Answered step by step
Verified Expert Solution
Question
1 Approved Answer
S Requiemen Journal Iliai Udidlice Ledger Dalance Sheet 10 Statement Earnings The financial statements report the cumulative impact of all transactions recorded as of
S Requiemen Journal Iliai Udidlice Ledger Dalance Sheet 10 Statement Earnings The financial statements report the cumulative impact of all transactions recorded as of the financial statement date. Input the cumulative amount of a) Net Income (Loss), b) Total Assets, c) Total Liabilities, and d) Total Equity that would be reported on the financial statements immediately after each transaction is recorded. (Hint: You can check your work by selecting the date on the trial balance tab.) The first 2 transactions are completed for you! Transaction: Where can you go to find each of your answers? January 1-S. Lewis, owner, invested $163,750 cash in the company in exchange for common stock. January 2- The company purchased supplies for $3,350 cash. January 3 - The company purchased $12,050 of equipment on credit. January 4 - The company received $19,700 cash for services provided to a customer. January 5 - The company paid $12,050 cash to settle the payable for the equipment purchased on January 3. January 6-The company billed a customer $4,800 for services provided. Jan. 7-The company paid $3,325 cash for the monthly rent January 8 - The company collected $2,700 cash as partial payment for the account receivable created on January 6. January 9-The company paid $13,100 cash in dividends to the owner (sole shareholder). Net Income Total Assets Total Liabilities Total Equity $ 0 $ 163,750 $ 0 $ 163,750 0 163,750 0 163,750 0 175,800 12,050 163,750 12,050 19,700 Show less A
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started