Answered step by step
Verified Expert Solution
Question
00
1 Approved Answer
please do all parts. Here are the transactions this everything provided to me in the question September 30, 2021 financial position Assets Accounts Cash +
please do all parts. Here are the transactions this everything provided to me in the question September 30, 2021 financial position Assets Accounts Cash + Receivable + Supplies + Equipment m 3,600 12,400 Print Bal 2,000 # Done Liabilities + Accounts Payable + 8,400 Stockholders' Equity Retained Earnings 4,100 Common Stock 5,500 + I x Requirement 1. Analyze the effects of the preceding transactions on the accounting equation of Davis Computing, Inc. Enter the transactions in the accounting equation, beginning with transaction "a." For transactions that affect stockholders' equity, select the type of equity transaction. After all transactions have been entered, calculate the ending balance of each account, total assets, and total liabilities and stockholders' equi used in the table leave the field empty; do not enter a zero.) Assets Liabilities Stockholders' Equity Accounts Accounts Retained Common Stock + Earnings Type of Equity Transaction Cash + Receivable Supplies Equipment Payable + Bal 2,000 3,600 12,400 8,400 5,500 4,100 (b) (c) (0) ( (g) (h) Bal Total Requirement 2. Prepare the income statement of Davis Computing, Inc., for the month ended October 31, 2021. List expenses in decreasing order by amoun Select the labels and enter the amounts to complete the income statement. Remember to list expenses in decreasing order by amount. (Use parentheses or a Review the accounting equation completed in Requirement 1. Davis Computing, Inc. Income Statement Month Ended October 31, 2021 Revenues: Expenses: Net Income (loss) Requirement 3. Prepare the entity's statement of retained earnings the month ended October 31, 2021. Select the labels and enter the amounts to complete the statement of retained earnings. (Use parentheses or a minus sign for a n Review the accounting equation completed in Requirement 1. Davis Computing, Inc. Statement of Retained Earnings Month Ended October 31, 2021 Add: Subtotal Less: Requirement 4. Prepare the balance sheet of Davis Computing, Inc., at October 31, 2021. Select the labels and enter the amounts to complete the balance sheet. (Do not classify the balance sheet into current and long-term s zero.) Review the accounting equation completed in Requirement 1. Davis Computing, Inc. Balance Sheet October 31, 2021 Assets Liabilities Stockholders' Equity Total assets Total stockholders' equity Total liabilities and stockholders' equity Transactions a. The company received cash of $3,800 and issued common stock. b. Performed services for a customer and received cash of $5,800. C. Paid $4,300 on accounts payable. d. Purchased supplies on account, $1,000. e. Collected cash from a customer on account, $2,100. f. Consulted on the design of a computer system and billed the customer for services rendered, $4,300. g. Recorded the following business expenses for the month: (1) paid office rent- $1,600; (2) paid advertising-$700. (Record the cash amount as a total and identify and record any other amounts separately.) h. Declared and paid a cash dividend of $2,500. - X
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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