Required information[The following information applies to the questionsdisplayed below.]Lawson Consulting, which began operations on December 1,had the following accounts and amounts on December31. The I. Lawson, Capital account balance at December 1was $0 and the owner invested $19,130 cash in the companyon December 2. On December 31, the company's accountsand amounts for the month of December are shown in thetable below:$ 11,500 I. Lawson, Withdrawals5,800 Services revenue7,800 Rent expense4,170 Wages expense19,130Cash$ 2Accounts receivable15EquipmentAccounts payableI. Lawson, Capital8.Use the above information to prepare a December statementof owner's equity for Lawson Consulting. Hint: Net income forDecember is $4,600.LAWSON CONSULTINGStatement of Owner's EquityFor Month Ended December 311. Lawson, Capital, December 1$19,130Add: Net income4,60023,730Less: Withdrawals by owner2,8001. Lawson, Capital, December 31$20,930 Required information[The following information applies to the questionsdisplayed below.]Lawson Consulting, which began operations on December 1,had the following accounts and amounts on December31. The I. Lawson, Capital account balance at December 1was $0 and the owner invested $19,130 cash in the companyon December 2. On December 31, the company's accountsand amounts for the month of December are shown in thetable below:$ 11,500 I. Lawson, Withdrawals5,800 Services revenue7,800 Rent expense4,170 Wages expense19,130$ 2,80015,9003,3008,000CashAccounts receivableEquipmentAccounts payableI. Lawson, Capitalthe above information to prepare a December statementwner's equity for Lawson Consulting. Hint: Net income forember is $4,600.LAWSON CONSULTINGStatement of Owner's EquityFor Month Ended December 31vson, Capital, December 1$19,130Net income4,60023,730Withdrawals by owner2,800vson, Capital, December 31$20,930

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Description: Required information[The following information applies to the questionsdisplayed below.]Lawson Consulting, which began operations on December 1,had the following accounts and amounts on December31. The I. Lawson, Capital account balance at December

Statement of owner's equity indicates the investment balance of the owner. The ending balance of…

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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.

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

Problem 1Q

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[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 $21,680 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: Cash Accounts receivable Equipment Accounts payable I. Lawson, Capital $ 14,000 I. Lawson, Withdrawals 6,300 Services revenue 8,300 Rent expense 4,620 Wages expense 21,680 $ 3,300 17,400 3,800 8,000 Use the above information to prepare a December 31 balance sheet for Lawson Consulting. Hint: The ending I. Lawson, Capital account balance as of December 31 is $23,980. LAWSON CONSULTING Balance Sheet As of December 31 Assets: Liabilities Cash 2$ 14,000 Accounts payable $ 4,620 Accounts receivable 6,300 1. Lawson, Capital 23,980 8,300 Total equity Equipment $ 23,980 2$ 28,600 $…
S The following transactions were completed by the company: a. The company completed consulting work for a client and immediately collected $7,200 cash. b. The company completed commission work for a client and sent a bill for $5,700 to be received within 30 days. c. The company paid an assistant $2,250 cash as wages for the period. d. The company collected $2,850 cash as a partial payment for the amount owed by the client in transaction b e. The company paid $1,040 cash for this period's cleaning services. Required: Enter the impact of each transaction on individual items of the accounting equation. Note: Enter decreases to account balances with a minus sign. Transactions Number a. b. Balance after a and b C. Balance after c Balance after d e. Balance after e Cash Assets + + + + + + + + + Accounts Receivable = Liabilities Accounts Payable = = = = # 1111 + + + + + + + + + + Common Stock II Equity Dividends + + + + + + + + Revenue 111 11 Expenses
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