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 $19,130 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: $ 11,500 I. Lawson, Withdrawals 5,800 Services revenue 7,800 Rent expense 4,170 Wages expense 19,130 Cash $ 2 Accounts receivable 15 Equipment Accounts payable I. Lawson, Capital 3 8

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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information
'g information applies to the questions
low.]
sulting, which began operations on December 1,
wing accounts and amounts on December
vson, Capital account balance at December 1
the owner invested $19,130 cash in the company
r 2. On December 31, the company's accounts
; for the month of December are shown in the
$ 11,500 I. Lawson, Withdrawals
5,800 Services revenue
7,800 Rent expense
4,170 Wages expense
19,130
$ 2,800
.5,900
3,300
8,000
eceivable
ayable
Capital
information to prepare a December 31
for Lawson Consulting. Hint: The ending I.
il account balance as of December 31 is
LAWSON CONSULTING
Balance Sheet
As of December 31
Liabilities:
2$
11,500 Accounts payable
$
4,170
5,800
7,800 Equity:
1. Lawson, Capital
20,930
Total equity
20,930
2$
25,100
2$
25,100
Transcribed Image Text:information 'g information applies to the questions low.] sulting, which began operations on December 1, wing accounts and amounts on December vson, Capital account balance at December 1 the owner invested $19,130 cash in the company r 2. On December 31, the company's accounts ; for the month of December are shown in the $ 11,500 I. Lawson, Withdrawals 5,800 Services revenue 7,800 Rent expense 4,170 Wages expense 19,130 $ 2,800 .5,900 3,300 8,000 eceivable ayable Capital information to prepare a December 31 for Lawson Consulting. Hint: The ending I. il account balance as of December 31 is LAWSON CONSULTING Balance Sheet As of December 31 Liabilities: 2$ 11,500 Accounts payable $ 4,170 5,800 7,800 Equity: 1. Lawson, Capital 20,930 Total equity 20,930 2$ 25,100 2$ 25,100
!
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 $19,130 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:
$ 11,500 I. Lawson, Withdrawals
5,800 Services revenue
7,800 Rent expense
4,170 Wages expense
19,130
Cash
$ 2
Accounts receivable
15
Equipment
Accounts payable
I. Lawson, Capital
8
Use the above information to prepare a December 31
balance sheet for Lawson Consulting. Hint: The ending I.
Lawson, Capital account balance as of December 31 is
$20,930.
LAWSON CONSULTING
Balance Sheet
As of December 31
Assets:
Liabilities:
Cash
$
11,500 Accounts payable
$
4,
Accounts receivable
5,800
Equipment
7,800 Equity:
1. Lawson, Capital
20,
Total equity
20,!
$
25,100
2$
25,
Transcribed Image Text:! 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 $19,130 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: $ 11,500 I. Lawson, Withdrawals 5,800 Services revenue 7,800 Rent expense 4,170 Wages expense 19,130 Cash $ 2 Accounts receivable 15 Equipment Accounts payable I. Lawson, Capital 8 Use the above information to prepare a December 31 balance sheet for Lawson Consulting. Hint: The ending I. Lawson, Capital account balance as of December 31 is $20,930. LAWSON CONSULTING Balance Sheet As of December 31 Assets: Liabilities: Cash $ 11,500 Accounts payable $ 4, Accounts receivable 5,800 Equipment 7,800 Equity: 1. Lawson, Capital 20, Total equity 20,! $ 25,100 2$ 25,
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The balance sheet is a part of financial statements. It indicates the overall position of the business entity.

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