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Required: Prepare the corrected financial statements for Susan Huang.

Required: Prepare the corrected financial statements for Susan Huang.

FINANCIAL ACCOUNTING
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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Susan Huang began the practice of law October 1, 2020, with an Initlal investment of $10,500 in cash. She made no withdrawals during the month. After completing the first month of practice, the financial statements were prepared by Ryan Player, the secretary/bookkeeper Ms. Huang had hired. Ms. Huang almost burst out laughing when she saw them. She had completed a course in legal accounting In law school and knew the statements prepared by Player left much to be desired. Consequently, she asked you to revise the statements. The Player verslon is presented as follows: Susan Huang, Lawyer Balance Sheet October 31, 2020 Assets Liabilities and Equity $ 3,788 Susan Huang, capital 2,100 Cash $ 10,500 Furniture Supplies expense Accounts payable 420 1,050 Rent expense 2,100 Supplies 1,058 $ 10,580 $ 10,500 Susan Huang, Lawyer Income Statement For Month Ended October 31, 2020 Revenues: Legal revenue $ 11,550 Accounts receivable 2,100 $ 13,650 Expenses: Salaries expense $ 2,948 Telephone expense 210 Law library 8,400 11,55e Profit $ 2,100 Required: Prepare the corrected financlal statements for Susan Huang.
Transcribed Image Text:Susan Huang began the practice of law October 1, 2020, with an Initlal investment of $10,500 in cash. She made no withdrawals during the month. After completing the first month of practice, the financial statements were prepared by Ryan Player, the secretary/bookkeeper Ms. Huang had hired. Ms. Huang almost burst out laughing when she saw them. She had completed a course in legal accounting In law school and knew the statements prepared by Player left much to be desired. Consequently, she asked you to revise the statements. The Player verslon is presented as follows: Susan Huang, Lawyer Balance Sheet October 31, 2020 Assets Liabilities and Equity $ 3,788 Susan Huang, capital 2,100 Cash $ 10,500 Furniture Supplies expense Accounts payable 420 1,050 Rent expense 2,100 Supplies 1,058 $ 10,580 $ 10,500 Susan Huang, Lawyer Income Statement For Month Ended October 31, 2020 Revenues: Legal revenue $ 11,550 Accounts receivable 2,100 $ 13,650 Expenses: Salaries expense $ 2,948 Telephone expense 210 Law library 8,400 11,55e Profit $ 2,100 Required: Prepare the corrected financlal statements for Susan Huang.
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