Don't use Ai.Answer in step by step with explanation. 4. Determine the following:a. Amount of total revenue recorded in the ledger.xb. Amount of total expenses recorded in the ledger.c. Amount of net income for August.5. Determine the increase or decrease in Rafael Masey, Capital for August after the initial investment in the account.Increase

Step 1:(4) Total revenue, expenses and net income are calculated (and shown in bold) in the income…

Answered: 4. Determine the following: a. Amount…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 12PB: Determine the amount of cash expended for Insurance Premiums during the month, based on the entries...

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Show effects of the above transactions on the accounting equation using the following format. Assume the note payable is to be repaid within the year
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"Choose from the following list of terms and phrases to best complete the statements below. Fiscal year Timeliness Accrual basis accounting Annual financial statements Cash basis accounting Time period assumption 1. presumes that an organization's activities can be divided into specific time periods. 2.Financial reports covering a one-year period are known as 3.A(n) consists of any 12 consecutive months. 4. records revenues when services are provided and records expenses when incurred. 5. The value of information is often linked to its
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Prepare the financial statements for the Quick Tax Corporation as of July 31 in the space below. You will only be preparing the income statement, statement of retained earnings, and the balance sheet. The statement of cash flows is a required financial statement, but is not required for this case study. Quick Tax Corporation Quick Tax Corporation Quick Tax Corporation Income Statement Statement of Retained Earnings Balance Sheet For the Month Ending July 31 For the Month Ending July 31 July 31 Revenues: Retained Earnings, July 1 Assets: Revenue Add: Net Income Cash Subtotal Supplies Expenses: Less: Dividends Prepaid Insurance Rent Expense Retained Earnings, July 31 Equipment Salaries Expense Less: Accum. Depr. Insurance Expense Total Assets Supplies Expense Depreciation Expense Liabilities: Income Tax Expense Accounts Payable Total Expenses Income Tax Payable Total Liabilities Net Income Stockholders' Equity: Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities…
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4. Determine the following: a. Amount of total revenue recorded in the ledger. x b. Amount of total expenses recorded in the ledger. c. Amount of net income for August. 5. Determine the increase or decrease in Rafael Masey, Capital for August after the initial investment in the account. Increase