Emily Lee grew up in Vancouver and loves to be a tourist in her own city. In order to make money to pay for university, she opened a walking tour company, Very Vancouver. The following are transactions for the month of May 2023, the first month of operations. May 2 Emily moved $8,150 from her personal bank account to a business bank account at TD Bank. She also invested a laptop worth $792 into the business. May 3 Purchased supplies, including a microphone, and brochures for $645 cash. May 4 Purchased a printer for $252 on account. May 5 Purchased a one-year insurance policy for $1,320 cash. May 6 Emily withdrew $335 for a Mother’s Day gift. May 8 Interviewed and hired one employee to assist with leading tours. May 10 Emily launched a social media campaign of Very Vancouver on Facebook. As a result, she received $1,955 of cash for future tour bookings. May 15 Led three tours of Stanley Park and received $1,045 cash. May 25 Led four tours of Granville Island, for $1,465. The customers on this tour had prepaid on May 10. The following information is known at May 31, 2023. The laptop has an estimated life of three years. The printer has an estimated life of three years. There are $215 of supplies that are not used. A portion of the insurance policy has expired. Wages of $905 were unpaid and unrecorded. 5. Prepare a classified balance sheet at May 31, 2023. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar.) DO NOT GIVE SOLUTION IN IMAGE

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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Emily Lee grew up in Vancouver and loves to be a tourist in her own city. In order to make money to pay for university, she opened a walking tour company, Very Vancouver. The following are transactions for the month of May 2023, the first month of operations.

May	2	Emily moved $8,150 from her personal bank account to a business bank account at TD Bank. She also invested a laptop worth $792 into the business.
May	3	Purchased supplies, including a microphone, and brochures for $645 cash.
May	4	Purchased a printer for $252 on account.
May	5	Purchased a one-year insurance policy for $1,320 cash.
May	6	Emily withdrew $335 for a Mother’s Day gift.
May	8	Interviewed and hired one employee to assist with leading tours.
May	10	Emily launched a social media campaign of Very Vancouver on Facebook. As a result, she received $1,955 of cash for future tour bookings.
May	15	Led three tours of Stanley Park and received $1,045 cash.
May	25	Led four tours of Granville Island, for $1,465. The customers on this tour had prepaid on May 10.

The following information is known at May 31, 2023.

The laptop has an estimated life of three years.

The printer has an estimated life of three years.

There are $215 of supplies that are not used.

A portion of the insurance policy has expired.

Wages of $905 were unpaid and unrecorded.

5. Prepare a classified balance sheet at May 31, 2023. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar.)

DO NOT GIVE SOLUTION IN IMAGE

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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