Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help me in this answer it Natalie Gold is the owner of the marketing agency Vivid Voice. The company focuses on online consulting services,

please help me in this answer it
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Natalie Gold is the owner of the marketing agency Vivid Voice. The company focuses on online consulting services, such as online marketing campaigns and blog services. The June transactions for Vivid Voice resulted in totals at June 30, 2020, as shown in the following accounting equation format: Assets > Liabilities + Equity Accounts Accounts 7:12 Explanation of Equity Transaction Cash Receivable Supplies+ Equipment $8,000 + $3,200 $3,900 Natalie +Gold, Capital $17,600 Payable $6,000 $8,500 During July, the following occurred: a. Collected $1,000 from a credit customer. b. Paid $3,500 for equipment purchased on account in June. c. Did work for a client and collected cash; $3,100. d. Pald a part-time consultant's wages: $1,150. e. Paid the July rent; $3,200. f. Paid the July utilities: $1,600. g. Performed services for a customer on credit; $2,600. h. Called an information technology consultant to fix the agency's photo editing software in August; it will cost $550. 1. Show the effects of the activities listed in (a) through (h). For each transaction that affects equity, select 1. Show the effects of the activities listed in (a) through (h). For each transaction that affects equity, select the appropriate description beside it (owner investment, owner withdrawal, revenue, expenses provided in the dropdown). (Enter all amounts as positive values. If the transaction/event does not affect equity or do not require a journal entry, select "No Affect on Equity" in the 'Explanation of equity transaction' field.) Assets Liabilities Accounts Payable Accounts Receivable Equity Natalie Gold, Capital Cash Supplies Equipment. Explanation of Equity Transaction Bal + $8,000 + $3,200 + $ 8,500 $17.600 a b d 9 t 9 h. Totals $3,900 + $6,000 * 2. Prepare an income statement for July 2020. VIVID VOICE Income Statement For Month Ended July 31, 2020 Revenues: Operating expenses: Total operating expenses 3. Prepare an statement of changes in equity for July 2020. VIVID VOICE Statement of Changes in Equity For Month Ended July 31, 2020 Natalie Gold, capital, July 1 Natalie Gold, capital, July 31 4. Prepare an balance sheet for July 2020. VIVID VOICE Balance Sheet July 31, 2020 Assets Total assets Liabilities Equity Total liabilities and equity Analysis Component: Review Gold's balance sheet. How much of the assets are financed by Gold? How much of the assets are financed by debt? (Do not round intermediate calculations.) Assets financed by Natale Gold Assets financed by debt

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Core Concepts Of Accounting Information Systems

Authors: Nancy A. Bagranoff, Mark G. Simkin, Carolyn Strand Norman

11th Edition

9780470507025, 0470507020

More Books

Students also viewed these Accounting questions

Question

=+ c. What happens to investment in Oceania?

Answered: 1 week ago