E3-4 A tabular analysis of the transactions made during August 2017 by Wolfe Company during its first month of operations is shown below. Each increase and decrease in stock- holders' equity is explained. Analyze transactions and compute net income. (LO 1), AP Assets = Liabilities Stockholders' Equity + Accounts Common Retained Earnings Cash + A/R + Supp. Equip. Payable + Stock Rev. Exp. Div. 1. +$20,000 +$20,000 Com. Stock 2. -1,000 +$5,000 +$4,000 3. -750 +$750 4. +4,100 +$5,400 +$9,500 Serv. Rev. 5. -1,500 -1,500 6. -2,000 -$2,000 Div. 7. -800 -$ 800 Rent Exp. 8. +450 -450 9. -3,000 -3,000 Salar. Exp. 10. +300 - 300 Util. Exp.
E3-4 A tabular analysis of the transactions made during August 2017 by Wolfe Company during its first month of operations is shown below. Each increase and decrease in stock- holders' equity is explained. Analyze transactions and compute net income. (LO 1), AP Assets = Liabilities Stockholders' Equity + Accounts Common Retained Earnings Cash + A/R + Supp. Equip. Payable + Stock Rev. Exp. Div. 1. +$20,000 +$20,000 Com. Stock 2. -1,000 +$5,000 +$4,000 3. -750 +$750 4. +4,100 +$5,400 +$9,500 Serv. Rev. 5. -1,500 -1,500 6. -2,000 -$2,000 Div. 7. -800 -$ 800 Rent Exp. 8. +450 -450 9. -3,000 -3,000 Salar. Exp. 10. +300 - 300 Util. Exp.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text:E3-4 A tabular analysis of the transactions made during August 2017 by Wolfe Company
during its first month of operations is shown below. Each increase and decrease in stock-
holders' equity is explained.
Analyze transactions and
compute net income.
(LO 1), AP
Assets
= Liabilities
Stockholders' Equity
+
Accounts
Common
Retained Earnings
Cash
+
A/R
+
Supp.
Equip.
Payable
+
Stock
Rev.
Exp.
Div.
1. +$20,000
+$20,000
Com. Stock
2.
-1,000
+$5,000
+$4,000
3.
-750
+$750
4.
+4,100
+$5,400
+$9,500
Serv. Rev.
5.
-1,500
-1,500
6.
-2,000
-$2,000 Div.
7.
-800
-$ 800
Rent Exp.
8.
+450
-450
9.
-3,000
-3,000
Salar. Exp.
10.
+300
- 300
Util. Exp.
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