You are to refer to Kate Minimart operation below:Kate operates a minimart store located in a private estate. She invested$20,000 of her own funds and took an additional $10,000 bank loan to payfor the renovation and store fittings totaled $22,000, balance funds to usefor operation needs.Kate paid a monthly rent of $5,000 for the store. The minimart sells avariety of goods estimated a total worth of $10,000. All sales are on cashbasis amounting to about $12,000 to $14,000 each month. Kate is at a losshow to prepare the accounts for her business.You will perform the following:(0)Select an accounting principle and explain how it can be applied toKate Minimart3 You will perform the following:(0)(ii)(11)the accounts for her business.(iv)Select an accounting principle and explain how it can be applied toKate Minimart.Perform research on the assets of the operation above.It should include:Description of the assets2 examples of accounts included under the assets1 transaction that increases and 1 transaction that decreases theassetsSelect THREE (3) transactions that Kate Minimart performs andillustrate their effect on the accounting equation.Select ONE (1) financial statement to prepare at period end.Describe the following:-the purpose of preparing the statementthe key componentsONE (1) user and how he can use its informationprovide a brief format of the selected financial statement (with nonumbers).

Name: You are to refer to Kate Minimart operation below:Kate operates a min
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Description: You are to refer to Kate Minimart operation below:Kate operates a minimart store located in a private estate. She invested$20,000 of her own funds and took an additional $10,000 bank loan to payfor the renovation and store fittings totaled $22,000,

There are primarily four types of financial statements, each serving different purposes, that are…

Business

Accounting

You will perform the following: (0) (ii) 3 LI KID (IV) Select an accounting principle and explain how it can be applied to Kate Minimart. Perform research on the assets of the operation above. It should include: Description of the assets 2 examples of accounts included under the assets 1 transaction that increases and 1 transaction that decreases the assets Select THREE (3) transactions that Kate Minimart performs and illustrate their effect on the accounting equation. Select ONE (1) financial statement to prepare at period end. Describe the following: -the purpose of preparing the statement the key components ONE (1) user and how he can use its Information provide a brief format of the selected financial statement (with no numbers).

You will perform the following: (0) (ii) 3 LI KID (IV) Select an accounting principle and explain how it can be applied to Kate Minimart. Perform research on the assets of the operation above. It should include: Description of the assets 2 examples of accounts included under the assets 1 transaction that increases and 1 transaction that decreases the assets Select THREE (3) transactions that Kate Minimart performs and illustrate their effect on the accounting equation. Select ONE (1) financial statement to prepare at period end. Describe the following: -the purpose of preparing the statement the key components ONE (1) user and how he can use its Information provide a brief format of the selected financial statement (with no numbers).

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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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Question

You are to refer to Kate Minimart operation below:
Kate operates a minimart store located in a private estate. She invested
$20,000 of her own funds and took an additional $10,000 bank loan to pay
for the renovation and store fittings totaled $22,000, balance funds to use
for operation needs.
Kate paid a monthly rent of $5,000 for the store. The minimart sells a
variety of goods estimated a total worth of $10,000. All sales are on cash
basis amounting to about $12,000 to $14,000 each month. Kate is at a loss
how to prepare the accounts for her business.
You will perform the following:
(0)
Select an accounting principle and explain how it can be applied to
Kate Minimart
3

You will perform the following:
(0)
(ii)
(11)
the accounts for her business.
(iv)
Select an accounting principle and explain how it can be applied to
Kate Minimart.
Perform research on the assets of the operation above.
It should include:
Description of the assets
2 examples of accounts included under the assets
1 transaction that increases and 1 transaction that decreases the
assets
Select THREE (3) transactions that Kate Minimart performs and
illustrate their effect on the accounting equation.
Select ONE (1) financial statement to prepare at period end.
Describe the following:
-the purpose of preparing the statement
the key components
ONE (1) user and how he can use its information
provide a brief format of the selected financial statement (with no
numbers).

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