Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

make a income statement and balance sheet for all three question. question 2nd has two parts. also make T accounts for all three questions in

make a income statement and balance sheet for all three question. question 2nd has two parts. also make T accounts for all three questions in T sheet image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
i need income statement ,balance sheet T sheet.....of these three questions first photo first quation, 2-3 photo second wuestion 3rd photo third questio
1) Borrowed $5,000 from family members and invested $10,000 of your own money to open a small photo studio. 2) Added $8,000 worth of equipment (including a computer) to the business. This was personal equipment which was fully paid for. 3) Over the course of the year, paid $2,000 to Google Ads for a business ad on a local search. 4) Over the course of the year paid $15,000 in rent. 5) Over the course of the year had $7,000 in operating expenses all paid in cash. 6) Over the course of the year made $45,000 in revenue (of which you collected $41,000 in cash with the remainder still owing to you). 7) Recognized 20% depreciation on your equipment. 8) Pulled a salary of $25,000 for yourself over the course of the year. This is a business start-up and these are the first activities of the business. Period from January 1 - January 30 1. Kamal invested $25,000 into her company's bank account to start the business. 2. Kamal bought $5,000 of inventory using cash for payment. 3. Kamal bought equipment needed for the business in the amount of $10,000 which she paid for half in cash and half as an outstanding loan to be paid back interest-free over 6 months. Build a balance sheet reflecting the events of January. Balance Sheet Period between February 1-February 28 4. Kamal had sales of $12,000 for the month: $6,000 paid in cash and $6,000 on credit. 5. Kamal paid $3,000 in cash to the company she bought the equipment from against the loan she took out in January. 6. Kamal checked her inventory at the end of the month and saw there was $2,000 remaining in stock. 7. Kamal recognized a depreciation expense of $1000 against the equipment she owned. 8. Kamal paid herself a salary of $3,000 to pay for a much-needed vacation. 2. Build a balance sheet and income statement reflecting the events of February. Balance Sheet Income Statement 1) Invested $25,000 in a new window cleaning business. 2) Bought a used truck for $10,000 (expected to last 5 years). 3) Over the course of the year bought $10,000 worth of cleaning supplies. 4) Over the course of the year made $55,000 ( $50,000 in cash, $5,000 still on credit). 5) Pulled a salary for yourself of $35,000 over the course of the year. 6) End of the year checked your inventory and noticed you only have $3,000 of cleaning supplies. 7) End of the year recognized 1 years worth of depreciation on your truck. Generate a balance sheet \& income statement after 1 year of operating

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_2

Step: 3

blur-text-image_3

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

Certified Internal Auditor CIA Practice Of Internal Auditing Part 2- 2019

Authors: Muhammad Zain

1st Edition

1093798459, 978-1093798456

More Books

Students also viewed these Accounting questions

Question

4. Are there any disadvantages?

Answered: 1 week ago

Question

3. What are the main benefits of using more information technology?

Answered: 1 week ago

Question

start to review and develop your employability skills

Answered: 1 week ago