Create the financial statement ( Income statement and Balance sheet ) for NetSolutions using the Summary transaction.
Create the financial statement ( Income statement and Balance sheet ) for NetSolutions using the Summary transaction.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Create the financial statement ( Income statement and Balance sheet ) for NetSolutions using the Summary transaction.

Transcribed Image Text:EXHIBIT 5
Summary of Transaction for NetSolutions
Assets
= Llabilitles +
Stockholders' Equity
Accounts Common
Fees Wages Rent Supplies Utilities Misc.
Cash + Supp. + Land = Payable + Stock - Dividends + Earned - Exp. - Exp. - Exp. - Exp. - Exp.
a. +25,000
b. -20,000
Bal.
+25,000
+20,000
20,000
25,000
5,000
+1,350
5,000 +1,350
+1,350
+1,350
C.
Bal.
20,000
25,000
d.
+7,500
Bal. 12,500 1,350
-3,650
Bal.
+7,500
7,500
-2,125 -800
7,500 -2,125 -800
20,000
1,350
25,000
e.
-450
-275
8,850 1,350
20,000
1,350
-950
25,000
-450
-275
f.
-950
Bal.
7,900 1,350
-800
550
7,500 -2,125 -800
-800
7,500 -2,125 -800 -800
20,000
400
25,000
-450
-275
g.
Bal.
7,900
20,000
400
25,000
-450
-275
h.
-2,000
-2,000
-2,000
Bal.
5,900
550
20,000
400
25,000
7,500 -2,125 -800 -800
-450
-275
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