My Home CengageNO... eBook Print Item + 88 CengageNO... CengageNO... CengageNO... Sign Up for C... Home | Cheg Automatic Co... Transactions; financial statements Instructions Labels and Amount Descriptions First Question Accounting Equation Grid Instructions D'Lite Dry Cleaners is owned and operated by Joel Palk. A building and equipment are currently being rented, pending expansion to new facilities. The actual work of dry cleaning is done by another company at wholesale rates. The assets, liabilities, and common stock of the business on July 1, 2014, are as follows: Cash, $45.000 Accounts Recetrable, $93,000; Supplies, $7,000; Land, $75,000: Accounts Payable, $40,000: Common Stock, $60,000. Business transactions during July are summarized as follows: a Joel Pak invested additional cash in exchange for common stock with a deposit of $35,000 in the business bank account b. Paid $50,000 for the purchase of land adjacent to land currently owned by D'Lite Dry Cleaners as a future building site c. Received cash from customers for dry cleaning revenue, $32,125 d. Paid rent for the month, $6,000. e. Purchased supplies on account, $2.500 t Paid creditors on account, $22,800. a. Charged customers for dry cleaning revenue on account. $84.750. Transactions; financial statements Instructions Labels and Amount Descriptions First Question Accounting Equation Grid Instructions c. Received cash from customers for dry cleaning revenue, $32,125. d. Paid rent for the month, $6,000. e. Purchased supplies on account, $2,500. 1. Paid creditors on account, $22.800. g. Charged customers for dry cleaning revenue on account, $84,750 h. Received monthly invoice for dry cleaning expense for July (to be paid on August 10), $29,500. i. Paid the following: wages expense. $7,500; truck expense, $2,500, utilities expense, $1,300: miscellaneous expense, $2,700. Received cash from customers on account, $88,000. k. Determined that the cost of supplies on hand was $5.900; therefore, the cost of supplies used during the month was $3,600. L Paid dividends, $12,000. Required: Transactions; financial statements Instructions Labels and Amount Descriptions First Question Instructions Accounting Equation Grid k. Determined that the cost of supplies on hand was $5,900; therefore, the cost of supplies used during the month was $3,600. 1. Paid dividends, $12,000. Required: 1. Determine the amount of retained earnings as of July 1, 2014. 2 The assets, liabilities, and stockholders' equity as of July 1 are stated in equation form similar to that shown in this chapter. In tabular form below the equation, indicate increases and decreases resulting from each transaction and the new balances after each transaction. 3.a. Prepare an income statement for the month ended July 31, 2014. 3.b. Prepare a statement of stockholders' equity for the month ended July 31, 2014 3.c. Prepare a balance sheet as of July 31, 2014. 4. Prepare a statement of cash flows for July criptions First Question Accounting Equation Grid Income Statement Statement of Stockholders' Equity Balance Sheet Statement of Cash Flows First Question 1. Determine the amount of retained earnings as of July 1, 2014. S chapter. In tabular form each transaction. Instructions Labels and Amount Descriptions First Question Accounting Equation Grid Income Statement Statement of Stockholders' Equity Balance Sheet Statement of Cash Flows First Question Accounting Equation Grid 2. The assets, Nabilities, and stockholders' equity as of July 1 are stated in equation form similar to that shown in this chapter. In tabular form below the equation, indicate in Accounting Equation Grid Instructions Assets Liabilities. Accounts Accounts Cash + Receivable + Supplies +Land Payable Bal Instructions Labels and Amount Descriptions First Question Accounting Equation Grid Income Statement Statement of Stockholders' Equity Balance Sheet Statement of Cash Flows First Question Accounting Equation Grid hown in this chapter. In tabular form below the equation, indicate increases and decreases resulting from each transaction and the new balances after each transaction Liabilities + Accounts Common Retained +Landi Payable +Stock + Earnings Dividends Instructions Labels and Amount Descriptions First Question Income Statement First Question Accounting Equation Grid Accounting Equation Grid Statement of Stockholders' Equity Balance Sheet Statement of Cash Flows Bal Bal b Bal c Assets Liabilities. 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