Homework Help is Here – Start Your Trial Now!
Business
Accounting
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.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
Create the financial statement ( Income statement and Balance sheet ) for NetSolutions using the Summary transaction.
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
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
Expert Solution
steps

Step by step

Solved in 2 steps with 1 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Financial Information
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS