I’m stuck. I’m not sure if my answer are right. Balance sheet as of November 30:When entering assets, enter them in order of liquidity.Balance SheetBev's Dry CleanersBalance SheetFor the Month Ended November 30, 2019LlabilitiesAssets2 Beverly Zahn, capital246,560$3Accounts payable14,9804Supplies expense118,8105 Dry cleaning expenseNet income$4140,3504. Prepare a statement of cash flows for November:Use the minus sign to indicate cash outflows, decreases in cash, and cash payments.Statement of Cash FlowsStatement of Caeh FlowePreviousCheck My Work 3 more Check My Work uses remaining. Transactions; Financial StatementsBev's Dry Cleaners is owned and operated by Beverly Zahn. A building and equipment are currently being rented, pending expansion to new facilities. Theactual work of dry cleaning is done by another company for a fee. The assets and the liabilities of the business on November 1, 2019, are as follows: Cash,$16,380; Accounts Receivable, $33,540; Supplies, $3,120; Land, $39,00o; Accounts payable, $14,040. Business transactions during November aresummarized as follows:a. Beverly Zahn invested additional cash in the business with a deposit of $31,000 in the business bank account.b. Purchased land adjacent to land currently owned by Bev's Dry Cleaners to use in the future as a parking lot, paying cash of $15,400.c. Paid rent for the month, $11,230.d. Charged customers for dry cleaning revenue on account, $31,820.e. Paid creditors on account, $13,100.f. Purchased supplies on account, $5,620.g. Received cash from cash customers for dry cleaning revenue, $29,950.h. Received cash from customers on account, $37,440.i. Received monthly invoice for dry cleaning expense for November (to be paid on December 10), $14,980.j. Paid the following: wages expense, $8,240; truck expense, $3,000; utilities expense, $3,180; miscellaneous expense, $1,420.k. Determined that the cost of supplies on hand was $7,430; therefore, the cost of supplies used during the month was $1,310.I. Withdrew $8,600 cash for personal use.Required:1. Determine the amount of Beverly Zahn's capital as of November 1.78,0002. Use the attached spreadsheet to complete part 2. Click on the Spreadsheet icon above to open and save the Excel file to your computer. Your input intothe spreadsheet will not be included in your grade in CengageNOW on this problem.Novennher 1 ina Unkin n form nimil 1tathatchn n In thin nhantePreviousCheck My Work 3 more Check My Work uses remaining.O 11:

Balance Sheet in the business shows financial position by showing all assets and liabilities.

Balance sheet as of November 30: When entering assets, enter them in order of liquidity. Balance Sheet Bev's Dry Cleaners Balance Sheet For the Month Ended November 30, 2019 1 Llabilities Assets 2 Beverly Zahn, capital $4 6,560 $4 3 Accounts payable 14,980 4 Supplies expense 118,810 5 Dry cleaning expense 6 Net income $ 140,350 4. Prepare a statement of cash flows for November: Use the minus sign to indicate cash outflows, decreases in cash, and cash payments. Statement of Cash Flows Statemant of Csch Flowre Previous Check My Work 3 more Check My Work uses remaining.

Balance sheet as of November 30: When entering assets, enter them in order of liquidity. Balance Sheet Bev's Dry Cleaners Balance Sheet For the Month Ended November 30, 2019 1 Llabilities Assets 2 Beverly Zahn, capital $4 6,560 $4 3 Accounts payable 14,980 4 Supplies expense 118,810 5 Dry cleaning expense 6 Net income $ 140,350 4. Prepare a statement of cash flows for November: Use the minus sign to indicate cash outflows, decreases in cash, and cash payments. Statement of Cash Flows Statemant of Csch Flowre Previous Check My Work 3 more Check My Work uses remaining.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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