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FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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PLEASE SOLVE ONLY THE LETTER B.
PROBLEM 2: Barone's Repair Shop was started on May 1 by Nancy Barone. A summary of May transactions is presented below: 1. Invested cash to start the repair shop 2. Purchased equipment for cash 3. Paid cash for May office rent 4. Paid cash for supplies 5. Incurred advertising costs in the Beacon News on account 6. Received cash from customers for repair services 7. Withdrew cash for personal use 8. Paid part-time employee salaries 9. Paid utilities bills $10,000 $5,000 $400 $500 $250 $5,100 $1,000 $2,000 $140 $750 10. Provided repair services on account to customers 11. Collected cash for services billed in transaction (10) $120 (a) Prepare a tabular analysis of the transactions using the following column headings: Receivable, Supplies, Equipment, Accounts Payable, N Barone, Capital, N Barone, D and Expenses Ccounts , Revenue Assets Liabilities Owner's Equity Transaction Accounts N. Barone N. Barone, Numter Beceiable Surelins 1 (b) From an analysis of the owner's equity columns, compute the net income or net loss for May. Service revenue Expenses Salaries Rent Advertising Utilities Net income
Transcribed Image Text:PROBLEM 2: Barone's Repair Shop was started on May 1 by Nancy Barone. A summary of May transactions is presented below: 1. Invested cash to start the repair shop 2. Purchased equipment for cash 3. Paid cash for May office rent 4. Paid cash for supplies 5. Incurred advertising costs in the Beacon News on account 6. Received cash from customers for repair services 7. Withdrew cash for personal use 8. Paid part-time employee salaries 9. Paid utilities bills $10,000 $5,000 $400 $500 $250 $5,100 $1,000 $2,000 $140 $750 10. Provided repair services on account to customers 11. Collected cash for services billed in transaction (10) $120 (a) Prepare a tabular analysis of the transactions using the following column headings: Receivable, Supplies, Equipment, Accounts Payable, N Barone, Capital, N Barone, D and Expenses Ccounts , Revenue Assets Liabilities Owner's Equity Transaction Accounts N. Barone N. Barone, Numter Beceiable Surelins 1 (b) From an analysis of the owner's equity columns, compute the net income or net loss for May. Service revenue Expenses Salaries Rent Advertising Utilities Net income
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