Requirement 1. Analyze the effects of the preceding transactions on the accounting equation of Taylor 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. For transaction "g", enter the amounts into the accounting equation as one transaction. After all transactions have been entered, calculate the each account, total assets, and total liabilities and stockholders' equity. (Use parentheses or a minus sign when decreasing accounts. If an input field is not used in the table leave the field empty; do not enter a zero.) September 30, 2021 financial position Bal (a) (b) (c) (d) (e) (f) (g) (h) Bal Total Cash 2,100 Assets Accounts +Receivable + Supplies + Equipment Equipment 12,500 = 3,450 Accounts Stockholders' Equity Common Retained Payable + Stock + Earnings 3,850 8,500 5,700 Liabilities Type of Equity Transaction Cash Ball 2,100 Assets Accounts +Receivable + Supplies + Equipment 3,450 12,500 Requirement 2. Prepare the income statement of Taylor Computing, Inc., for the month ended October 31, 2021. List expenses in decreasing order by amount. 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 minus sign for a net loss.) Review the accounting equation completed in Requirement 1. Taylor Computing, Inc. Income Statement Month Ended October 31, 2021 Transactions = = Liabilities Accounts Stockholders' Equity Common Retained Payable + Stock + Earnings 8,500 5,700 3,850 + X a. The company received cash of $4,500 and issued common stock. b. Performed services for a customer and received cash of $6,400. c. Paid $4,900 on accounts payable. d. Purchased supplies on account, $600. e. Collected cash from a customer on account, $2,000. f. Consulted on the design of a computer system and billed the customer for services rendered, $4,800. g. Recorded the following business expenses for the month: (1) paid office rent- $1,700; (2) paid advertising-$900. (Record the cash amount as a total and identify and record any other amounts separately.) h. Declared and paid a cash dividend of $3,000. X 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 Review the accounting equation completed in Requirement 1. Add: Subtotal Less: Taylor Computing, Inc. Statement of Retained Earnings Month Ended October 31, 2021 CIES retained earnings. (Use parentheses or a minus sign for a net loss. Include a subtotal after the "Add" line of the statement.) Requirement 4. Prepare the balance sheet of Taylor 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 sections. If an input field is not used in the statement leave the field empty; do not select a label or enter a Review the accounting equation completed in Requirement 1. Total assets Assets Taylor Computing, Inc. Balance Sheet October 31, 2021 Liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity
