On December 1, 2023, Steve Moore organized a new company called Gulf Corp. On the last day of that month, the company's records showed the items listed below. Use this information to prepare the December income statement and statement of changes in equity as well as the balance sheet at December 31 for Gulf Corp.Advertising expense 108,500 Cash 34,500 Commissions earned 81,500 Consulting revenue earned 122000 Dividends 13000 Furniture 46500 Interest expense 15000 Interest payable 17500 Land 100500 Notes receivable 77500 Rent earned 42000 Share capital 134000 Short-term notes payable 72500 Utilities expense 74000 a) Complete the income statement using the format provided. b) Complete the statement of changes in equity using the format provided. c) Complete the Balance Sheet.

On December 1, 2023, Steve Moore organized a new company called Gulf Corp. On the last day of that month, the company's records showed the items listed below. Use this information to prepare the December income statement and statement of changes in equity as well as the balance sheet at December 31 for Gulf Corp.Advertising expense 108,500 Cash 34,500 Commissions earned 81,500 Consulting revenue earned 122000 Dividends 13000 Furniture 46500 Interest expense 15000 Interest payable 17500 Land 100500 Notes receivable 77500 Rent earned 42000 Share capital 134000 Short-term notes payable 72500 Utilities expense 74000 a) Complete the income statement using the format provided. b) Complete the statement of changes in equity using the format provided. c) Complete the Balance Sheet.

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Description: Note:-Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure On December 1, 2023, Steve Moore organized a new company called Gulf Corp.On the last day

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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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Answer completely.

You will get up vote for sure

On December 1, 2023, Steve Moore organized a new company called Gulf Corp.
On the last day of that month, the company's records showed the items listed
below. Use this information to prepare the December income statement and
statement of changes in equity as well as the balance sheet at December 31 for
Gulf Corp.Advertising expense 108,500 Cash 34,500 Commissions earned
81,500 Consulting revenue earned 122000 Dividends 13000 Furniture 46500
Interest expense 15000 Interest payable 17500 Land 100500 Notes receivable
77500 Rent earned 42000 Share capital 134000 Short-term notes payable
72500 Utilities expense 74000 a) Complete the income statement using the
format provided. b) Complete the statement of changes in equity using the
format provided. c) Complete the Balance Sheet.

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