Homework Help is Here – Start Your Trial Now!
Business
Accounting
We-Sell Realty, organized August 1, 2019, is owned and operated by Omar Farah. How many errors can you find in the following statements for We-Sell Realty, prepared after its first month of operations? We-Sell Realty Income Statement August 31,2019 Sales commissions $140,000 Expenses: office salaries expense $87,000 Rent expense Automobile expense 18,000 7,500 Miscellaneous expense 2,200 Supplies expense Total expenses 1,150 115,850 $ 25,000 Net income Omar Farah Statement of Owner's Equity August 31,2018 Omar Farah, capital, August 1, 2019. Withdrawals during August 0 (10,000) $(10,000) Investment on August 1, 2019... 15,000 $5,000 Net income for August..... Omar Farah, capital, August 31, 2019 25,000 30,000 Balan ce Sheet For the Month Ended August 31, 2019 Assets $ 8,900 Cash Accounts payable 22,350 Total assets $31,250 Liabilities Accounts receivable. $38,600 Supplies... 4,000 Owner's Equity Omar Farah, capital... Total liabilities and owner's equity 30,000 $72,600

We-Sell Realty, organized August 1, 2019, is owned and operated by Omar Farah. How many errors can you find in the following statements for We-Sell Realty, prepared after its first month of operations? We-Sell Realty Income Statement August 31,2019 Sales commissions $140,000 Expenses: office salaries expense $87,000 Rent expense Automobile expense 18,000 7,500 Miscellaneous expense 2,200 Supplies expense Total expenses 1,150 115,850 $ 25,000 Net income Omar Farah Statement of Owner's Equity August 31,2018 Omar Farah, capital, August 1, 2019. Withdrawals during August 0 (10,000) $(10,000) Investment on August 1, 2019... 15,000 $5,000 Net income for August..... Omar Farah, capital, August 31, 2019 25,000 30,000 Balan ce Sheet For the Month Ended August 31, 2019 Assets $ 8,900 Cash Accounts payable 22,350 Total assets $31,250 Liabilities Accounts receivable. $38,600 Supplies... 4,000 Owner's Equity Omar Farah, capital... Total liabilities and owner's equity 30,000 $72,600

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
We-Sell Realty, organized August 1, 2019, is owned and operated by Omar Farah. How many errors can you find in the following statements for We-Sell Realty, prepared after its first month of operations? We-Sell Realty Income Statement August 31,2019 Sales commissions $140,000 Expenses: office salaries expense $87,000 Rent expense Automobile expense 18,000 7,500 Miscellaneous expense 2,200 Supplies expense Total expenses 1,150 115,850 $ 25,000 Net income Omar Farah Statement of Owner's Equity August 31,2018 Omar Farah, capital, August 1, 2019. Withdrawals during August 0 (10,000) $(10,000) Investment on August 1, 2019... 15,000 $5,000 Net income for August..... Omar Farah, capital, August 31, 2019 25,000 30,000 Balan ce Sheet For the Month Ended August 31, 2019 Assets $ 8,900 Cash Accounts payable 22,350 Total assets $31,250 Liabilities Accounts receivable. $38,600 Supplies... 4,000 Owner's Equity Omar Farah, capital... Total liabilities and owner's equity 30,000 $72,600
Transcribed Image Text:We-Sell Realty, organized August 1, 2019, is owned and operated by Omar Farah. How many errors can you find in the following statements for We-Sell Realty, prepared after its first month of operations? We-Sell Realty Income Statement August 31,2019 Sales commissions $140,000 Expenses: office salaries expense $87,000 Rent expense Automobile expense 18,000 7,500 Miscellaneous expense 2,200 Supplies expense Total expenses 1,150 115,850 $ 25,000 Net income Omar Farah Statement of Owner's Equity August 31,2018 Omar Farah, capital, August 1, 2019. Withdrawals during August 0 (10,000) $(10,000) Investment on August 1, 2019... 15,000 $5,000 Net income for August..... Omar Farah, capital, August 31, 2019 25,000 30,000 Balan ce Sheet For the Month Ended August 31, 2019 Assets $ 8,900 Cash Accounts payable 22,350 Total assets $31,250 Liabilities Accounts receivable. $38,600 Supplies... 4,000 Owner's Equity Omar Farah, capital... Total liabilities and owner's equity 30,000 $72,600
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS