The financial statements report the cumulative impact of all transactions recorded as of the financial statement date. Input the cumulative amount of a) Net Income (Loss), b) Total Assets, c) Total Liabilities, and d) Total Equity that would be reported on the financial statements immediately after each transaction is recorded. (Hint: You can check your work by selecting the date on the trial balance tab.) The first 2 transactions are completed for you! Transaction: Where can you go to find each of your answers? January 1-T. Turner, owner, invested $166,750 cash in the company in exchange for common stock. January 2- The company purchased supplies for $3,450 cash. January 3- The company purchased $14,050 of equipment on credit. January 4- The company received $19,900 cash for services provided to a customer. January 5- The company paid $14,050 cash to settle the payable for the equipment purchased on January 3. January 6- The company billed a customer $4,900 for services provided. Jan. 7- The company paid $3,425 cash for the monthly rent. January 8- The company collected $2,775 cash as partial payment for the account receivable created on January 6. January 9- The company paid $13,300 cash in dividends to the owner (sole shareholder). Net Income Income statement S Total Assets Balance sheet 0 $ 166,750 S 166,750 0 O 19,900 Total Liabilities Balance sheet 14,050 Total Equity Balance sheet 0 S 이 14,050 166,750 166,750 19,900 Show less
The financial statements report the cumulative impact of all transactions recorded as of the financial statement date. Input the cumulative amount of a) Net Income (Loss), b) Total Assets, c) Total Liabilities, and d) Total Equity that would be reported on the financial statements immediately after each transaction is recorded. (Hint: You can check your work by selecting the date on the trial balance tab.) The first 2 transactions are completed for you! Transaction: Where can you go to find each of your answers? January 1-T. Turner, owner, invested $166,750 cash in the company in exchange for common stock. January 2- The company purchased supplies for $3,450 cash. January 3- The company purchased $14,050 of equipment on credit. January 4- The company received $19,900 cash for services provided to a customer. January 5- The company paid $14,050 cash to settle the payable for the equipment purchased on January 3. January 6- The company billed a customer $4,900 for services provided. Jan. 7- The company paid $3,425 cash for the monthly rent. January 8- The company collected $2,775 cash as partial payment for the account receivable created on January 6. January 9- The company paid $13,300 cash in dividends to the owner (sole shareholder). Net Income Income statement S Total Assets Balance sheet 0 $ 166,750 S 166,750 0 O 19,900 Total Liabilities Balance sheet 14,050 Total Equity Balance sheet 0 S 이 14,050 166,750 166,750 19,900 Show less
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Domestic
Transcribed Image Text:Requirement
General
Journal
General
Ledger
Transaction:
Where can you go to find each of your answers?
January 1 - T. Turner, owner, invested $166,750 cash in
the company in exchange for common stock.
January 2- The company purchased supplies for
$3,450 cash.
Trial Balance
January 3 - The company purchased $14,050 of
equipment on credit.
The financial statements report the cumulative impact of all transactions recorded as of the financial statement date. Input the
cumulative amount of a) Net Income (Loss), b) Total Assets, c) Total Liabilities, and d) Total Equity that would be reported on the
financial statements immediately after each transaction is recorded. (Hint: You can check your work by selecting the date on the
trial balance tab.) The first 2 transactions are completed for you!
Show less
January 4- The company received $19,900 cash for
services provided to a customer.
January 5 - The company paid $14,050 cash to settle
the payable for the equipment purchased on January 3.
January 6- The company billed a customer $4,900 for
services provided.
Jan. 7- The company paid $3,425 cash for the monthly
rent.
January 8- The company collected $2,775 cash as
partial payment for the account receivable created on
January 6.
January 9 - The company paid $13,300 cash in
dividends to the owner (sole shareholder).
Income
Statement
Net Income
Income statement
S
0
St Retained
Earnings
Total Assets
Balance sheet
0 S 166,750 S
166,750
14,050
0
Balance Sheet
19,900
Total Liabilities
Balance sheet
Total Equity
Balance sheet
0 $
FS Impact
0
14,050
166,750
166,750
19,900
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