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Rudy Gandolfi owns and operates Rudy s Furniture Emporium Incorporated. The balance sheet totals for assets, liabilities, and stockholders equity at August 1 , 2
Rudy Gandolfi owns and operates Rudys Furniture Emporium Incorporated. The balance sheet totals for assets, liabilities, and stockholders equity at August are as indicated. Described here are several transactions entered into by the company throughout the month of August.
Required:
Indicate the amount and effect of each transaction on total assets, total liabilities, and total stockholders' equity, and then compute the new totals for each category. The first transaction is provided as an illustration.
What was the amount of net income or loss during August? How much were total revenues and total expenses during August?
What were the net changes during the month of August in total assets, total liabilities, and total stockholders' equity?
Which of the following statements isare true?
Indicate the amount and effect of each transaction on total assets, total liabilities, and total stockholders' equity, and then compute the new totals for each category. The first transaction is provided as an illustration.
Note: Enter decreases with a minus sign to indicate a negative financial statement effect. Leave no cells blank. Enter wherever necessary.
Assets Liabilities Stockholders' Equity
August totals $ $ $
August borrowed $ in cash from the bank
New totals $ $ $
August bought merchandise inventory valued at $ on account
New totals $ $ $
August paid $ cash for operating expenses
New totals $ $ $
August received $ in cash from sales of merchandise that had cost $
New totals $ $ $
August paid $ owed on accounts payable
New totals $ $ $
August collected $ of accounts receivable
New totals $ $ $
August repaid $ to the bank, plus $ interest
New totals $ $ $
August paid Rudy Gandolfi a cash dividend of $
New totals $ $ $
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