On May 1, 2023, Shawna Cameron organized a new company called XYZ Corporation. On the last day of that month, the company's records showed the items listed below. Use this information to prepare the May income statement and statement of changes in equity as well as the balance sheet at May 31 for XYZ Corporat Balance) Complete the income statement using the format provided. 78,000 (select one) 72,000 Income Statement 56.000 (select one) Account Accounts payable Accounts receivable Advertising expense Consulting revenue earned Dividends Equipment Insurance expense Interest earned Interest payable Notes receivable Office supplies expense Property taxes payable Rent eamed, Share capital Supplies Usities expense, 198,500 37,500 x 157,500 26,000 46,500 36,500 177,500 77,500 32.000 171,500 159.500 43,500 75.000 Revenues Total revenues Expenses Total expenses b) Complete the statement of changes in equity using the format provided. (select one) Statement of Changes in Equity (select one) www. KANN c) Complete the Balance Sheet X Assets Total assets Share Retained Total Capital Eamings Equity (select one) Balance Sheet (select one) x. Liabilities Total liabilities Equity THLAND
On May 1, 2023, Shawna Cameron organized a new company called XYZ Corporation. On the last day of that month, the company's records showed the items listed below. Use this information to prepare the May income statement and statement of changes in equity as well as the balance sheet at May 31 for XYZ Corporat Balance) Complete the income statement using the format provided. 78,000 (select one) 72,000 Income Statement 56.000 (select one) Account Accounts payable Accounts receivable Advertising expense Consulting revenue earned Dividends Equipment Insurance expense Interest earned Interest payable Notes receivable Office supplies expense Property taxes payable Rent eamed, Share capital Supplies Usities expense, 198,500 37,500 x 157,500 26,000 46,500 36,500 177,500 77,500 32.000 171,500 159.500 43,500 75.000 Revenues Total revenues Expenses Total expenses b) Complete the statement of changes in equity using the format provided. (select one) Statement of Changes in Equity (select one) www. KANN c) Complete the Balance Sheet X Assets Total assets Share Retained Total Capital Eamings Equity (select one) Balance Sheet (select one) x. Liabilities Total liabilities Equity THLAND
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text:On May 1, 2023, Shawna Cameron organized a new company called XYZ Corporation. On the last day of that month, the company's records showed the items listed below. Use this information to prepare the May income statement and statement of changes in equity as well as the balance sheet at May 31 for XYZ Corporation.
Balance a) Complete the income statement using the format provided.
78,000
72,000
56,000
198,500
Account
Accounts payable
Accounts receivable
Advertising expense
Consulting revenue earned,
Dividends
Equipment
Insurance expense
Interest earned
Interest payable..
Notes receivable,
Office supplies expense
Property taxes payable,
Rent earned.
Share capital,
Supplies
Utilities expense....
37,500 X
157,500
26,000
46,500 X
36,500
177,500
77,500
32,000
171,500
159,500
43,500
75,000
Revenues
(select one)
Income Statement
(select one)
Total revenues
Expenses
医医中
X+
Total expenses
b) Complete the statement of changes in equity using the format provided.
(select one)
Statement of Changes in Equity
(select one)
X+
SHO
c) Complete the Balance Sheet.
Assets
Total assets
Share Retained Total
Capital Earnings Equity
(select one)
Balance Sheet
(select one)
X +
Liabilities
Total liabilities
Equity
Total equity.
Total liabilities and equity
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