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).
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text: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

Transcribed Image Text: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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