Question 2 [50 points]

Zcom Inc. began operations on January 1, 2014. The transactions for the first month follow.

1. A shareholder paid Zcom Inc. $60,000 cash for share capital in the business.
2. A client rented equipment for $5,000 cash.
3. Zcom Inc. collected $700 for commissions earned today.
4. Zcom Inc. purchased $700 of supplies on credit.
5. Provided consulting services to a customer and collected $200.
6. Zcom Inc. paid this month's $450 utilities bill received today.
7. The $1,000 bill for the advertising campaign that ran last week was received today. It will be paid within 30 days.
8. Zcom Inc. bought $900 of supplies paying $200 cash and $700 on account.
9. Zcom Inc. paid $600 for supplies purchased today.
10. Zcom Inc. paid dividends of $1,700 to the shareholders.

Fill out the following table, according to the transactions above. Select the headings for each column by clicking on the appropriate cell. Also indicate next to each change in equity (in the explanation column) whether it was caused by issuance of share capital (investment), a revenue, an expense or payment of dividends. Identify revenues and expenses by name. Calculate the total balance for each column (no + or - sign is required for totals).

In addition to this, I MUST LEARN HOW TO MAKE AN income statement, a statement of changes in equity and a balance sheet for the month ended January 31.

a) Complete the following accounting equation table:

lifa1.lyryx.com/student-servlets/LabServlet?ccid=7845 Date: 2020-11-07 Question 2 [50 points] Zcom Inc. began operations on January 1, 2014. The transactions for the first month follow. a. A shareholder paid Zcom Inc. $60,000 cash for share capital in the business. b. A client rented equipment for $5,0 c. Zcom Inc. collected $700 for commissions earned today d. Zcom Inc. purchased $700 of supplies on credit. e. Provided consulting services to a customer and collected $200. m Inc. paid this month's $450 utilities bill received today. 9. The $1,000 bill for the advertising campaign that ran last wee an last week was received today. It will be paid within 30 days. h. Zcom Inc. bought $900 of supplies paying $200 cash and $700 on account. Inc. paid $600 for supplies purchased today. j. Zcom Inc. paid dividends of $1,700 to the shareholders. Fill out the following table, according to the transactions above. Select the headings for each column by clicking on the appropriate cell. Also indicate next to each change in equity (in the explanation column) whether it was caused by issuance of share capital (investment), a revenue, an expense or payment of dividends. Identify revenues and expenses by name. Calculate the total balance for each column (no + or - sign is required for totals). In addition to this, prepare an income statement, a statement of changes in equity and a balance sheet for the month ended January 31. ) Complete the following accounting equation table: = Liabilities Equity +Share Capital + Retained Earnings Explanation b) Complete the following income statement: Zcom Inc. Income Statement For the Month Ended January 31, 2014 +4 X X HK X HH X 4 4 X HK x HH - c) Complete the following statement of changes in equity: Zcom Inc. Statement of Changes in Equity ded January 31, 2014 Share Retained Total Capital Earnings Equity X HH X 1 X HH X KE ) Complete the following balance sheet: Zcom Inc. Balance Sheet X JH January 31, 2014 X + - x 4 X HF F X