Answered step by step
Verified Expert Solution
Question
1 Approved Answer
More info x Requirements Nov. 1 Received $22,000 cash to begin the company and issued common stock to Alice and Zed. Signed a lease for
More info x Requirements Nov. 1 Received $22,000 cash to begin the company and issued common stock to Alice and Zed. Signed a lease for a building and paid $1,000 for the first month's rent Purchased canoes for $4,900 on account. Nov. 2 Nov. 3 Nov. 4 Purchased office supplies on account, $1,100. Nov. 7 Earned $1,900 cash for rental of canoes Nov. 13 Paid $1,700 cash for wages Nov. 15 Paid $550 dividends to stockholders Received a bill for $140 for utilities. (Use separate payable account.) Nov. 16 Nov. 20 Received a bill for $180 for cell phone expenses. (Use separate payable account.) Nov. 22 Rented canoes to Tiny Toon Watch on account. $3,500. Nov. 26 Nov. 28 Paid $2,300 on account related to the November 3, 2024, purchase. Received $1,600 from Tiny Toon Watch for canoe rental on November 22.2024. Nov. 30 Paid $750 dividends to stockholders. 1. Analyze the effects of Nature Gnome Company's transactions on the accounting equation. Include these headings: Cash, Accounts Receivable, Office Supplies, Canoes, Accounts Payable, Uslities Payable, Telephone Payable, Common Stock, Dividends, Canoe Rental Revenue, Rent Expense, Utilities Expense, Wages Expense, and Telephone Expense 2. Prepare the income statement of Nature Gnome Company for the month ended November 30, 2024 3. Prepare the statement of retained eamings for the month ended November 30, 2024 4. Prepare the balance sheet as of November 30, 2024 5. Calculate the return on assets for Nature Gnome Company for November 2024 Print Done November 1. For each transaction that follows the November 1st transaction, calculate the e ending balance of each account on November 30, calculate total assets and total linne Came town all balances to the "Ballinn
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started