this meants CHAPTER 1 Accounting in Business Analysis Component: Little of your answer, include an e Met Littlechild Eaternis assets are financed 76 by debt. What does this clude an explanation of how the 76% was calculated. Xcel Capital balance, Problem 1-9A Analyzing transactions to ransactions LOS, 7 Accounts payable balance November 30, 2020 = $27,000; Larry Power capital bal During October, in account CHECK FIGURES: Accounts per November 30, 2020 $69,100 Larry Power started a new busin number of activities occurred and the equation format): med a new business in the name of Power Electrical on October 1, 2020. During vities occurred and the following totals resulted at October 31, 2020 (shown in a abilities + Eault Accounts Assets Office + + Supplies Supplies Electrical Equip. Payable $18.000 Larry Pow Capital $62.900 Accounts Recelvable $7.000 + + Cash + + Office Equip Equip. 28.000 + - + 1 + Nov 1 Nov. 6 16 Rented office space and paid cash for the month's rent of $7.200. Purchased electrical equipment for $18,000 from an electrician who was going out of business, by using $10,000 in personal funds and agreeing to pay the balance in 30 days. Purchased office supplies by paying $1,800 cash. Completed electrical work and immediately collected $2,000 for doing the work Purchased $5,200 of office equipment on credit. Completed electrical work on credit in the amount of $5,000. Interviewed and hired a part-time electrician who will be paid $5,300 each month. He will begin work in three weeks Purchased $1,000 of office supplies on credit Paid for the office equipment purchased on November 8. Biled a client $4,800 for electrical work, the balance is due in 30 days. Received $6,000 for the work completed on November 15. Paid the office assistant's salary of $4,400. Paid the monthly utility bills of $3,600. Power withdrew $1,400 from the business for personal use. 28 30 30 30 rad se additions and subtractions to show the effects of each November activity on the items in Do not determine new totals for the items of the equation after each transaction. Next each change in equity, state whether the change was caused by an inte the final total for each item and verify that the equation is in balance. y an investment, a revenue, an expense, or a withdrawal. Determine the final total for each item and verify the ent: Revenue is not recorded on November 28. Explain, using your understanding of GAAT Analysis Component: Revenue is not re Problem 1-10A Preparing financial statements lo CHECK FIGURES: Loss = $2,400; Total assets = $96 100 to Problem 1-9A, prepare an income state Required Using your answer to Problem 1-9A da halance sheet