Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 3 (35 points) On January 1, 2014. Travis Goodall organized a new company called Benson Inc. On the last day of that month, the

image text in transcribed
Question 3 (35 points) On January 1, 2014. Travis Goodall organized a new company called Benson Inc. On the last day of that month, the company's records showed the items listed below. Use this information to prepare the January income statement and statement of changes in equity as well as the balance sheet at January 31 for Benson Inc. a) Complete the income statement using the format provided Building 126,500 (select one Cash 57,000 Income Statement Commissions earned (select one) Consulting revenue earned Dividends Interest earned Total revenues Interest expense Notes receivable Omice supplies expense 42.000 Total expenses Property taxes payable Rent earned 98,500 Share capital 79.500 b) Complete the statement of changes in equity using the format provided Short-term notes payable 76.000 (select one) Store supplies expense 45,000 Statement of Changes in Equity (select one) Share Retained Total Capital Earnings Equity c) Complete the Balance Sheet. (select one) Balance Sheet Select one) Assets Liabetes Total assets Total liabilities Equity Total equity Total liabilities and equity MacBook Pro

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting Tools for Business Decision Making

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

5th Edition

9781118560952, 1118560957, 978-0470239803

More Books

Students also viewed these Accounting questions

Question

3. What is my goal?

Answered: 1 week ago

Question

2. I try to be as logical as possible

Answered: 1 week ago