Financial Statements: Financial statements are reports of the financial condition of a company or entity. In the financial statements, the management presents the financial performance and position of the company at a point in time. Financial statements disclose the financial effects of business transactions. Financial statements include a balance sheet , income statement, statement of cash flows and statement of change in equity. Balance Sheet: The balance sheet provides details of the firm’s assets, liabilities and owner’s equity for a given date. The balance sheet gives a snapshot of what the company owns and owes as well as the amount invested in equity. The Balance sheet follows the below rule A s s e t s = L i a b i l i t i e s + E q u i t y Income Statement: It is also called the profit & loss statement. Income statement provides a snapshot of revenue, expenses and net income of the organization for a given period. Statement of Cash Flows: It is a financial statement that shows the movements of cash and bank balance during a period. It describes the amount of cash generated by a company during a period and the use of the cash. Statement of change in equity: It is a financial statement that shows the movements of the equity capital during a period. 1. To prepare: A table in the required format for the given data

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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 8BPSB

To determine

Concept Introduction:

Financial Statements: Financial statements are reports of the financial condition of a company or entity. In the financial statements, the management presents the financial performance and position of the company at a point in time. Financial statements disclose the financial effects of business transactions. Financial statements include a balance sheet, income statement, statement of cash flows and statement of change in equity.

Balance Sheet: The balance sheet provides details of the firm’s assets, liabilities and owner’s equity for a given date. The balance sheet gives a snapshot of what the company owns and owes as well as the amount invested in equity. The Balance sheet follows the below rule

$A s s e t s = L i a b i l i t i e s + E q u i t y$

Income Statement: It is also called the profit & loss statement. Income statement provides a snapshot of revenue, expenses and net income of the organization for a given period.

Statement of Cash Flows: It is a financial statement that shows the movements of cash and bank balance during a period. It describes the amount of cash generated by a company during a period and the use of the cash.

Statement of change in equity: It is a financial statement that shows the movements of the equity capital during a period.

1.

To prepare: A table in the 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
	Cash	+	Accounts Receivable	+	Office Supplies	+	Office equipment	+	Office suit	=	Account Payable	+	N. Nadal Capital	-	N. Nadal withdrawals	+	Revenues	-	Expenses
a	$90,000						10,000						100,000
b	-50,000								50,000
c	-25000						25,000
d					1,200		1,700				2,900
e	-750																		-750
f			2,800														2,800
g	4,000																4,000
h	-11,500														-11,500
i	1,800		-1,800
j	-700										-700
k	-2,500																		-2,500

	5,350	+	1,000	+	1,200	+	36,700	+	50,000	=	2,200	+	100,000	-	-11,500	+	6,800	-	-3,250

2.

To determine

The net income statement of the company.

Expert Solution

Explanation of Solution

The net income is determined as below

Nadal Computing
Income Statement
	Details		Amount in $
	Revenue
	Income from services		$6,800

	Expenses
	Administrative expenses	750
	Salary expenses	2,500	3,.250

	Net income		$3,350

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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 8BPSB

To determine

Concept Introduction:

Financial Statements: Financial statements are reports of the financial condition of a company or entity. In the financial statements, the management presents the financial performance and position of the company at a point in time. Financial statements disclose the financial effects of business transactions. Financial statements include a balance sheet, income statement, statement of cash flows and statement of change in equity.

Balance Sheet: The balance sheet provides details of the firm’s assets, liabilities and owner’s equity for a given date. The balance sheet gives a snapshot of what the company owns and owes as well as the amount invested in equity. The Balance sheet follows the below rule

$A s s e t s = L i a b i l i t i e s + E q u i t y$

Income Statement: It is also called the profit & loss statement. Income statement provides a snapshot of revenue, expenses and net income of the organization for a given period.

Statement of Cash Flows: It is a financial statement that shows the movements of cash and bank balance during a period. It describes the amount of cash generated by a company during a period and the use of the cash.

Statement of change in equity: It is a financial statement that shows the movements of the equity capital during a period.

1.

To prepare: A table in the 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
	Cash	+	Accounts Receivable	+	Office Supplies	+	Office equipment	+	Office suit	=	Account Payable	+	N. Nadal Capital	-	N. Nadal withdrawals	+	Revenues	-	Expenses
a	$90,000						10,000						100,000
b	-50,000								50,000
c	-25000						25,000
d					1,200		1,700				2,900
e	-750																		-750
f			2,800														2,800
g	4,000																4,000
h	-11,500														-11,500
i	1,800		-1,800
j	-700										-700
k	-2,500																		-2,500

	5,350	+	1,000	+	1,200	+	36,700	+	50,000	=	2,200	+	100,000	-	-11,500	+	6,800	-	-3,250

2.

To determine

The net income statement of the company.

Expert Solution

Explanation of Solution

The net income is determined as below

Nadal Computing
Income Statement
	Details		Amount in $
	Revenue
	Income from services		$6,800

	Expenses
	Administrative expenses	750
	Salary expenses	2,500	3,.250

	Net income		$3,350

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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 8BPSB

To determine

Concept Introduction:

Financial Statements: Financial statements are reports of the financial condition of a company or entity. In the financial statements, the management presents the financial performance and position of the company at a point in time. Financial statements disclose the financial effects of business transactions. Financial statements include a balance sheet, income statement, statement of cash flows and statement of change in equity.

Balance Sheet: The balance sheet provides details of the firm’s assets, liabilities and owner’s equity for a given date. The balance sheet gives a snapshot of what the company owns and owes as well as the amount invested in equity. The Balance sheet follows the below rule

$A s s e t s = L i a b i l i t i e s + E q u i t y$

Income Statement: It is also called the profit & loss statement. Income statement provides a snapshot of revenue, expenses and net income of the organization for a given period.

Statement of Cash Flows: It is a financial statement that shows the movements of cash and bank balance during a period. It describes the amount of cash generated by a company during a period and the use of the cash.

Statement of change in equity: It is a financial statement that shows the movements of the equity capital during a period.

1.

To prepare: A table in the 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
	Cash	+	Accounts Receivable	+	Office Supplies	+	Office equipment	+	Office suit	=	Account Payable	+	N. Nadal Capital	-	N. Nadal withdrawals	+	Revenues	-	Expenses
a	$90,000						10,000						100,000
b	-50,000								50,000
c	-25000						25,000
d					1,200		1,700				2,900
e	-750																		-750
f			2,800														2,800
g	4,000																4,000
h	-11,500														-11,500
i	1,800		-1,800
j	-700										-700
k	-2,500																		-2,500

	5,350	+	1,000	+	1,200	+	36,700	+	50,000	=	2,200	+	100,000	-	-11,500	+	6,800	-	-3,250

2.

To determine

The net income statement of the company.

Expert Solution

Explanation of Solution

The net income is determined as below

Nadal Computing
Income Statement
	Details		Amount in $
	Revenue
	Income from services		$6,800

	Expenses
	Administrative expenses	750
	Salary expenses	2,500	3,.250

	Net income		$3,350

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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 8BPSB

To determine

Concept Introduction:

Financial Statements: Financial statements are reports of the financial condition of a company or entity. In the financial statements, the management presents the financial performance and position of the company at a point in time. Financial statements disclose the financial effects of business transactions. Financial statements include a balance sheet, income statement, statement of cash flows and statement of change in equity.

Balance Sheet: The balance sheet provides details of the firm’s assets, liabilities and owner’s equity for a given date. The balance sheet gives a snapshot of what the company owns and owes as well as the amount invested in equity. The Balance sheet follows the below rule

$A s s e t s = L i a b i l i t i e s + E q u i t y$

Income Statement: It is also called the profit & loss statement. Income statement provides a snapshot of revenue, expenses and net income of the organization for a given period.

Statement of Cash Flows: It is a financial statement that shows the movements of cash and bank balance during a period. It describes the amount of cash generated by a company during a period and the use of the cash.

Statement of change in equity: It is a financial statement that shows the movements of the equity capital during a period.

1.

To prepare: A table in the 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
	Cash	+	Accounts Receivable	+	Office Supplies	+	Office equipment	+	Office suit	=	Account Payable	+	N. Nadal Capital	-	N. Nadal withdrawals	+	Revenues	-	Expenses
a	$90,000						10,000						100,000
b	-50,000								50,000
c	-25000						25,000
d					1,200		1,700				2,900
e	-750																		-750
f			2,800														2,800
g	4,000																4,000
h	-11,500														-11,500
i	1,800		-1,800
j	-700										-700
k	-2,500																		-2,500

	5,350	+	1,000	+	1,200	+	36,700	+	50,000	=	2,200	+	100,000	-	-11,500	+	6,800	-	-3,250

2.

To determine

The net income statement of the company.

Expert Solution

Explanation of Solution

The net income is determined as below

Nadal Computing
Income Statement
	Details		Amount in $
	Revenue
	Income from services		$6,800

	Expenses
	Administrative expenses	750
	Salary expenses	2,500	3,.250

	Net income		$3,350

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Answer 5

Chapter 1, Problem 8BPSB

To determine

Concept Introduction:

Financial Statements: Financial statements are reports of the financial condition of a company or entity. In the financial statements, the management presents the financial performance and position of the company at a point in time. Financial statements disclose the financial effects of business transactions. Financial statements include a balance sheet, income statement, statement of cash flows and statement of change in equity.

Balance Sheet: The balance sheet provides details of the firm’s assets, liabilities and owner’s equity for a given date. The balance sheet gives a snapshot of what the company owns and owes as well as the amount invested in equity. The Balance sheet follows the below rule

$A s s e t s = L i a b i l i t i e s + E q u i t y$

Income Statement: It is also called the profit & loss statement. Income statement provides a snapshot of revenue, expenses and net income of the organization for a given period.

Statement of Cash Flows: It is a financial statement that shows the movements of cash and bank balance during a period. It describes the amount of cash generated by a company during a period and the use of the cash.

Statement of change in equity: It is a financial statement that shows the movements of the equity capital during a period.

1.

To prepare: A table in the 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
	Cash	+	Accounts Receivable	+	Office Supplies	+	Office equipment	+	Office suit	=	Account Payable	+	N. Nadal Capital	-	N. Nadal withdrawals	+	Revenues	-	Expenses
a	$90,000						10,000						100,000
b	-50,000								50,000
c	-25000						25,000
d					1,200		1,700				2,900
e	-750																		-750
f			2,800														2,800
g	4,000																4,000
h	-11,500														-11,500
i	1,800		-1,800
j	-700										-700
k	-2,500																		-2,500

	5,350	+	1,000	+	1,200	+	36,700	+	50,000	=	2,200	+	100,000	-	-11,500	+	6,800	-	-3,250

2.

To determine

The net income statement of the company.

Expert Solution

Explanation of Solution

The net income is determined as below

Nadal Computing
Income Statement
	Details		Amount in $
	Revenue
	Income from services		$6,800

	Expenses
	Administrative expenses	750
	Salary expenses	2,500	3,.250

	Net income		$3,350

Answer 6

Chapter 1, Problem 8BPSB

To determine

Concept Introduction:

Financial Statements: Financial statements are reports of the financial condition of a company or entity. In the financial statements, the management presents the financial performance and position of the company at a point in time. Financial statements disclose the financial effects of business transactions. Financial statements include a balance sheet, income statement, statement of cash flows and statement of change in equity.

Balance Sheet: The balance sheet provides details of the firm’s assets, liabilities and owner’s equity for a given date. The balance sheet gives a snapshot of what the company owns and owes as well as the amount invested in equity. The Balance sheet follows the below rule

$A s s e t s = L i a b i l i t i e s + E q u i t y$

Income Statement: It is also called the profit & loss statement. Income statement provides a snapshot of revenue, expenses and net income of the organization for a given period.

Statement of Cash Flows: It is a financial statement that shows the movements of cash and bank balance during a period. It describes the amount of cash generated by a company during a period and the use of the cash.

Statement of change in equity: It is a financial statement that shows the movements of the equity capital during a period.

1.

To prepare: A table in the 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
	Cash	+	Accounts Receivable	+	Office Supplies	+	Office equipment	+	Office suit	=	Account Payable	+	N. Nadal Capital	-	N. Nadal withdrawals	+	Revenues	-	Expenses
a	$90,000						10,000						100,000
b	-50,000								50,000
c	-25000						25,000
d					1,200		1,700				2,900
e	-750																		-750
f			2,800														2,800
g	4,000																4,000
h	-11,500														-11,500
i	1,800		-1,800
j	-700										-700
k	-2,500																		-2,500

	5,350	+	1,000	+	1,200	+	36,700	+	50,000	=	2,200	+	100,000	-	-11,500	+	6,800	-	-3,250

2.

Answer 7

Chapter 1, Problem 8BPSB

To determine

Concept Introduction:

Financial Statements: Financial statements are reports of the financial condition of a company or entity. In the financial statements, the management presents the financial performance and position of the company at a point in time. Financial statements disclose the financial effects of business transactions. Financial statements include a balance sheet, income statement, statement of cash flows and statement of change in equity.

Balance Sheet: The balance sheet provides details of the firm’s assets, liabilities and owner’s equity for a given date. The balance sheet gives a snapshot of what the company owns and owes as well as the amount invested in equity. The Balance sheet follows the below rule

$A s s e t s = L i a b i l i t i e s + E q u i t y$

Income Statement: It is also called the profit & loss statement. Income statement provides a snapshot of revenue, expenses and net income of the organization for a given period.

Statement of Cash Flows: It is a financial statement that shows the movements of cash and bank balance during a period. It describes the amount of cash generated by a company during a period and the use of the cash.

Statement of change in equity: It is a financial statement that shows the movements of the equity capital during a period.

1.

To prepare: A table in the 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
	Cash	+	Accounts Receivable	+	Office Supplies	+	Office equipment	+	Office suit	=	Account Payable	+	N. Nadal Capital	-	N. Nadal withdrawals	+	Revenues	-	Expenses
a	$90,000						10,000						100,000
b	-50,000								50,000
c	-25000						25,000
d					1,200		1,700				2,900
e	-750																		-750
f			2,800														2,800
g	4,000																4,000
h	-11,500														-11,500
i	1,800		-1,800
j	-700										-700
k	-2,500																		-2,500

	5,350	+	1,000	+	1,200	+	36,700	+	50,000	=	2,200	+	100,000	-	-11,500	+	6,800	-	-3,250

2.

Answer 9

Expert Solution

Answer 10

Expert Solution

Answer 11

Expert Solution

Answer 12

To determine

The net income statement of the company.

Expert Solution

Explanation of Solution

The net income is determined as below

Nadal Computing
Income Statement
	Details		Amount in $
	Revenue
	Income from services		$6,800

	Expenses
	Administrative expenses	750
	Salary expenses	2,500	3,.250

	Net income		$3,350

Answer 13

To determine

The net income statement of the company.

Answer 14

Expert Solution

Explanation of Solution

The net income is determined as below

Nadal Computing
Income Statement
	Details		Amount in $
	Revenue
	Income from services		$6,800

	Expenses
	Administrative expenses	750
	Salary expenses	2,500	3,.250

	Net income		$3,350