9 Susan Huang began the practice of law on October 1, 2023, with an initial investment of $17,400 in cash. She made no withdrawalsduring the month. After completing the first month of practice, the financial statements were prepared by Ryan Player, thesecretary/bookkeeper Ms. Huang had hired. Ms. Huang almost burst out laughing when she saw them. She had completed a course inlegal accounting in law school and knew the statements prepared by Player left much to be desired. Consequently, she asked you torevise the statements. The Player version is presented as follows:AssetsCashFurnitureSupplies expenseAccounts payableRent expenseSuppliesRevenues:Legal revenueAccounts receivableExpensesSalaries expenseTelephone expenseLaw libraryProfitSusan Huang, LawyerBalance SheetOctober 11, 2023Liabilities and Equity$5,200 Susan Huang, capital7,5001,4101,480Susan Huang, LawyerIncome StatementFor Month Ended October 31, 20235,eee1,510$17,400$12,7002,450 $15,150$ 4,8006857,72513,210$ 1,940Required:Prenare the corrected financial statements for Sucan Huann$17,400$17,400D

Income statement is a financial statement that records all the income and expenses of the business…

Susan Huang began the practice of law on October 1, 2023, with an initial investment of $17,400 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 version is presented as follows: Cash Furniture Supplies expense Accounts payable Rent expense Supplier Assets Revenues Susan Huang, Lawyer Income Statement For Month Ended October 31, 2023 Accounts receivable Expenses: Salaries expense Telephone expense Law library Profit Susan Huang, Lawyer Balance Sheet October 31, 2023 Liabilities and Equity $ 5,200 Susan Hung, capital 7,500 1,410 1,480 1,510 $17,00 $12,700 2,450 $15,150 $ 4,800 GES 7,725 13,210 $ 1,940 Required: Prenare the reserted financial statemente for Sutan Huann $17,400 $17,400

Susan Huang began the practice of law on October 1, 2023, with an initial investment of $17,400 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 version is presented as follows: Cash Furniture Supplies expense Accounts payable Rent expense Supplier Assets Revenues Susan Huang, Lawyer Income Statement For Month Ended October 31, 2023 Accounts receivable Expenses: Salaries expense Telephone expense Law library Profit Susan Huang, Lawyer Balance Sheet October 31, 2023 Liabilities and Equity $ 5,200 Susan Hung, capital 7,500 1,410 1,480 1,510 $17,00 $12,700 2,450 $15,150 $ 4,800 GES 7,725 13,210 $ 1,940 Required: Prenare the reserted financial statemente for Sutan Huann $17,400 $17,400

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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