Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please help! due tonight 10pm Transactions; Financial Statements on April 1, 20Y8, Maria Adams established Custom Realty, Maria completed the following transactions during the month
please help! due tonight 10pm
Transactions; Financial Statements on April 1, 20Y8, Maria Adams established Custom Realty, Maria completed the following transactions during the month of April a. Opened a business bank account with a deposit of $23,000 in exchange for common stock. b. Purchased supplies on account, $2,300. c. Paid creditor on account, $1,460 d. Earned sales commissions, receiving cash, $23,480. e. Paid rent on office and equipment for the month, $4,600. f. Paid dividends, $7,000. g. Paid automobile expenses for month, $2,210, and miscellaneous expenses, $1,060. h. Paid office salaries, $2,770. i. Determined that the cost of supplies on hand was $770; therefore, the cost of supplies used was $1,530. Required: 1. Indicate the effect of each transaction and the balances after each transaction. For those boxes in which no entry is required, leave the box blank. If required, enter negative values as negative numbers ust Assets - Liabilities + Stockholders Equity Sales Accounts Common Dividends Commissions Cash Supplies Payabletock Auto Supplies Miscellaneous -Rent Expense Rent Expense Salaries Expense Expense Expense b. Bal. Bal. Bal Bal. Bal Bal. h. Bal. 2. Prepare an income statement for April. Custom Realty Income Statement For the Month Ended April 30, 20Y8 Expenses Total expenses Prepare a statement of stockholders equity for April. If an amount is zero, enter o". For those boxes in which you must enter subtracted or n ose boxes in which you must enter subtracted or negative numbers use a minus sign Custom Realty Statement of Stockholders' Equity For the Month Ended April 30, 20Y8 Common Stock Retained Earnings Total Prepare a balance sheet as of April 30 Custom Realty Prepare a balance sheet as of April 30 Custom Realty Balance Sheet Assets Total assets Total stockholders' equity Total liabilities and stockholders' equityStep 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