Transactions, Financial Statements Bev's Dry Cleaners is owned and operated by Beverly Zahn. A building and equipment are currently being rented, pending expansion to new facilities. The actual work of dry cleaning is done by another company for a fee. The assets and the abilities of the business on November 1, 2019, are as follows: Cash, $17,220; Accounts Receivable, $35,260; Supplies, $3,280; Land, $41,000; Accounts payable, $14,760. Business transactions during November are summarized as follows: a. Beverly Zahn invested additional cash in the business with a deposit of $32,000 in the business bank account b. Purchased land adjacent to land currently owned by Bev's Dry Cleaners to use in the future as a parking lot, paying cash of $16,100. c. Paid rent for the month, $11,810. d. Charged customers for dry cleaning revenue on account, $33,460, e. Paid creditors on account, $13,780. f. Purchased supplies on account, $5,900. Q. Received cash from cash customers for dry cleaning revenue, $31,490. h. Received cash from customers on account, $39,360. 1. Received monthly invoice for dry cleaning expense for November (to be paid on December 10), 575,740 J. Paid the following: wages expense, $8,660; truck expense, $3,150; utilities expense, $3,350; miscellaneous expense, $1,500. k. Determined that the cost of supplies on hand was $7,800; therefore, the cost of supplies used during the month was $1,380, 1. Withdrew $9,100 cash for personal use. Required: 1. Determine the amount of Beverly Zahn's capital as of November 11 2. Use the attached spreadsheet to complete part 2. Click on the Spreadsheet icon above to open and save the Excel file to your computer Your input into the spreadsheet will not be included in your grade in CengageNOW on this problem eBook Spreadsheet 3. Using the balances from the spreadsheet, prepare an income statement for November, a statement of owner's equity for November, and a balance sheet as of November 30. Use a minus sign to indicate a net loss if applicable, Income Statement Bev's Dry Cleaners Income Statement For the Month Ended November 30, 2019 1 Dry cleaning revenue $ 2 Expenses 3 Dry cleaning expense Wages expense 5 Supplies expense 6 Rent expense 2 8 Truck expense Utilities expense Miscellaneous expense 9 10 Total expenses 11 Net Income Statement of Owner's Equity Bev's Dry Cleaners Statement of Owner's Equity For the Month Ended November 30, 2019 1 Beverly Zahn, capital, November 1, 2019 2 Additional investment during November 3 Net income for November 4 withdrawals 5 Increase in owner's equity 6 Beverly Zahn, capital, November 30, 2019 eBook Spreadsheet Balance sheet as of November 30: When entering assets, enter them in order of liquidity. Balance Sheet Bev's Dry Cleaners Balance Sheet November 30, 2019 Liabilities Accounts payable 1 Assets 2 Cash 3 Accounts receivable 4 Supplies Land Owner's Equity Beverly Zahn, capital Total liabilities and owner's equity Total assets Statement of Cash Flows Bev's Dry Cleaners Statement of Cash Flows For the Month Ended November 30, 2019 1 Cash flows from operating activities: 2 Cash receipts from customers 3 Cash payments for expenses and payments to creditors Net cash flow from operating activities Cash flows used for investing activities: 6 Cash payment for purchase of land 7 cash flows from financing activities: 8 Cash receipts from customers 9 Cash withdrawal by owner 10 Net cash flow from financing activities 11 Net Increase in cash during November 12 Cash balance November 1, 2019 13 cash balance November 30, 2019