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The following account balances were provided by Kate's Consulting Company as of December 31, 2022. 70,500 90,000 Accumulated Depreciation-Equipment 14,800 3,600 74,000 Salary Expense Accounts Receivable Supplies Equipment

The following account balances were provided by Kate's Consulting Company as of December 31, 2022. 70,500 90,000 Accumulated Depreciation-Equipment 14,800 3,600 74,000 Salary Expense Accounts Receivable Supplies Equipment

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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The following account balances were provided by Kate's Consulting Company as of December 31, 2022. Salary Expense 70,500 Accounts Receivable 90,000 Accumulated Depreciation-Equipment 14,800 Supplies Equipment 3,600 74,000 Fees Earned 175,200 Miscellaneous Expense 7,400 Salaries Payable 1,500 Kate, Capital 90,400 Cash 38,000 12,000 Kate, Drawing Supplies Expense Depreciation Expense Accounts Payable 5. 6,000 4,800 24,400 1. Prepare and Income Statement 2. Prepare a Statement of Owner's Equity 3. Prepare a Balance Sheet 4. Answer the following questions: a. What are the total assets of the company? b. What is the "Net Worth" of the company? c. How much does the company owe? d. What is the company's bank account balance as of December 31, 2022?
Transcribed Image Text:The following account balances were provided by Kate's Consulting Company as of December 31, 2022. Salary Expense 70,500 Accounts Receivable 90,000 Accumulated Depreciation-Equipment 14,800 Supplies Equipment 3,600 74,000 Fees Earned 175,200 Miscellaneous Expense 7,400 Salaries Payable 1,500 Kate, Capital 90,400 Cash 38,000 12,000 Kate, Drawing Supplies Expense Depreciation Expense Accounts Payable 5. 6,000 4,800 24,400 1. Prepare and Income Statement 2. Prepare a Statement of Owner's Equity 3. Prepare a Balance Sheet 4. Answer the following questions: a. What are the total assets of the company? b. What is the "Net Worth" of the company? c. How much does the company owe? d. What is the company's bank account balance as of December 31, 2022?
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