$ 11,500 I. Lawson, Withdrawals 5,800 Services revenue 7,800 Rent expense 4,170 Wages expense 19,130 $ 2,800 15,900 3,300 8,000 Cash Accounts receivable Equipment Accounts payable I. Lawson, Capital e above information to prepare a December 31 ce sheet for Lawson Consulting. Hint: The ending I. on, Capital account balance as of December 31 is 30.
$ 11,500 I. Lawson, Withdrawals 5,800 Services revenue 7,800 Rent expense 4,170 Wages expense 19,130 $ 2,800 15,900 3,300 8,000 Cash Accounts receivable Equipment Accounts payable I. Lawson, Capital e above information to prepare a December 31 ce sheet for Lawson Consulting. Hint: The ending I. on, Capital account balance as of December 31 is 30.
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter4: Completing The Accounting Cycle
Section: Chapter Questions
Problem 7E: FedEx Corporation had the following revenue and expense account balances (in millions) for a recent...
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![Required information
(The following information applies to the questions
displayed below.]
Lawson Consulting, which began operations on December 1,
had the following accounts and amounts on December
31. The I. Lawson, Capital account balance at December 1
was $0 and the owner invested $19,130 cash in the company
on December 2. On December 31, the company's accounts
and amounts for the month of December are shown in the
table below:
$ 11,500 I. Lawson, Withdrawals
5,800 Services revenue
7,800 Rent expense
4,170 Wages expense
19,130
$ 2,800
15,900
3,300
8,000
Cash
Accounts receivable
Equipment
Accounts payable
I. Lawson, Capital
the above information to prepare a December 31
ice sheet for Lawson Consulting. Hint: The ending I.
on, Capital account balance as of December 31 is
930.
LAWSON CONSULTING
Balance Sheet
As of December 31
Liabilities:
5:
$
11,500 Accounts payable
2$
4,170
nts receivable
5,800
nent
7,800 Equity:
1. Lawson, Capital
20,930
Total equity
20,930
$
25,100
$
25,100](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9ae5eace-b24f-40e1-bf03-2c5198ae7ba3%2F183173df-5e23-4fa7-91c3-93b3ca52bcfd%2F59v2xoj_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
(The following information applies to the questions
displayed below.]
Lawson Consulting, which began operations on December 1,
had the following accounts and amounts on December
31. The I. Lawson, Capital account balance at December 1
was $0 and the owner invested $19,130 cash in the company
on December 2. On December 31, the company's accounts
and amounts for the month of December are shown in the
table below:
$ 11,500 I. Lawson, Withdrawals
5,800 Services revenue
7,800 Rent expense
4,170 Wages expense
19,130
$ 2,800
15,900
3,300
8,000
Cash
Accounts receivable
Equipment
Accounts payable
I. Lawson, Capital
the above information to prepare a December 31
ice sheet for Lawson Consulting. Hint: The ending I.
on, Capital account balance as of December 31 is
930.
LAWSON CONSULTING
Balance Sheet
As of December 31
Liabilities:
5:
$
11,500 Accounts payable
2$
4,170
nts receivable
5,800
nent
7,800 Equity:
1. Lawson, Capital
20,930
Total equity
20,930
$
25,100
$
25,100
![Required information
[The following information applies to the questions
displayed below.]
Lawson Consulting, which began operations on December 1,
had the following accounts and amounts on December
31. The I. Lawson, Capital account balance at December 1
was $0 and the owner invested $19,130 cash in the company
on December 2. On December 31, the company's accounts
and amounts for the month of December are shown in the
table below:
$ 11,500 I. Lawson, Withdrawals
5,800 Services revenue
7,800 Rent expense
4,170 Wages expense
19,130
Cash
$ 2
Accounts receivable
15
Equipment
Accounts payable
I. Lawson, Capital
8
Use the above information to prepare a December 31
balance sheet for Lawson Consulting. Hint: The ending I.
Lawson, Capital account balance as of December 31 is
$20,930.
LAWSON CONSULTING
Balance Sheet
As of December 31
Assets:
Liabilities:
Cash
$
11,500 Accounts payable
2$
4,
Accounts receivable
5,800
Equipment
7,800 Equity:
1. Lawson, Capital
20,
Total equity
20,!
2$
25,100
2$
25,](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9ae5eace-b24f-40e1-bf03-2c5198ae7ba3%2F183173df-5e23-4fa7-91c3-93b3ca52bcfd%2F4mcgv7_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions
displayed below.]
Lawson Consulting, which began operations on December 1,
had the following accounts and amounts on December
31. The I. Lawson, Capital account balance at December 1
was $0 and the owner invested $19,130 cash in the company
on December 2. On December 31, the company's accounts
and amounts for the month of December are shown in the
table below:
$ 11,500 I. Lawson, Withdrawals
5,800 Services revenue
7,800 Rent expense
4,170 Wages expense
19,130
Cash
$ 2
Accounts receivable
15
Equipment
Accounts payable
I. Lawson, Capital
8
Use the above information to prepare a December 31
balance sheet for Lawson Consulting. Hint: The ending I.
Lawson, Capital account balance as of December 31 is
$20,930.
LAWSON CONSULTING
Balance Sheet
As of December 31
Assets:
Liabilities:
Cash
$
11,500 Accounts payable
2$
4,
Accounts receivable
5,800
Equipment
7,800 Equity:
1. Lawson, Capital
20,
Total equity
20,!
2$
25,100
2$
25,
Expert Solution
Step 1
Solution:
Balance is a financial statement which summarizes all the assets, liabilities and equity of the business. It can be horizontally or vertically. It represents financial position on a particular date.
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