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Cath Maulion is a lawyer who doesn't think that she needs an accountant. She is the one who made the statement of financial position and statement of comprehensive income for the calendar year ended December 31, 2023. She does not know that she made mistakes classifying different accounts. STATEMENT OF FINANCIAL POSITION ASSETS Maulion Capital (12/31/2023) Equipment Unearned rent Prepaid rent Salaries payable Total assets Liabilities Accounts receivable Accounts payable Utilities expense Insurance expense Total Liabilities 240,000 80,000 70,000 22,000 20,000 432,000 28,000 50,000 10,000 40,000 128,000

Cath Maulion is a lawyer who doesn't think that she needs an accountant. She is the one who made the statement of financial position and statement of comprehensive income for the calendar year ended December 31, 2023. She does not know that she made mistakes classifying different accounts. STATEMENT OF FINANCIAL POSITION ASSETS Maulion Capital (12/31/2023) Equipment Unearned rent Prepaid rent Salaries payable Total assets Liabilities Accounts receivable Accounts payable Utilities expense Insurance expense Total Liabilities 240,000 80,000 70,000 22,000 20,000 432,000 28,000 50,000 10,000 40,000 128,000

FINANCIAL ACCOUNTING
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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Cath Maulion is a lawyer who doesn't think that she needs an accountant. She is the one who made the statement of financial position and statement of comprehensive income for the calendar year ended December 31, 2023. She does not know that she made mistakes classifying different accounts. STATEMENT OF FINANCIAL POSITION ASSETS Maulion Capital (12/31/2023) Equipment Unearned rent Prepaid rent Salaries payable Total assets Liabilities Accounts receivable Accounts payable Utilities expense Insurance expense Total Liabilities Capital Service income Total Liabilities and Capital Income taxes payable Car 240,000 80,000 70,000 Registration Net income 22,000 20,000 432,000 a) How much is the total assets? b) How much is the total liabilities? c) How much is her capital as of December 31, 2023? d) How much is the income generated for 2023? e) How much is her net income? 28,000 50,000 10,000 Cath Maulion is a lawyer who doesn't think that she needs an accountant. She is the one who made the statement of financial position and statement of comprehensive income for the calendar year ended December 31, 2023. She does not know that she made mistakes classifying different accounts. 40,000 128,000 STATEMENT OF COMPREHENSIVE INCOME Income Cash in savings account Expenses 304,000 432,000 200,000 60,000 110,000 20,000 10,000
Transcribed Image Text:Cath Maulion is a lawyer who doesn't think that she needs an accountant. She is the one who made the statement of financial position and statement of comprehensive income for the calendar year ended December 31, 2023. She does not know that she made mistakes classifying different accounts. STATEMENT OF FINANCIAL POSITION ASSETS Maulion Capital (12/31/2023) Equipment Unearned rent Prepaid rent Salaries payable Total assets Liabilities Accounts receivable Accounts payable Utilities expense Insurance expense Total Liabilities Capital Service income Total Liabilities and Capital Income taxes payable Car 240,000 80,000 70,000 Registration Net income 22,000 20,000 432,000 a) How much is the total assets? b) How much is the total liabilities? c) How much is her capital as of December 31, 2023? d) How much is the income generated for 2023? e) How much is her net income? 28,000 50,000 10,000 Cath Maulion is a lawyer who doesn't think that she needs an accountant. She is the one who made the statement of financial position and statement of comprehensive income for the calendar year ended December 31, 2023. She does not know that she made mistakes classifying different accounts. 40,000 128,000 STATEMENT OF COMPREHENSIVE INCOME Income Cash in savings account Expenses 304,000 432,000 200,000 60,000 110,000 20,000 10,000
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