1. To prepare: A table in required format for the given data

Question

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Answer 1

Question

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 1, Problem 7BPSB

To determine

1. To prepare:

A table in required format for the given data

Expert Solution

Explanation of Solution

The required table for the given data is prepared as below:


	Assets						Liabilities	+	Equity
Date	Cash	+	Account Receivable	+	Equipment	=	Account Payable	+	N. Niko Capital	-	N. Niko withdrawals	+	Revenues	-	Expenses
1	$130,000								$130,000
2	-6,000														-6,000
4					2,400		2,400
6	-1,150														-1,150
8	850												850
14			7,500										7,500
16	-800														-800
20	7,500		-7,500
21			7,900										7,900
24			675										675
25	7,900		-7,900
26	-2,400						-2,400
28	-800														-800
29	-4,000										-4,000
30	-150														-150
30	-890														-890
	130,060	+	675	+	2,400	=	0	+	130,000	-	-4,000	+	16,925	-	-9,790

To determine

2. To Prepare:

The income statement, statement of owner's equity and the balance sheet from the given data.

Expert Solution

Explanation of Solution

The income statement for Niko's Maintenance Co for June month is as below.

Niko's Maintenance Co
Income Statement for the month June
	Details		Amount in $
	Revenue
	Income from maintain services		$16,925

	Expenses
	Rent expenses	6,000
	Administrative expenses	1,150
	Salary expenses	1,600
	Telephone bill	150
	Utilities expenses	890	9,790

	Net income		$7,135

The statement of owner's equity for Niko's Maintenance Co for the month of June is as below

Niko's Maintenance Co
Statement of owner's equity for the month of June
	Details	Amount in $
	Opening equity	0
	Add: Equity introduced in form of cash	130,000
	Add: Net income for the year	7,135
	Less: Cash withdrawals	-4,000

	Closing equity as on June 30	$133,135

The balance sheet as of June 30 is as below.

Niko's Maintenance Co
Balance Sheet as on June 30
	Details	Amount in $
	Liabilities
	Equity	$133,135
	Account payable	0
	Total	$133,135

	Assets
	Cash	$130,060
	Account receivable	$675
	Equipments	$2,400

	Total	$133,135

To determine

3. To Prepare:

A statement of cash flows for the month of June.

Expert Solution

Explanation of Solution

The statement of cash flows for the month of June is prepared as below.

Niko's Maintenance Co
Statement of Cash flow for the month of June
			Amount in $
	Opening cash balance		0
	Cash flow from operating activities
	Rent paid in cash	-6,000
	Advertising exp paid in cash	-1,150
	Revenue received in cash	850
	Cash received from customer	7,500
	Cash received from customer	7,900
	Salary paid in cash	-1,600
	Telephone bill paid in cash	-150
	Utilities expenses paid in cash	-890	6460

	Cash flow from financing activities
	Cash paid to supplier of equipment		-2,400

	Cash flow from investing activities
	Cash received from Owner	130,000
	Cash withdrawals by owner	-4,000	126,000

	Cash Balance as on June 30		130,060

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Answer 2

Question

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 1, Problem 7BPSB

To determine

1. To prepare:

A table in required format for the given data

Expert Solution

Explanation of Solution

The required table for the given data is prepared as below:


	Assets						Liabilities	+	Equity
Date	Cash	+	Account Receivable	+	Equipment	=	Account Payable	+	N. Niko Capital	-	N. Niko withdrawals	+	Revenues	-	Expenses
1	$130,000								$130,000
2	-6,000														-6,000
4					2,400		2,400
6	-1,150														-1,150
8	850												850
14			7,500										7,500
16	-800														-800
20	7,500		-7,500
21			7,900										7,900
24			675										675
25	7,900		-7,900
26	-2,400						-2,400
28	-800														-800
29	-4,000										-4,000
30	-150														-150
30	-890														-890
	130,060	+	675	+	2,400	=	0	+	130,000	-	-4,000	+	16,925	-	-9,790

To determine

2. To Prepare:

The income statement, statement of owner's equity and the balance sheet from the given data.

Expert Solution

Explanation of Solution

The income statement for Niko's Maintenance Co for June month is as below.

Niko's Maintenance Co
Income Statement for the month June
	Details		Amount in $
	Revenue
	Income from maintain services		$16,925

	Expenses
	Rent expenses	6,000
	Administrative expenses	1,150
	Salary expenses	1,600
	Telephone bill	150
	Utilities expenses	890	9,790

	Net income		$7,135

The statement of owner's equity for Niko's Maintenance Co for the month of June is as below

Niko's Maintenance Co
Statement of owner's equity for the month of June
	Details	Amount in $
	Opening equity	0
	Add: Equity introduced in form of cash	130,000
	Add: Net income for the year	7,135
	Less: Cash withdrawals	-4,000

	Closing equity as on June 30	$133,135

The balance sheet as of June 30 is as below.

Niko's Maintenance Co
Balance Sheet as on June 30
	Details	Amount in $
	Liabilities
	Equity	$133,135
	Account payable	0
	Total	$133,135

	Assets
	Cash	$130,060
	Account receivable	$675
	Equipments	$2,400

	Total	$133,135

To determine

3. To Prepare:

A statement of cash flows for the month of June.

Expert Solution

Explanation of Solution

The statement of cash flows for the month of June is prepared as below.

Niko's Maintenance Co
Statement of Cash flow for the month of June
			Amount in $
	Opening cash balance		0
	Cash flow from operating activities
	Rent paid in cash	-6,000
	Advertising exp paid in cash	-1,150
	Revenue received in cash	850
	Cash received from customer	7,500
	Cash received from customer	7,900
	Salary paid in cash	-1,600
	Telephone bill paid in cash	-150
	Utilities expenses paid in cash	-890	6460

	Cash flow from financing activities
	Cash paid to supplier of equipment		-2,400

	Cash flow from investing activities
	Cash received from Owner	130,000
	Cash withdrawals by owner	-4,000	126,000

	Cash Balance as on June 30		130,060

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Answer 3

Question

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 1, Problem 7BPSB

To determine

1. To prepare:

A table in required format for the given data

Expert Solution

Explanation of Solution

The required table for the given data is prepared as below:


	Assets						Liabilities	+	Equity
Date	Cash	+	Account Receivable	+	Equipment	=	Account Payable	+	N. Niko Capital	-	N. Niko withdrawals	+	Revenues	-	Expenses
1	$130,000								$130,000
2	-6,000														-6,000
4					2,400		2,400
6	-1,150														-1,150
8	850												850
14			7,500										7,500
16	-800														-800
20	7,500		-7,500
21			7,900										7,900
24			675										675
25	7,900		-7,900
26	-2,400						-2,400
28	-800														-800
29	-4,000										-4,000
30	-150														-150
30	-890														-890
	130,060	+	675	+	2,400	=	0	+	130,000	-	-4,000	+	16,925	-	-9,790

To determine

2. To Prepare:

The income statement, statement of owner's equity and the balance sheet from the given data.

Expert Solution

Explanation of Solution

The income statement for Niko's Maintenance Co for June month is as below.

Niko's Maintenance Co
Income Statement for the month June
	Details		Amount in $
	Revenue
	Income from maintain services		$16,925

	Expenses
	Rent expenses	6,000
	Administrative expenses	1,150
	Salary expenses	1,600
	Telephone bill	150
	Utilities expenses	890	9,790

	Net income		$7,135

The statement of owner's equity for Niko's Maintenance Co for the month of June is as below

Niko's Maintenance Co
Statement of owner's equity for the month of June
	Details	Amount in $
	Opening equity	0
	Add: Equity introduced in form of cash	130,000
	Add: Net income for the year	7,135
	Less: Cash withdrawals	-4,000

	Closing equity as on June 30	$133,135

The balance sheet as of June 30 is as below.

Niko's Maintenance Co
Balance Sheet as on June 30
	Details	Amount in $
	Liabilities
	Equity	$133,135
	Account payable	0
	Total	$133,135

	Assets
	Cash	$130,060
	Account receivable	$675
	Equipments	$2,400

	Total	$133,135

To determine

3. To Prepare:

A statement of cash flows for the month of June.

Expert Solution

Explanation of Solution

The statement of cash flows for the month of June is prepared as below.

Niko's Maintenance Co
Statement of Cash flow for the month of June
			Amount in $
	Opening cash balance		0
	Cash flow from operating activities
	Rent paid in cash	-6,000
	Advertising exp paid in cash	-1,150
	Revenue received in cash	850
	Cash received from customer	7,500
	Cash received from customer	7,900
	Salary paid in cash	-1,600
	Telephone bill paid in cash	-150
	Utilities expenses paid in cash	-890	6460

	Cash flow from financing activities
	Cash paid to supplier of equipment		-2,400

	Cash flow from investing activities
	Cash received from Owner	130,000
	Cash withdrawals by owner	-4,000	126,000

	Cash Balance as on June 30		130,060

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Answer 4

Question

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Chapter 1, Problem 7BPSB

To determine

1. To prepare:

A table in required format for the given data

Expert Solution

Explanation of Solution

The required table for the given data is prepared as below:


	Assets						Liabilities	+	Equity
Date	Cash	+	Account Receivable	+	Equipment	=	Account Payable	+	N. Niko Capital	-	N. Niko withdrawals	+	Revenues	-	Expenses
1	$130,000								$130,000
2	-6,000														-6,000
4					2,400		2,400
6	-1,150														-1,150
8	850												850
14			7,500										7,500
16	-800														-800
20	7,500		-7,500
21			7,900										7,900
24			675										675
25	7,900		-7,900
26	-2,400						-2,400
28	-800														-800
29	-4,000										-4,000
30	-150														-150
30	-890														-890
	130,060	+	675	+	2,400	=	0	+	130,000	-	-4,000	+	16,925	-	-9,790

To determine

2. To Prepare:

The income statement, statement of owner's equity and the balance sheet from the given data.

Expert Solution

Explanation of Solution

The income statement for Niko's Maintenance Co for June month is as below.

Niko's Maintenance Co
Income Statement for the month June
	Details		Amount in $
	Revenue
	Income from maintain services		$16,925

	Expenses
	Rent expenses	6,000
	Administrative expenses	1,150
	Salary expenses	1,600
	Telephone bill	150
	Utilities expenses	890	9,790

	Net income		$7,135

The statement of owner's equity for Niko's Maintenance Co for the month of June is as below

Niko's Maintenance Co
Statement of owner's equity for the month of June
	Details	Amount in $
	Opening equity	0
	Add: Equity introduced in form of cash	130,000
	Add: Net income for the year	7,135
	Less: Cash withdrawals	-4,000

	Closing equity as on June 30	$133,135

The balance sheet as of June 30 is as below.

Niko's Maintenance Co
Balance Sheet as on June 30
	Details	Amount in $
	Liabilities
	Equity	$133,135
	Account payable	0
	Total	$133,135

	Assets
	Cash	$130,060
	Account receivable	$675
	Equipments	$2,400

	Total	$133,135

To determine

3. To Prepare:

A statement of cash flows for the month of June.

Expert Solution

Explanation of Solution

The statement of cash flows for the month of June is prepared as below.

Niko's Maintenance Co
Statement of Cash flow for the month of June
			Amount in $
	Opening cash balance		0
	Cash flow from operating activities
	Rent paid in cash	-6,000
	Advertising exp paid in cash	-1,150
	Revenue received in cash	850
	Cash received from customer	7,500
	Cash received from customer	7,900
	Salary paid in cash	-1,600
	Telephone bill paid in cash	-150
	Utilities expenses paid in cash	-890	6460

	Cash flow from financing activities
	Cash paid to supplier of equipment		-2,400

	Cash flow from investing activities
	Cash received from Owner	130,000
	Cash withdrawals by owner	-4,000	126,000

	Cash Balance as on June 30		130,060

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Answer 5

Chapter 1, Problem 7BPSB

To determine

1. To prepare:

A table in required format for the given data

Expert Solution

Explanation of Solution

The required table for the given data is prepared as below:


	Assets						Liabilities	+	Equity
Date	Cash	+	Account Receivable	+	Equipment	=	Account Payable	+	N. Niko Capital	-	N. Niko withdrawals	+	Revenues	-	Expenses
1	$130,000								$130,000
2	-6,000														-6,000
4					2,400		2,400
6	-1,150														-1,150
8	850												850
14			7,500										7,500
16	-800														-800
20	7,500		-7,500
21			7,900										7,900
24			675										675
25	7,900		-7,900
26	-2,400						-2,400
28	-800														-800
29	-4,000										-4,000
30	-150														-150
30	-890														-890
	130,060	+	675	+	2,400	=	0	+	130,000	-	-4,000	+	16,925	-	-9,790

To determine

2. To Prepare:

The income statement, statement of owner's equity and the balance sheet from the given data.

Expert Solution

Explanation of Solution

The income statement for Niko's Maintenance Co for June month is as below.

Niko's Maintenance Co
Income Statement for the month June
	Details		Amount in $
	Revenue
	Income from maintain services		$16,925

	Expenses
	Rent expenses	6,000
	Administrative expenses	1,150
	Salary expenses	1,600
	Telephone bill	150
	Utilities expenses	890	9,790

	Net income		$7,135

The statement of owner's equity for Niko's Maintenance Co for the month of June is as below

Niko's Maintenance Co
Statement of owner's equity for the month of June
	Details	Amount in $
	Opening equity	0
	Add: Equity introduced in form of cash	130,000
	Add: Net income for the year	7,135
	Less: Cash withdrawals	-4,000

	Closing equity as on June 30	$133,135

The balance sheet as of June 30 is as below.

Niko's Maintenance Co
Balance Sheet as on June 30
	Details	Amount in $
	Liabilities
	Equity	$133,135
	Account payable	0
	Total	$133,135

	Assets
	Cash	$130,060
	Account receivable	$675
	Equipments	$2,400

	Total	$133,135

To determine

3. To Prepare:

A statement of cash flows for the month of June.

Expert Solution

Explanation of Solution

The statement of cash flows for the month of June is prepared as below.

Niko's Maintenance Co
Statement of Cash flow for the month of June
			Amount in $
	Opening cash balance		0
	Cash flow from operating activities
	Rent paid in cash	-6,000
	Advertising exp paid in cash	-1,150
	Revenue received in cash	850
	Cash received from customer	7,500
	Cash received from customer	7,900
	Salary paid in cash	-1,600
	Telephone bill paid in cash	-150
	Utilities expenses paid in cash	-890	6460

	Cash flow from financing activities
	Cash paid to supplier of equipment		-2,400

	Cash flow from investing activities
	Cash received from Owner	130,000
	Cash withdrawals by owner	-4,000	126,000

	Cash Balance as on June 30		130,060

Answer 6

Chapter 1, Problem 7BPSB

To determine

1. To prepare:

A table in required format for the given data

Expert Solution

Explanation of Solution

The required table for the given data is prepared as below:


	Assets						Liabilities	+	Equity
Date	Cash	+	Account Receivable	+	Equipment	=	Account Payable	+	N. Niko Capital	-	N. Niko withdrawals	+	Revenues	-	Expenses
1	$130,000								$130,000
2	-6,000														-6,000
4					2,400		2,400
6	-1,150														-1,150
8	850												850
14			7,500										7,500
16	-800														-800
20	7,500		-7,500
21			7,900										7,900
24			675										675
25	7,900		-7,900
26	-2,400						-2,400
28	-800														-800
29	-4,000										-4,000
30	-150														-150
30	-890														-890
	130,060	+	675	+	2,400	=	0	+	130,000	-	-4,000	+	16,925	-	-9,790

Answer 7

Chapter 1, Problem 7BPSB

To determine

1. To prepare:

A table in required format for the given data

Answer 8

Expert Solution

Explanation of Solution

The required table for the given data is prepared as below:


	Assets						Liabilities	+	Equity
Date	Cash	+	Account Receivable	+	Equipment	=	Account Payable	+	N. Niko Capital	-	N. Niko withdrawals	+	Revenues	-	Expenses
1	$130,000								$130,000
2	-6,000														-6,000
4					2,400		2,400
6	-1,150														-1,150
8	850												850
14			7,500										7,500
16	-800														-800
20	7,500		-7,500
21			7,900										7,900
24			675										675
25	7,900		-7,900
26	-2,400						-2,400
28	-800														-800
29	-4,000										-4,000
30	-150														-150
30	-890														-890
	130,060	+	675	+	2,400	=	0	+	130,000	-	-4,000	+	16,925	-	-9,790

Answer 9

Expert Solution

Answer 10

Expert Solution

Answer 11

Expert Solution

Answer 12

To determine

2. To Prepare:

The income statement, statement of owner's equity and the balance sheet from the given data.

Expert Solution

Explanation of Solution

The income statement for Niko's Maintenance Co for June month is as below.

Niko's Maintenance Co
Income Statement for the month June
	Details		Amount in $
	Revenue
	Income from maintain services		$16,925

	Expenses
	Rent expenses	6,000
	Administrative expenses	1,150
	Salary expenses	1,600
	Telephone bill	150
	Utilities expenses	890	9,790

	Net income		$7,135

The statement of owner's equity for Niko's Maintenance Co for the month of June is as below

Niko's Maintenance Co
Statement of owner's equity for the month of June
	Details	Amount in $
	Opening equity	0
	Add: Equity introduced in form of cash	130,000
	Add: Net income for the year	7,135
	Less: Cash withdrawals	-4,000

	Closing equity as on June 30	$133,135

The balance sheet as of June 30 is as below.

Niko's Maintenance Co
Balance Sheet as on June 30
	Details	Amount in $
	Liabilities
	Equity	$133,135
	Account payable	0
	Total	$133,135

	Assets
	Cash	$130,060
	Account receivable	$675
	Equipments	$2,400

	Total	$133,135

Answer 13

To determine

2. To Prepare:

The income statement, statement of owner's equity and the balance sheet from the given data.

Answer 14

Expert Solution

Explanation of Solution

The income statement for Niko's Maintenance Co for June month is as below.

Niko's Maintenance Co
Income Statement for the month June
	Details		Amount in $
	Revenue
	Income from maintain services		$16,925

	Expenses
	Rent expenses	6,000
	Administrative expenses	1,150
	Salary expenses	1,600
	Telephone bill	150
	Utilities expenses	890	9,790

	Net income		$7,135

The statement of owner's equity for Niko's Maintenance Co for the month of June is as below

Niko's Maintenance Co
Statement of owner's equity for the month of June
	Details	Amount in $
	Opening equity	0
	Add: Equity introduced in form of cash	130,000
	Add: Net income for the year	7,135
	Less: Cash withdrawals	-4,000

	Closing equity as on June 30	$133,135

The balance sheet as of June 30 is as below.

Niko's Maintenance Co
Balance Sheet as on June 30
	Details	Amount in $
	Liabilities
	Equity	$133,135
	Account payable	0
	Total	$133,135

	Assets
	Cash	$130,060
	Account receivable	$675
	Equipments	$2,400

	Total	$133,135

Answer 15

Expert Solution

Answer 16

Expert Solution

Answer 17

Expert Solution

Answer 18

To determine

3. To Prepare:

A statement of cash flows for the month of June.

Expert Solution

Explanation of Solution

The statement of cash flows for the month of June is prepared as below.

Niko's Maintenance Co
Statement of Cash flow for the month of June
			Amount in $
	Opening cash balance		0
	Cash flow from operating activities
	Rent paid in cash	-6,000
	Advertising exp paid in cash	-1,150
	Revenue received in cash	850
	Cash received from customer	7,500
	Cash received from customer	7,900
	Salary paid in cash	-1,600
	Telephone bill paid in cash	-150
	Utilities expenses paid in cash	-890	6460

	Cash flow from financing activities
	Cash paid to supplier of equipment		-2,400

	Cash flow from investing activities
	Cash received from Owner	130,000
	Cash withdrawals by owner	-4,000	126,000

	Cash Balance as on June 30		130,060

Answer 19

To determine

3. To Prepare:

A statement of cash flows for the month of June.

Answer 20

Expert Solution

Explanation of Solution

The statement of cash flows for the month of June is prepared as below.

Niko's Maintenance Co
Statement of Cash flow for the month of June
			Amount in $
	Opening cash balance		0
	Cash flow from operating activities
	Rent paid in cash	-6,000
	Advertising exp paid in cash	-1,150
	Revenue received in cash	850
	Cash received from customer	7,500
	Cash received from customer	7,900
	Salary paid in cash	-1,600
	Telephone bill paid in cash	-150
	Utilities expenses paid in cash	-890	6460

	Cash flow from financing activities
	Cash paid to supplier of equipment		-2,400

	Cash flow from investing activities
	Cash received from Owner	130,000
	Cash withdrawals by owner	-4,000	126,000

	Cash Balance as on June 30		130,060