Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Using the transaction analysis final balances at the end of the month (balances in orange font), prepare the following financial statements: an income statement. a

image text in transcribed

  1. Using the transaction analysis final balances at the end of the month (balances in orange font), prepare the following financial statements:
  1. an income statement.
  2. a statement of owners equity
  3. a balance sheet
  4. a statement of cash flows (focus on the cash column of the transaction analysis)

ASSETS = Accounts Receivable LIABILITIES + Accounts supplies payable OWNER'S EQUITY James Moore, capital +30000 James Moore, drawings Fees earned Rent Salaries expense Expense Supplies Repairs Expense expense Cash a. +30,000 30000 bal WA 30000 b. +1750 +1750 bal 30000 1750 1750 30000 C. 3600 +3,600 3,600 Bal 30,000 1750 1750 30000 3600 -1300 -1300 d. bal 3,600 WW 1750 1750 30000 3600 1300 28,700 500 e. +500 2,250 Bal 1,750 30000 3600 1300 28,200 +600 3,600 -600 f. Bal 3,000 2,250 1,750 30000 3,600 1300 28,800 +4,000 32,800 +4,000 Bal 3,000 2,250 1,750 30000 7,600 1300 h. -1000 -1000 1000 Bal 3,000 2,250 30000 7,600 1300 31,800 -1,000 1,750 -1,000 1. Bal 30,800 3,000 2,250 750 30000 7,600 1300 1000 -2000 -2000 j. Bal 28,800 3,000 2,250 750 30000 2000 7,600 1300 1000 k. -1,500 -1500 Bal 27,300 3,000 750 30,000 2,000 7,600 1,300 1,000 1,500 I. Bal. 2,250 -800 1,450 -800 800 27,300 3,000 750 30,000 2,000 7,600 1,300 1,000 1500

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_2

Step: 3

blur-text-image_3

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

Money, Markets And Capital The Case For A Monetary Analysis

Authors: Jean Cartelier

1st Edition

0815355777, 9780815355779

More Books

Students also viewed these Accounting questions

Question

What are the role of supervisors ?

Answered: 1 week ago

Question

Discuss how technology impacts HRD evaluation

Answered: 1 week ago