Lawson Consulting, which began operations on December 1, had the following accounts and amounts on December 31. The I. Lawson, Capital account balance at December 1 was $0 and the owner invested $19,130 cash in the company on December 2. On December 31, the company's accounts and amounts for the month of December are shown in the table below: $ 11,500 I. Lawson, Withdrawals 5,800 Services revenue 7,800 Rent expense 4,170 Wages expense 19,130 Cash $ 2 Accounts receivable 15 Equipment Accounts payable I. Lawson, Capital 3 8 Use the above information to prepare a December statement of owner's equity for Lawson Consulting. Hint: Net income for December is $4,600.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Required information
[The following information applies to the questions
displayed below.]
Lawson Consulting, which began operations on December 1,
had the following accounts and amounts on December
31. The I. Lawson, Capital account balance at December 1
was $0 and the owner invested $19,130 cash in the company
on December 2. On December 31, the company's accounts
and amounts for the month of December are shown in the
table below:
$ 11,500 I. Lawson, Withdrawals
5,800 Services revenue
7,800 Rent expense
4,170 Wages expense
19,130
Cash
$ 2
Accounts receivable
15
Equipment
Accounts payable
I. Lawson, Capital
8.
Use the above information to prepare a December statement
of owner's equity for Lawson Consulting. Hint: Net income for
December is $4,600.
LAWSON CONSULTING
Statement of Owner's Equity
For Month Ended December 31
1. Lawson, Capital, December 1
$
19,130
Add: Net income
4,600
23,730
Less: Withdrawals by owner
2,800
1. Lawson, Capital, December 31
$
20,930
Transcribed Image Text:Required information [The following information applies to the questions displayed below.] Lawson Consulting, which began operations on December 1, had the following accounts and amounts on December 31. The I. Lawson, Capital account balance at December 1 was $0 and the owner invested $19,130 cash in the company on December 2. On December 31, the company's accounts and amounts for the month of December are shown in the table below: $ 11,500 I. Lawson, Withdrawals 5,800 Services revenue 7,800 Rent expense 4,170 Wages expense 19,130 Cash $ 2 Accounts receivable 15 Equipment Accounts payable I. Lawson, Capital 8. Use the above information to prepare a December statement of owner's equity for Lawson Consulting. Hint: Net income for December is $4,600. LAWSON CONSULTING Statement of Owner's Equity For Month Ended December 31 1. Lawson, Capital, December 1 $ 19,130 Add: Net income 4,600 23,730 Less: Withdrawals by owner 2,800 1. Lawson, Capital, December 31 $ 20,930
Required information
[The following information applies to the questions
displayed below.]
Lawson Consulting, which began operations on December 1,
had the following accounts and amounts on December
31. The I. Lawson, Capital account balance at December 1
was $0 and the owner invested $19,130 cash in the company
on December 2. On December 31, the company's accounts
and amounts for the month of December are shown in the
table below:
$ 11,500 I. Lawson, Withdrawals
5,800 Services revenue
7,800 Rent expense
4,170 Wages expense
19,130
$ 2,800
15,900
3,300
8,000
Cash
Accounts receivable
Equipment
Accounts payable
I. Lawson, Capital
the above information to prepare a December statement
wner's equity for Lawson Consulting. Hint: Net income for
ember is $4,600.
LAWSON CONSULTING
Statement of Owner's Equity
For Month Ended December 31
vson, Capital, December 1
$
19,130
Net income
4,600
23,730
Withdrawals by owner
2,800
vson, Capital, December 31
$
20,930
Transcribed Image Text:Required information [The following information applies to the questions displayed below.] Lawson Consulting, which began operations on December 1, had the following accounts and amounts on December 31. The I. Lawson, Capital account balance at December 1 was $0 and the owner invested $19,130 cash in the company on December 2. On December 31, the company's accounts and amounts for the month of December are shown in the table below: $ 11,500 I. Lawson, Withdrawals 5,800 Services revenue 7,800 Rent expense 4,170 Wages expense 19,130 $ 2,800 15,900 3,300 8,000 Cash Accounts receivable Equipment Accounts payable I. Lawson, Capital the above information to prepare a December statement wner's equity for Lawson Consulting. Hint: Net income for ember is $4,600. LAWSON CONSULTING Statement of Owner's Equity For Month Ended December 31 vson, Capital, December 1 $ 19,130 Net income 4,600 23,730 Withdrawals by owner 2,800 vson, Capital, December 31 $ 20,930
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