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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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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