The income statement of Fezzik's Shoe Repair is as follows: On April 1, the Owner's Capital account

Question:

The income statement of Fezzik's Shoe Repair is as follows:

FEZZIK'S SHOE REPAIR Income Statement For the Month Ended April 30, 2016 Revenue $9,500 Service Revenue Expenses: Salari

On April 1, the Owner's Capital account had a balance of $12,900. During April, Fezzik withdrew $3,000 cash for personal use.
Prepare closing entries at April 30.
Prepare an owner's equity statement for the month of April.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Financial Reporting and Analysis

ISBN: 978-0078025679

6th edition

Authors: Flawrence Revsine, Daniel Collins, Bruce, Mittelstaedt, Leon

See More Books

Question Posted: Dec 04, 2017 09:22 AM

See More Questions

The income statement of Zamora Inc. reported the following condensed information. Zamora??s balance sheet contained these comparative data at December 31. Zamora has no depreciable assets. Accounts...
The income statement of Anne Droid Inc. reported the following condensed information.ANNE DROID INC.Income StatementFor the Year Ended December 31, 2012Sales revenue............. $545,000Operating...
The income statement of General Motors Corporation, a U.S. automotive manufacturer, for the year ended December 31, 2007, reported revenues of $207,349, cost of sales of $164,682, other operating...
This bar chart displays the demographics (age group and gender) of a Business Analysis class Business Analysts Students 23-33 3410 M lem How many male students are in the class? 65 80 130 50
A floor truss is loaded as shown. Determine the force in members CF, EF, and EG. 250 Ih 500 4 ft 500 I 375 4 ft 50 h 250 125 thi 4 ft 4 ft 4 ft EV B
Give the number of degrees of freedom for s2, the pooled estimator of 2, in these cases: a. n1 = 16, n2 = 8 b. n1 = 10, n2 = 12 c. n1 = 15, n2 = 3
What are the differences in fundamental adjustments applied to equity versus total capital valuation metrics?
La Batre Bicycle Company manufactures commuter bicycles from recycled materials. The following data for July of the current year are available: Quantity of direct labor...
Cove's Cakes is a local bakery. Price and cost information follows: $ 13.71 Price per cake Variable cost per cake Ingredients Direct labor Overhead (box, etc.) Fixed cost per month 2.26 1.14 0.21...
Lance H. and Wanda B. Dean are married and live at 431 Yucca Drive, Santa Fe, NM 87501. Lance works for the convention bureau of the local Chamber of Commerce, while Wanda is employed part-time as a...
Pepper, Inc. agrees to lease equipment from the Blue Corporation for 10 years at $25,000 at the end of each year. The equipment has a fair value of $175,000 and an estimated useful life of 10 years....
A medical researcher estimates the percentage of children exposed to lead based paint, adding that he believes his estimate has a margin of error of about 3%. Explain what the margin of error means.
Suppose X follows a continuous uniform distribution from 1 to 5. Determine the conditional probability P(X > 2.5 | X 4).
Alvarado Company produces a product that requires 5 standard direct labor hours per unit at a standard hourly rate of $12.00 per hour. If 5,700 units used 29,400 hours at an hourly rate of $11.40 per...
7. (30 points) You are a teaching assistant (TA) for a new course in the department and you wish to measure the amount of time that students spend engaging with the online resources. Using the Canvas...
Mod Clothiers makes women's clothes. It costs $28,000 to produce 5,000 pairs of polka-dot polyester pants. They have been unable to sell the pants at their usual price of $50.00. The company is...
In a mid-sized manufacturing company, the annual financial statements were prepared for audit by an external auditing firm. The company\'s finance team had diligently compiled the financial data, and...
Explain the meaning of the SMART acronym. In 100-200 words, define what the words "goal" and "success" mean to you. Summarize your thoughts on whether or not the SMART model can help you become a...
In Problems 1542, solve each system of equations using Cramers Rule if it is applicable. If Cramers Rule is not applicable, write, Not applicable. + y = -2 x - 2y = 8
Find the equations of the ellipses satisfying the given conditions. The center of each is at the origin. Passes through (2, 2) and (1, 4)
An unknown resistor is connected between the terminals of a 3.00 V battery. Energy is dissipated in the resistor at the rate of 0.540 W. The same resistor is then connected between the terminals of a...
Thermal energy is produced in a resistor at a rate of 100 W when the current is 3.00 A. What is the resistance?
A 1250 W radiant heater is constructed to operate at 115 V. (a) What is the current in the heater when the unit is operating? (b) What is the resistance of the heating coil? (c) How much thermal...
Dr. Claudia Gomez, a plastic surgeon, had just returned from a conference in which she learned of a new surgical procedure for removing wrinkles around eyes, reducing the time to perform the normal...
QUESTION 2 ( 2 0 Marks ) 2 . 1 REQUIRED Study the information provided below and prepare the Income Statement for the year ended 3 1 December 2 0 2 3 using the marginal costing method. INFORMATION...
DROP DOWN OPTIONS: FIRST SECOND THIRD FOURTH 5. Cost of new common stock A firm needs to take flotation costs into account when it is raising capital fromY True or False: The following statement...

The income statement of Fezzik's Shoe Repair is as follows: On April 1, the Owner's Capital account

Question:

FEZZIK'S SHOE REPAIR Income Statement For the Month Ended April 30, 2016 Revenue $9,500 Service Revenue Expenses: Salaries and Wages Expense $4,200 Depreciation Expense 350 Utilities Expense 400 Rent Expense 600 Supplies Expense 1,050 Total Expenses 6,600 Net Income $2,900

Step by Step Answer:

General Journal closing Entries Date Explanation Debit Credit 30Apr ...View the full answer

Financial Reporting and Analysis

Students also viewed these Cost Accounting questions