please answer with all work like explanation , computation, formula with steps need correct and complete answer for better understanding please answer in text no AI no handwritten no image need accurate answer need answer in text no copy from other answer show explain with reason and calculation clearly The following incomplete financial statements are for JTC Enterprises Inc.:$1,250,063Revenues.Salaries expense.Administrative expensesInterest expenseRent expenseTotal expenses.Net income.Total shareholders' equity, beginning of yearCommon shares, beginning of yearIssue of shares..Common shares, end of year.Retained earnings, beginning of year.Dividends declaredRetained earnings, end of year.Total shareholders' equity, end of yearTotal assetsTotal liabilities..Total liabilities and shareholders' equity.InstructionsComplete the missing data in these financial statements:(a) Total expenses(b) Net income(c) Common shares, beginning of year(d) Retained earnings, beginning of year(e) Total shareholders' equity, end of year(f) Total assets(g) Total liabilities and shareholders' equity680,000250,43845,00018,000(a)(b)$811,000(c)250,438475,000(d)58,0001,785,000(g)785,063QProvide an explanation for each of the following:1. Why is an increase in an expense shown as a negative number in the expanded accounting equation?1. Why is cash received before services are performed not regarded as revenue?1. Why are dividends declared not recorded as an expense?

Accounting equation is a statement which represents the effect of each transaction on the balance…

Instructions Complete the missing data in these financial statements: (a) Total expenses (b) Net income (c) Common shares, beginning of year (d) Retained earnings, beginning of year (e) Total shareholders' equity, end of year (f) Total assets (g) Total liabilities and shareholders' equity Provide an explanation for each of the following: 1. Why is an increase in an expense shown as a negative number in the expanded accounting equation 1. Why is cash received before services are performed not regarded as revenue? 1. Why are dividends declared not recorded as an expense?

Instructions Complete the missing data in these financial statements: (a) Total expenses (b) Net income (c) Common shares, beginning of year (d) Retained earnings, beginning of year (e) Total shareholders' equity, end of year (f) Total assets (g) Total liabilities and shareholders' equity Provide an explanation for each of the following: 1. Why is an increase in an expense shown as a negative number in the expanded accounting equation 1. Why is cash received before services are performed not regarded as revenue? 1. Why are dividends declared not recorded as an expense?

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 do not rely too much on chatgpt, because its answer may be wrong. Please consider it carefully and give your own answer. You can borrow ideas from gpt, but please do not believe its answer.Very very grateful!Please do not rely too much on chatgpt, because its answer may be wrong. Please consider it carefully and give your own answer. You can borrow ideas from gpt, but please do not believe its answer.Very very grateful!
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help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working
in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working!!!!!!!
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