On November 1, 2023, Dallas Glynn organized a new company called Vision Consulting Inc. On the last day of that month, the company's records showed the items listed below. Use this information to prepare the November income statement and statement of changes in equity as well as the balance sheet at November 30 for Vision Consulting Inc. Balance a) Complete the income statement using the format provided. 86,500 (select one) Income Statement 111,000 72,000 (select one) Account Accounts receivable Building Commissions earned Consulting revenue earned Dividends Equipment Furniture Interest eamed Interest expense Interest payable Property taxes payable Rent earned Rent expense, Share capital Short-term notes payable 108.000 10,500 X 162.500 75.000 21,000 X* 22,000 Revenues Total revenues Expenses 173,500 116,500 Total expenses 20,500 10,000 81,000 ) Complete the statement of changes in equity using the format provided. b) 135.000 (select one) Statement of Changes in Equity (select one) **** **** **** c) Complete the Balance Sheet Assets —= ▬▬ Total assets Share Retained Total Capital Eamings Equity (select one) Balance Sheet (select one) XX Liabilities Total liabilities Equity Total equity Total liabilities and equity
On November 1, 2023, Dallas Glynn organized a new company called Vision Consulting Inc. On the last day of that month, the company's records showed the items listed below. Use this information to prepare the November income statement and statement of changes in equity as well as the balance sheet at November 30 for Vision Consulting Inc. Balance a) Complete the income statement using the format provided. 86,500 (select one) Income Statement 111,000 72,000 (select one) Account Accounts receivable Building Commissions earned Consulting revenue earned Dividends Equipment Furniture Interest eamed Interest expense Interest payable Property taxes payable Rent earned Rent expense, Share capital Short-term notes payable 108.000 10,500 X 162.500 75.000 21,000 X* 22,000 Revenues Total revenues Expenses 173,500 116,500 Total expenses 20,500 10,000 81,000 ) Complete the statement of changes in equity using the format provided. b) 135.000 (select one) Statement of Changes in Equity (select one) **** **** **** c) Complete the Balance Sheet Assets —= ▬▬ Total assets Share Retained Total Capital Eamings Equity (select one) Balance Sheet (select one) XX Liabilities Total liabilities Equity Total equity Total liabilities and equity
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text:On November 1, 2023, Dallas Glynn organized a new company called Vision Consulting Inc. On the last day of that month, the company's records showed the items listed below. Use this information to prepare the November income statement and statement of changes in equity as well as the balance sheet at November 30 for Vision Consulting Inc.
Balance a) Complete the income statement using the format provided.
86,500
111,000
72,000
108,000
10,500
162,500
75,000
21,000
22,000
Account
Accounts receivable
Building
Commissions earned
Consulting revenue earned,
Dividends
Equipment
Furniture
Interest earned
Interest expense,
Interest payable,
Property taxes payable,
Rent earned
Rent expense
Share capital,
Short-term notes payable
20,500
10,000
81,000
135,000
173,500
116,500
(select one)
Income Statement
(select one)
Revenues
Total revenues,
Expenses
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++
x+++
c) Complete the Balance Sheet.
Assets
Total assets
Share Retained Total
Capital Earnings Equity
(select one)
Balance Sheet
(select one)
X +
x +
Liabilities
Total liabilities
Equity
Total equity.
Total liabilities and equity
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