er 1 Homework Problems 3 of 3 (3 complete) blenk (book/static) d company that rents canoes for use on local lakes and rivers. Amber and Zack W "Bio Four accounting firms and became CPAs. Because they both love the outda Requirements 1. Analyze the effects of Canyon Canoe Company's transactions on the accounting equation. 2. Prepare the income statement of Canyon Canoe Company for the month ended November 30, 2018. 3. Prepare the statement of retained earnings for the month ended November 30, 2018 4. Prepare the balance sheet as of November 30, 2018. 5. Calculate the return on assets for Canyon Canoe Company for November 2018. Print Done Clear All 1903. TOP 4 A E IVOLCLUJ Canyon Cance Company is a service-based company that rents canoes for use on local lakes and rivers. Amber and Zack Wilson graduated from college about 10 years ago. They both worked for one of the "Big Four accounting firms and became CPAs. Because they both love the outdoors, they decided to begin a new busine that will combine their love of outdoor activities with their business knowledge. Amber and Zack decide that they will create a new corporation, Canyon Canon Company, or CCC for short. The business began operations on November 1, 2018 (Click the icon to view the transactions.) Read the recoment m uid-1640812¢erwin Financial Accounting Tasha Jones : hapter 1 Homework Problems 3 of 3 (3 complete) > HW Score: 85 i More Info aduated fre y decided poration, Nov. 1 Received $16,000 cash to begin the company and issued common stock to Amber and Zack. 2 Signed a lease for a building and paid $1,200 for the first month's rent. 3 Purchased canoes for $4,800 on account. 4 Purchased office supplies on account, $750. 7 Earned $1,400 cash for rental of canoes. 13 Paid $1,500 cash for wages. 15 Paid $50 dividends to stockholders. 16 Received a bill for $150 for utilities. (Use separate payable account.) 20 Received a bill for $175 for cell phone expenses. (Use separate payable account.) 22 Rented canoes to Early Start Daycare on account, $3,000. 26 Paid $1,000 on account related to the November 3, 2018, purchase 28 Received $750 from Early Start Daycare for canoe rental on November 22, 2018. Util. - Wag Exp. Exp 0. 0 eld Print Done Check Answe 113071999 - * @ *. er 1 Homework Problems 3 of 3 (3 complete) More Info stock to Amber and Zack. 2 Signed a lease for a building and paid $1,200 for the first month's rent. 3 Purchased canoes for $4,800 on account. 4 Purchased office supplies on account, $750. 7 Earned $1,400 cash for rental of canoes. 13 Paid $1,500 cash for wages. 15 Paid $50 dividends to stockholders. 16 Received a bill for $150 for utilities. (Use separate payable account.) 20 Received a bill for $175 for cell phone expenses. (Use Separate payable account.) 22 Rented canoes to Early Start Daycare on account, $3,000. 26 Paid $1,000 on account related to the November 3, 2018, purchase. 28 Received $750 from Early Start Daycare for canoe rental on November 22, 2018 30 Paid $100 dividends to stockholders. Print Done] 1903 IQ AC Assets Liabilities Equity Cash AR Canoes AP CS - Diy Rent Rent Util. Exp. Wage - Exp. Tele. Exp. Sup PayPay Rev. Exp. 16,000 1 16,000 2 (1200) Bal 14,800 1200 0 + 16,000 - 1.200 4,800 4,800 Bol 14,000 4,800 4,800 + 0. 16,000 1.200 0 750 750 750 Bal 14,800 4,800 5,550 + 0 0 + 16,000 1,200 Enter any number in the edit fields and then click Check Answer. 4 Parts Clear All remaining Liabilities Equity Assets A/R + Off Cash + Canoes NP + Tele. CS - DV + Util.+ Pay Rent Rev. Ront - Exp. Ul. Exp. Wage - Exp. Tele. Exp. Sup Bal. 14,800 . 0 4,800 - 4,800+ 0 16,000 - 0+ 0.1,200. 0 0 0 0 + 750 750 + 750 5,550 + 0 + 4,800 = 0 + 16,000 1,200 0. 1.400 Bal. 14,800 + 7_1,400 Bal. 16,200 13 (1,500) Bal 14,700 + 750 - 4,800 - 5,550 + 07 10.000. 0+ 1.400 1.200 - . 750 4,800 5,550 + 16,000 0 1.400 1,200 1,500 . Enter any number in the edit fields and then click Check Answer A parts 4 remaining Clear All Assets Liabilities Equity Rent - Rent - Cash + AR - Off + Canoes AP Util + Tele. + CS - Div - Util - Wage - Tele. Sup. Pay Rev. Exp Exp. Exp. + 750 4,800 5,550 0. 0 16,000 0. 1.400 1.200 0. 1.500. 750 + 4,800 5,550 + 04 16,000 50+ 1.400 1,200 1.500 Bal 14,700 15 (50) Bal 14,650 + 16 Bal. 14,650 + 20 Bal. 14,650 + 150 150 0 750 4.800 5,550 + 150 - 16.000 50 1.400 1,200. 150 - 1,500 0 - 175 750 + 4,800 5,550 + 150 + 175 + 16,000 - 50 + 1,400 - 1,200 150 1,500. 175 Enter any number in the edit fields and then click Check Answer Equity Cash + NP Liabilities + Util. + Tele.. Pay. Pay. cs - Tele. Div + Rent - Rent - Ul. Rev. Exp. Exp. Wage - Exp. Assets AR+ Off. + Canoes - Sup. 0 + 750 + 4,800 = 3,000 3,000+ 750 4.800 - 5,550 + 150 + 175 + 16,000 - 50 + 1,200 150. 1,500 - 175 1,400 . 3,000 4,400. 150+ 175 + 16,000. 50 + 1.200. 150. 1,500. 175 Bal. 14,650+ L. Bal. 14,650 + 26 (1.000) Bal. 13,650 + 28_750 Bal. 14,400 5,550 + (1,000). 4,550 + 750 + 4,800 - 150 + 175 + 16,000. 50 + 4,400 - 1,200. 150. 1,500 - 175 3,000 + (750) 2,250 750 + 4,800 4,560 160 175 + 16,000. 60 4,400. 1,200 . 150 . 1,500 - 175 Enter any number in the edit fields and then click Check Answer. A parts 4 remaining Clear All Assets Liabilities Equity Cash + AJR AP . U. Tele.+ CS - Div + Rent - Rent- Util - Wage - Tele Off + Canoes = Sup. Pay Rev. Exp. Exp. Exp. Exp (1.000). 26 (1,000). Bal. 13,650 + 3,000 750 + 4,800 4,550 150 175 + 16,000 50. 4,400 1.200 150 - 1,500 175 (750) 28 750 Bal. 14,400 2,250 750 4.800 4,550 150 16.000 50. 4,400. 1.200 150. 1.500 100 (100) 14,300 B 2,250 4.800 16,000 150 4,400 1.200 150 1,500 Enter any number in the edit fields and then click Check