PROBLEM 1-2 (L04) Preparing Financial Statements Laberge Sheathing Inc. began operations on January 1, 2015. The office manager, inexperienced in accounting, prepared the following statement for the business's most recent month ended August 31, 2015. Cash Accounts Receivable Unused Supplies Equipment Advertising Expense Interest Expense Maintenance Expense Supplies Used Wages Expense Laberge Sheathing Inc. Financial Statement Month Ended August 31, 2015 $400 3,800 100 8,700 300 500 475 125 2,600 $17,000 Accounts Payable Share Capital Service Revenue Retained Earnings $7,800 3,200 2,000 4,000 $17,000 Required: +. Prepare an income statement and statement of changes in equity for the month ended August 31, 2015, and a balance sheet at August 31, 2015. No shares were issued in August. 2. Using the information from the balance sheet completed in Part 1, calculate the percentage of assets financed by equity.

PROBLEM 1-2 (L04) Preparing Financial Statements Laberge Sheathing Inc. began operations on January 1, 2015. The office manager, inexperienced in accounting, prepared the following statement for the business's most recent month ended August 31, 2015. Cash Accounts Receivable Unused Supplies Equipment Advertising Expense Interest Expense Maintenance Expense Supplies Used Wages Expense Laberge Sheathing Inc. Financial Statement Month Ended August 31, 2015 $400 3,800 100 8,700 300 500 475 125 2,600 $17,000 Accounts Payable Share Capital Service Revenue Retained Earnings $7,800 3,200 2,000 4,000 $17,000 Required: +. Prepare an income statement and statement of changes in equity for the month ended August 31, 2015, and a balance sheet at August 31, 2015. No shares were issued in August. 2. Using the information from the balance sheet completed in Part 1, calculate the percentage of assets financed by equity.

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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