Olivia's Apple Orchard had the following transactions during the month of September, the first month in business. Complete the chart to determine the ending balances. As an example, the first transaction has been completed. For those boxes in which you must enter subtractive or negative numbers use a minus sign. If an amount box does not require an entry, leave it blank. Owner's Transaction Amount Liability Equity Amount owed for land purchase $52,000 $52,000 $52,000 $0 Apple sales: cash 3,200 Asset Apple sales: credit 6,500 Collections of credit sales 4,400 Cash purchase of equipment 15,000 Owner investments 30,000 Wages expenses paid 6,400 Fuel expenses paid 300 Amount owed for utility expense 1,100 Current Totals Next > Check My Work Olivia's Apple Orchard had the following transactions during the month of September, the first month in business. Transaction Amount Amount owed for land purchase $51,000 Apple sales: cash 3,400 Apple sales: credit 6,400 Collections of credit sales 4,300 Cash purchase of equipment 13,000 Owner investments 26,000 Wages expenses paid 6,100 Fuel expenses paid 300 Amount owed for utility expense 1,200 Determine the amount of revenue and expenses for Olivia's Apple Orchard for the month of September Revenue $ Expenses $ Check My Work Each situation below relates to an independent company's owners' equity. A. Calculate the missing values. For those boxes in which you must enter subtractive or negative numbers use a minus sign. If an amount box does not require an entry, leave it blank. Net Beginning Balance Ending Balance + Income Net Loss + Investments Distributions Co.1 $17,000 $0 $22,300 $2,250 $37,050 Co. 2 $63,680 $0 $12,000 $0 $44,880 Co. 3 $275,300 $0 $0 $24,100 $299,400 B. Which of the following correctly categorizes the three companies? a. Co. 1 is a new company: Co. 2 is a poorly-performing established company; Co. 3 is a mature company with strong financial performance. b. Co. 2 is a new company; Co. 3 is a poorly performing established company: Co. 1 is a mature company with strong financial performance. c. co. 3 is a new company: Co. 1 is a poorly-performing established company; Co. 2 is a mature company with strong financial performance. d. Co. 1 is a new company: Co. 3 is a poorly performing established company: Co. 2 is a mature company with strong financial performance. Check My Work Previous Next > Prepare a statement of owner's equity using the information provided for Pirate Landing for the month of October 2018. Cash $15,500 Pirate Pete, Capital Oct. 1 56,000 Net loss Oct. 2018 7,600 Owner investments 1,500 Wages payable 3,500 Supplies expense 1,500 Owner withdrawals 100 Pirate Landing Statement of Owner's Equity For the Month Ended October 31, 2018 Pirate Pete, Capital Oct. 1 Increases: Total Increases Decreases: Total Decreases Pirate Pete, Capital October 31 Check My Work
