P1-1C. The following are incomplete financial statements for Good Home Hardware. Calculate the missing values and complete the statements. Assets Cash Revenue: Operating Expenses: Service Revenue Repair Revenue Total Revenue GOOD HOME HARDWARE Income Statement For the Year Ended July 31, 2022 Net Income Wages Expense Rent Expense Supplies Expense Utilities Expense Interest Expense Furniture Total Operating Expenses Total Assets M. Good, Capital, August 1, 2021 Add: Investments by Owner Net Income Total Accounts Receivable Supplies Prepaid Rent Office Equipment Less: Withdrawals by Owner M. Good, Capital, July 31, 2022 GOOD HOME HARDWARE Statement of Owner's Equity For the Year Ended July 31, 2022 $142,000 6,000 $11,800 $52,000 24,000 11,400 2,400 12,000 29,200 19,000 (h) GOOD HOME HARDWARE Balance Sheet July 31, 2022 $ (c) (a) 500 Liabilities Accounts Payable Notes Payable Total Liabilities Equity M. Good, Capital Total Liabilities and Owner's Equity $148,000 97,700 $ 79,300 $129,600 $ 95,600 20,000 $ 34,800 $130,400

P1-1C. The following are incomplete financial statements for Good Home Hardware. Calculate the missing values and complete the statements. Assets Cash Revenue: Operating Expenses: Service Revenue Repair Revenue Total Revenue GOOD HOME HARDWARE Income Statement For the Year Ended July 31, 2022 Net Income Wages Expense Rent Expense Supplies Expense Utilities Expense Interest Expense Furniture Total Operating Expenses Total Assets M. Good, Capital, August 1, 2021 Add: Investments by Owner Net Income Total Accounts Receivable Supplies Prepaid Rent Office Equipment Less: Withdrawals by Owner M. Good, Capital, July 31, 2022 GOOD HOME HARDWARE Statement of Owner's Equity For the Year Ended July 31, 2022 $142,000 6,000 $11,800 $52,000 24,000 11,400 2,400 12,000 29,200 19,000 (h) GOOD HOME HARDWARE Balance Sheet July 31, 2022 $ (c) (a) 500 Liabilities Accounts Payable Notes Payable Total Liabilities Equity M. Good, Capital Total Liabilities and Owner's Equity $148,000 97,700 $ 79,300 $129,600 $ 95,600 20,000 $ 34,800 $130,400

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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