1Based on the worksheet provided, what is the balance in the Cash account? 2.Based on the worksheet provided, what is the Net Income? 3.Based on the worksheet provided, what is the balance in the Owner's Capital account at the end of the period?

1Based on the worksheet provided, what is the balance in the Cash account? 2.Based on the worksheet provided, what is the Net Income? 3.Based on the worksheet provided, what is the balance in the Owner's Capital account at the end of the period?

Name: 1Based on the worksheet provided, what is the balance in the Cash acco
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Description: 1Based on the worksheet provided, what is the balance in the Cash account?2.Based on the worksheet provided, what is the Net Income?3.Based on the worksheet provided, what is the balance in the Owner's Capital account at the end of the period?4.Based

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter13: Investments And Long-term Receivables

Section: Chapter Questions

Problem 14GI

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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Question

1Based on the worksheet provided, what is the balance in the Cash account?

2.Based on the worksheet provided, what is the Net Income?

3.Based on the worksheet provided, what is the balance in the Owner's Capital account at the end of the period?

4.Based on the worksheet provided, what is the Owner's Equity at the end of the period?

Tx
Cash
Accounts Receivable
Supplies
Accounts Payable
Owner's Capital - Owner's Drawings
Revenues
Expenses
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
1
30,000
30,000
1,800
1,800
10,000
10,000
4
4,500
4,500
5
1,250
1,250
6
16,800
16,800
7
1,730
1,730
4,000
4,000
1,120
1,120
10
7,500
7,500

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