1st. For each transaction that follows the transaction on the 2nd, calculate the balance in each account after analyzing its effect on the accounting equation. After calculating the ending balance of each account on the 31st, calculate total assets and total liabilities and equity. (Complete only the necessary answer boxes for your transaction lines. [Do not enter any zeros for your transaction lines.] If a transaction is personal and does not affect the business, leave the transaction line blank. Carry down all balances to the "Bal." line, including zero balance accounts, entering a "0" for any zero balances. Enter a decrease in an account with a minus sign or parentheses. Abbreviations used: A/P = Accounts Payable: A/R = Accounts Receivable: Cap. = Pivone, Capital: Comp. = Computer. Exp. = Expense; Liab. = Liabilities: Misc. = Miscellaneous; Rev. = Revenue: Sup. = Supplies: Util. = Utilities: Withdr. = Pivone. Withdrawals.) ASSETS LIAB. + EQUITY Cash + AR + Office + Comp. = A/P + Cap - Withdr. + Service- Util - Misc. Sup Rev. Exp. . 3/1 + + + + + + 3/2 + Bal + + + + 3/3 + + Bal. + + + + + - X 3/5 +1 + + + Requirements Bal + + + + + 3/7 + + Bal. + + + 3/9 + 1. Analyze the effects of the preceding events on the accounting equation of Alana Pivone, Attorney 2. Prepare the following financial statements: a. Income statement. b. Statement of owner's equity. c. Balance sheet d. Statement of cash flows. Bal. + 3/15 + Bal + 3/23 + + Print Done Bal + + 3/28 + + Bal. + + 3/30 + + + Bal + + 3/31 + + Bal. + 3/31 + + Bal. Tot Requirement 2. Prepare the financial statements. a. Income statement. (If a box is not used in the table leave the box empty, do not select a label or enter a zero.) Review the ending balances of the accounts from Requirement 1. Net Income b. Statement of owner's equity Enter any increases in capital prior to the subtotal and any decreases to capital below the subtotal. (Enter a "U" for any zero balances.) Review the ending balances of the accounts from Requirement 1. Pivone, Capital, March 1, 2018 Pivone Capital, March 31, 2018 c. Balance sheet. (If a box is not used in the table leave the box empty, do not select a label or enter a zero.) Review the ending balances of the accounts from Requirement 1. Assets Liabilities Owner's Equity d. Statement of cash flows Complete the statement one section at a time, beginning with the heading and cash flows from operating activities. (Use a minus sign or parentheses for amounts that result in a decrease in cash. If a box is not used in the table leave the box empty, do not select a label or enter a zero. Complete all answer boxes for subtotals and the final cash section, though. Enter a 'O' for any zero subtotal or cash balance. Cash flows from operating activities: Receipts. Payments d. Statement of cash flows. Complete the statement one section at a time, beginning with the heading and cash flows from operating activities. (Use a minus sign or parentheses for amounts that result in a decrease in cash. If a box is not used in the table leave the box empty: do not select a label or enter a zero. Complete all answer boxes for subtotals and the final cash section, though. Enter a "O" for any zero subtotal or cash balance.) Cash flows from operating activities: Receipts: Payments: Acquisition of land Collections from customers Casl Owner contributions Owner withdrawals Purchase of equipment To employees To suppliers TELS PRUVIVU U U U ULIVILE Cash flows from financing activities: Net cash provided (used) by financing activities Net increase (decrease) in cash Cash balance, March 1, 2018 Cash balance, March 31, 2018 X More Info Mar. 1 Sold personal investment in Amazon.com stock, which she had owned for several years, receiving 534,000 cash. 2 Deposited the $34,000 cash from the sale of the Amazon.com stock in her personal bank account. 3 Deposited $75,000 cash in a new business bank account titled Alana Pivone. Attorney. The business gave capital to Pivone. 5 Paid $350 cash for ink cartridges for the printer. 7 Purchased computer for the law office, agreeing to pay the account $5.500, within three months. 9 Received $2.800 cash from customers for services rendered. 15 Received bill from The Lawyer for magazine subscription, $390. (Use Miscellaneous Expense account.) 23 Finished court hearings on behalf of a client and submitted a bill for legal services. $11,000, on account. 28 Paid bill from The Lawyer. 30 Paid utilities, $1.300. 31 Received $1.800 cash from clients billed on March 23 31 Pivone withdrew cash of $1.500. Print Done
