Here is question The purpose of this assignment is for you to demonstrate your ability to record business transactions and then prepare a properly formatted income statement and balance sheet. The one additional requirement is that you answer the questions that you find below.Questions to be answer1. What is the company's ending Cash balance? What is the company's ending Equity? Why is cash not equal to equity?2. What is the company's net income for the period?3. If you had to repay your creditors today, could you? Explain.4. The company made a small amount of net income over the month. Explain why the equity actually decreased over the period.5. You have recorded journal entries for the period of a month. If you were told that the business license in T12 was a annual expense, would this impact the reported net income? Explain why or why not. Performed $1,000 worth of accounting services and issued bill toT14client.T15You sell your old computer on craigslist for $100. You purchased the computer 4 years ago for $1,045.You purchase a new computer for $800T16cash. T1Purchased $333 worth of office supplies with cash.T2Issued a cheque for $50 for an ad in the local newspaper.T3Received a bill from Staples for a desk, chair, and filing cabinet. The total bill is for $1,100 and is due in 30 days.T4You were hired to do the bookkeeping for a local company. You did 9 hours of work and you charge $100 per hour. You expect to get paid next week.T5You complete 6 hours of work and get paid right away.T6The company makes a $100 donation to the United Way.T7You receive a cheque for $400 from the client in T4.T8You issue a cheque to Staples for the full amount owed.You paid Costco $120 for repairs on the companyautomobile,T9Performed an accounting service for Lebron and received $200 cash as payment. You didn't deposit thecash,instead you put it in your pocket to buy your groceriesT10eek.T11Issued a cheque for $750 in payment of the rent for the month of October.T12Received a bill from CPA, Ontario for a business license fee, You'll pay the $500 next month.T13Put another advertisement in the local paper. You'll pay them the $65 next week..

a. Cash balance = $ 353 Equity = 2968. The equity is not same as cash as there are some reserve…

Answered: Here is question The purpose of this…

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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Here is question The purpose of this assignment is for you to demonstrate your ability to record business transactions and then prepare a properly formatted income statement and balance sheet. The one additional requirement is that you answer the questions that you find below. Questions to be answer 1. What is the company's ending Cash balance? What is the company's ending Equity? Why is cash not equal to equity? 2. What is the company's net income for the period? 3. If you had to repay your creditors today, could you? Explain. 4. The company made a small amount of net income over the month. Explain why the equity actually decreased over the period. 5. You have recorded journal entries for the period of a month. If you were told that the business license in T12 was a annual expense, would this impact the reported net income? Explain why or why not.

Performed $1,000 worth of accounting services and issued bill to
T14
client.
T15
You sell your old computer on craigslist for $100. You purchased the computer 4 years ago for $1,045.
You purchase a new computer for $800
T16
cash.

T1
Purchased $333 worth of office supplies with cash.
T2
Issued a cheque for $50 for an ad in the local newspaper.
T3
Received a bill from Staples for a desk, chair, and filing cabinet. The total bill is for $1,100 and is due in 30 days.
T4
You were hired to do the bookkeeping for a local company. You did 9 hours of work and you charge $100 per hour. You expect to get paid next week.
T5
You complete 6 hours of work and get paid right away.
T6
The company makes a $100 donation to the United Way.
T7
You receive a cheque for $400 from the client in T4.
T8
You issue a cheque to Staples for the full amount owed.
You paid Costco $120 for repairs on the company
automobile,
T9
Performed an accounting service for Lebron and received $200 cash as payment. You didn't deposit the
cash,
instead you put it in your pocket to buy your groceries
T10
eek.
T11
Issued a cheque for $750 in payment of the rent for the month of October.
T12
Received a bill from CPA, Ontario for a business license fee, You'll pay the $500 next month.
T13
Put another advertisement in the local paper. You'll pay them the $65 next week..

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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