Rudy Gandolfi owns and operates Rudy's Furniture Emporium Inc. The balance sheet totals for assets, liabilities, and stockholders' equity at August 1, 2019, are as indicated. Described here are several transactions entered into by the company throughout the month of August. Required: a. 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 indicate the financial statement effect b. How much were total revenues and total expenses during August? What was the amount of net income (or loss) during August? c. What were the net changes during the month of August in total assets, total liabilities, and total stockholders' equity? d. Which of the following statement(s) is/are true? Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Indicate the amount and effect of each transaction on total assets, total liabities and total stockholders' equity, and then compute the new totals for each category. The first transaction is provided as an illustration indicate the financial statement effect. Enter decreases with a minus sign to indicate a negative financial statement offect. Leave no cells blank. Enter wherever necessary Assets Liabilities . Stockholders' Equity 200 000 S 500 000 50 000 0 000 5 550.000 220.000 August 1, 2019 totals August 3, borrowed 550 000 in cash from the bank News August 7 bought merchandise inventory valued at $75.000 accoun New totals Aug 10 paid $25 000 cash for operating expenses New totals August 14 received 5120 000 in cash from sales of merchand 750000 5 SE DO 0 000 550.000 200.000 90.000 550.000 $ 200 000 New totals August 17 pald 560 000 owed on accounts payable August 21. cobec 5 000 accounts receivable August 24. repaid 530,000 to the bank plus 51 000 interest Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D 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. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect. Leave no cells blank. Enter "o" wherever necessary.) Assets $ 700.000 50,000 750,000 La Stockholders' Equity $ 500,000 $ 200,000 50,000 $ 550,000S 220,000 $ August 1, 2019 totals August 3, borrowed 550,000 in cash from the bank New totals August 7 bought merchandise inventory valued at $75.000 on account New totals August 10. paid $25 000 cash for operating expenses 750 000 $ 550 000 200 000 News S 750 000 $ 550 000 $ 200.000 August 14, received $120,000 in cash from sales of merchandise that had cost $72.000 $ 750,000 $ 550,000 $ 200000 Now totals August 17. paid $60.000 owed on accounts payable New total 750.000 $ 550.000 $ 200 000 S 750 000 550 000 $ 200.000 August 21, collected $44000 of accounts receivable New totals August 24 repaid 30 000 to the bank p 51 000 trest New totals August 29. paid Rudy Gandolfi a cash and of $15.000 August 31, 2019 total $ 750 000 S 550.000 S 200.000 S 750 000 $ 550,000 $ 200,000 Required B >
