Required information [The following information applies to the questions displayed below.] Lawson Consulting, which began operations on December 1, had the following accounts and amounts on December 31. The I. Lawson, Capital account balance at December 1 was $0 and the owner invested $21,680 cash in the company on December 2. On December 31, the company's accounts and amounts for the month of December are shown in the table below: Cash Accounts receivable Equipment Accounts payable I. Lawson, Capital $ 14,000 I. Lawson, Withdrawals 6,300 Services revenue 8,300 Rent expense 4,620 Wages expense 21,680 $ 3,300 17,400 3,800 8,000 Use the above information to prepare a December statement of owner's equity for Lawson Consulting. Hint. Net income for December is $5,600. LAWSON CONSULTING Statement of Owner's Equity 1. Lawson, Capital, December 1 2$ Add: Investments by owner 21,680 Add: Net income 5,600 27,280 Less: Withdrawals by owner (3,300) 1. Lawson, Capital, December 31 24 23,980

Required information [The following information applies to the questions displayed below.] Lawson Consulting, which began operations on December 1, had the following accounts and amounts on December 31. The I. Lawson, Capital account balance at December 1 was $0 and the owner invested $21,680 cash in the company on December 2. On December 31, the company's accounts and amounts for the month of December are shown in the table below: Cash Accounts receivable Equipment Accounts payable I. Lawson, Capital $ 14,000 I. Lawson, Withdrawals 6,300 Services revenue 8,300 Rent expense 4,620 Wages expense 21,680 $ 3,300 17,400 3,800 8,000 Use the above information to prepare a December statement of owner's equity for Lawson Consulting. Hint. Net income for December is $5,600. LAWSON CONSULTING Statement of Owner's Equity 1. Lawson, Capital, December 1 2$ Add: Investments by owner 21,680 Add: Net income 5,600 27,280 Less: Withdrawals by owner (3,300) 1. Lawson, Capital, December 31 24 23,980

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Description: Required information(The following information applies to the questions displayed below.]Lawson Consulting, which began operations on December 1, had the following accounts and amounts on December31. The I. Lawson, Capital account balance at Decembe

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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