The financial statements at the end of Four Corners Realty's first month of operations are shown below
Question:
The financial statements at the end of Four Corners Realty's first month of operations are shown below and on the shown below.
InstructionsBy analyzing the interrelationships among the four financial statements, determine the proper amounts for (a) through(q).
Financial StatementsFinancial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
Transcribed Image Text:
Four Corners Realty Income Statement For the Month Ended July 31, 2010 Fees earned $239,700 Expenses: Wages expense Rent expense. (a) 24,480 20.400 13,770 8415 Supplies expense Utilities expense. Miscellaneous expense Total expenses Net income. 121,890 (b) Four Corners Realty Statement of Owner's Equity For the Month Ended July 31, 2010 Jeremy Parks, capital, July 1, 2010.. Investment on July 1, 2010.. Net income for July (c) (d) (e) Less withdrawals, Increase in owner's equity Jeremy Parks, capital, July 31, 2010. ig) (h) Four Corners Realty Balance Sheet July 31, 2010 Assets Liabilities $150,450 10,200 Cash Accounts payable. $12.240 Owner's Equity Supplies Jeremy Parks, capital. Total liabilities and owner's equity Land (1) Total assets (k) (m)
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a Wages Expense Total Expenditure less Rent Expense Supplies Expense Utilities Expense Miscellaneous ...View the full answer
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Related Book For
Accounting
ISBN: 978-0324662962
23rd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
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