2. To Prepare: The income statement, statement of owner's equity and the balance sheet from 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 9BPSB

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 Rivera Roofing Co for July month is as below:

Rivera Roofing Co
Income Statement for the month July
	Details		Amount in S
	Revenue
	Income from services		$20,800

	Expenses
	Rent expenses	700
	Salary expenses	1,560
	Utilities expenses	295	2,555

	Net income		$18,245

The statement of owner's equity for Rivera Roofing Co is as below:

Rivera Roofing Co
Statement of owner's equity for the month of July
	Details	Amount in S
	Opening equity	0
	Add: Equity introduced in form of cash	80,000
	Add: Net income for the year	18,245
	Less: Cash withdrawals	-1,800

	Closing equity as on July 31	$96,445

The balance sheet as of July 31 is as below;

Rivera Roofing Company
Balance Sheet as on July 31
	Details	Amount in S
	Liabilities
	Equity	$96,445
	Account payable	$7,100
	Total	$103,545

	Assets
	Cash	$87,545
	Account receivable	$5,000
	Office Equipments	$2,300
	Office Supplies	$3,700
	Total	$103,545

To determine

3. To Prepare:

A statement of cash flows for the month of July.

Expert Solution

Explanation of Solution

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

Rivera Roofing Company
Statement of Cash flow for the month of July
			Amount in S
	Opening cash balance		0
	Cash flow from operating activities
	Rent paid in cash	-700
	Revenue received in cash	7,600
	Cash received from customer	8,200
	Salary paid in cash	-1,560
	Utilities expenses paid in cash	-295	13,245

	Cash flow from financing activities
	Cash paid to supplier of equipment	-1,000
	Cash paid to supplier of office supplies	-600
	Cash paid to supplier of equipment	-2,300	-3,900

	Cash flow from investing activities
	Cash received from Owner	80,000
	Cash withdrawals by owner	-1,800	78,200

	Cash Balance as on July 31		87,545

To determine

4. To Compute:

The dollar effect of the given assumption on the month end amount for

a) Total assets

b) Total liabilities

c) Total equity.

Expert Solution

Explanation of Solution

The dollar effect of given assumption on month end is as below

a) Total assets: Total asset increased by $1,000.

b) Total liabilities: Total liabilities decreased by $4,000.

c) Total equity: Total equity increased by $1,000

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Sp25 ACCT X CengageNOWv2 | Online teaching X exhibit 6.4.jpg 71x399) x + bw.com/ilrn/takeAssignment/takeAssignmentMain.do?inprogress=true FIFO perpetual inventory The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are Number Date Transaction of Units Per Unit Total Apr. 3 Inventory 25 $1,200 $30,000 8 Purchase 75 1,240 93,000 11 Sale 40 2,000 80,000 30 Sale 30 2,000 60,000 May 8 Purchase 60 1,260 75,600 10 Sale 50 2,000 100,000 19 Sale 20 2,000 40,000 < 28 Purchase 80 1,260 100,800 June 5 Sale 40 2,250 90,000 16 Sale 25 2,250 56,250 21 Purchase 35 1,264 44,240 28 Sale 44 2,250 99,000 Required: 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illust first-in, first-out method. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER un Check My Work 3 more Check My Work uses remaining Q Search hp

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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 9BPSB

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 Rivera Roofing Co for July month is as below:

Rivera Roofing Co
Income Statement for the month July
	Details		Amount in S
	Revenue
	Income from services		$20,800

	Expenses
	Rent expenses	700
	Salary expenses	1,560
	Utilities expenses	295	2,555

	Net income		$18,245

The statement of owner's equity for Rivera Roofing Co is as below:

Rivera Roofing Co
Statement of owner's equity for the month of July
	Details	Amount in S
	Opening equity	0
	Add: Equity introduced in form of cash	80,000
	Add: Net income for the year	18,245
	Less: Cash withdrawals	-1,800

	Closing equity as on July 31	$96,445

The balance sheet as of July 31 is as below;

Rivera Roofing Company
Balance Sheet as on July 31
	Details	Amount in S
	Liabilities
	Equity	$96,445
	Account payable	$7,100
	Total	$103,545

	Assets
	Cash	$87,545
	Account receivable	$5,000
	Office Equipments	$2,300
	Office Supplies	$3,700
	Total	$103,545

To determine

3. To Prepare:

A statement of cash flows for the month of July.

Expert Solution

Explanation of Solution

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

Rivera Roofing Company
Statement of Cash flow for the month of July
			Amount in S
	Opening cash balance		0
	Cash flow from operating activities
	Rent paid in cash	-700
	Revenue received in cash	7,600
	Cash received from customer	8,200
	Salary paid in cash	-1,560
	Utilities expenses paid in cash	-295	13,245

	Cash flow from financing activities
	Cash paid to supplier of equipment	-1,000
	Cash paid to supplier of office supplies	-600
	Cash paid to supplier of equipment	-2,300	-3,900

	Cash flow from investing activities
	Cash received from Owner	80,000
	Cash withdrawals by owner	-1,800	78,200

	Cash Balance as on July 31		87,545

To determine

4. To Compute:

The dollar effect of the given assumption on the month end amount for

a) Total assets

b) Total liabilities

c) Total equity.

Expert Solution

Explanation of Solution

The dollar effect of given assumption on month end is as below

a) Total assets: Total asset increased by $1,000.

b) Total liabilities: Total liabilities decreased by $4,000.

c) Total equity: Total equity increased by $1,000

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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 9BPSB

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 Rivera Roofing Co for July month is as below:

Rivera Roofing Co
Income Statement for the month July
	Details		Amount in S
	Revenue
	Income from services		$20,800

	Expenses
	Rent expenses	700
	Salary expenses	1,560
	Utilities expenses	295	2,555

	Net income		$18,245

The statement of owner's equity for Rivera Roofing Co is as below:

Rivera Roofing Co
Statement of owner's equity for the month of July
	Details	Amount in S
	Opening equity	0
	Add: Equity introduced in form of cash	80,000
	Add: Net income for the year	18,245
	Less: Cash withdrawals	-1,800

	Closing equity as on July 31	$96,445

The balance sheet as of July 31 is as below;

Rivera Roofing Company
Balance Sheet as on July 31
	Details	Amount in S
	Liabilities
	Equity	$96,445
	Account payable	$7,100
	Total	$103,545

	Assets
	Cash	$87,545
	Account receivable	$5,000
	Office Equipments	$2,300
	Office Supplies	$3,700
	Total	$103,545

To determine

3. To Prepare:

A statement of cash flows for the month of July.

Expert Solution

Explanation of Solution

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

Rivera Roofing Company
Statement of Cash flow for the month of July
			Amount in S
	Opening cash balance		0
	Cash flow from operating activities
	Rent paid in cash	-700
	Revenue received in cash	7,600
	Cash received from customer	8,200
	Salary paid in cash	-1,560
	Utilities expenses paid in cash	-295	13,245

	Cash flow from financing activities
	Cash paid to supplier of equipment	-1,000
	Cash paid to supplier of office supplies	-600
	Cash paid to supplier of equipment	-2,300	-3,900

	Cash flow from investing activities
	Cash received from Owner	80,000
	Cash withdrawals by owner	-1,800	78,200

	Cash Balance as on July 31		87,545

To determine

4. To Compute:

The dollar effect of the given assumption on the month end amount for

a) Total assets

b) Total liabilities

c) Total equity.

Expert Solution

Explanation of Solution

The dollar effect of given assumption on month end is as below

a) Total assets: Total asset increased by $1,000.

b) Total liabilities: Total liabilities decreased by $4,000.

c) Total equity: Total equity increased by $1,000

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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 9BPSB

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 Rivera Roofing Co for July month is as below:

Rivera Roofing Co
Income Statement for the month July
	Details		Amount in S
	Revenue
	Income from services		$20,800

	Expenses
	Rent expenses	700
	Salary expenses	1,560
	Utilities expenses	295	2,555

	Net income		$18,245

The statement of owner's equity for Rivera Roofing Co is as below:

Rivera Roofing Co
Statement of owner's equity for the month of July
	Details	Amount in S
	Opening equity	0
	Add: Equity introduced in form of cash	80,000
	Add: Net income for the year	18,245
	Less: Cash withdrawals	-1,800

	Closing equity as on July 31	$96,445

The balance sheet as of July 31 is as below;

Rivera Roofing Company
Balance Sheet as on July 31
	Details	Amount in S
	Liabilities
	Equity	$96,445
	Account payable	$7,100
	Total	$103,545

	Assets
	Cash	$87,545
	Account receivable	$5,000
	Office Equipments	$2,300
	Office Supplies	$3,700
	Total	$103,545

To determine

3. To Prepare:

A statement of cash flows for the month of July.

Expert Solution

Explanation of Solution

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

Rivera Roofing Company
Statement of Cash flow for the month of July
			Amount in S
	Opening cash balance		0
	Cash flow from operating activities
	Rent paid in cash	-700
	Revenue received in cash	7,600
	Cash received from customer	8,200
	Salary paid in cash	-1,560
	Utilities expenses paid in cash	-295	13,245

	Cash flow from financing activities
	Cash paid to supplier of equipment	-1,000
	Cash paid to supplier of office supplies	-600
	Cash paid to supplier of equipment	-2,300	-3,900

	Cash flow from investing activities
	Cash received from Owner	80,000
	Cash withdrawals by owner	-1,800	78,200

	Cash Balance as on July 31		87,545

To determine

4. To Compute:

The dollar effect of the given assumption on the month end amount for

a) Total assets

b) Total liabilities

c) Total equity.

Expert Solution

Explanation of Solution

The dollar effect of given assumption on month end is as below

a) Total assets: Total asset increased by $1,000.

b) Total liabilities: Total liabilities decreased by $4,000.

c) Total equity: Total equity increased by $1,000

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Answer 5

Chapter 1, Problem 9BPSB

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 Rivera Roofing Co for July month is as below:

Rivera Roofing Co
Income Statement for the month July
	Details		Amount in S
	Revenue
	Income from services		$20,800

	Expenses
	Rent expenses	700
	Salary expenses	1,560
	Utilities expenses	295	2,555

	Net income		$18,245

The statement of owner's equity for Rivera Roofing Co is as below:

Rivera Roofing Co
Statement of owner's equity for the month of July
	Details	Amount in S
	Opening equity	0
	Add: Equity introduced in form of cash	80,000
	Add: Net income for the year	18,245
	Less: Cash withdrawals	-1,800

	Closing equity as on July 31	$96,445

The balance sheet as of July 31 is as below;

Rivera Roofing Company
Balance Sheet as on July 31
	Details	Amount in S
	Liabilities
	Equity	$96,445
	Account payable	$7,100
	Total	$103,545

	Assets
	Cash	$87,545
	Account receivable	$5,000
	Office Equipments	$2,300
	Office Supplies	$3,700
	Total	$103,545

To determine

3. To Prepare:

A statement of cash flows for the month of July.

Expert Solution

Explanation of Solution

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

Rivera Roofing Company
Statement of Cash flow for the month of July
			Amount in S
	Opening cash balance		0
	Cash flow from operating activities
	Rent paid in cash	-700
	Revenue received in cash	7,600
	Cash received from customer	8,200
	Salary paid in cash	-1,560
	Utilities expenses paid in cash	-295	13,245

	Cash flow from financing activities
	Cash paid to supplier of equipment	-1,000
	Cash paid to supplier of office supplies	-600
	Cash paid to supplier of equipment	-2,300	-3,900

	Cash flow from investing activities
	Cash received from Owner	80,000
	Cash withdrawals by owner	-1,800	78,200

	Cash Balance as on July 31		87,545

To determine

4. To Compute:

The dollar effect of the given assumption on the month end amount for

a) Total assets

b) Total liabilities

c) Total equity.

Expert Solution

Explanation of Solution

The dollar effect of given assumption on month end is as below

a) Total assets: Total asset increased by $1,000.

b) Total liabilities: Total liabilities decreased by $4,000.

c) Total equity: Total equity increased by $1,000

Answer 6

Chapter 1, Problem 9BPSB

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 Rivera Roofing Co for July month is as below:

Rivera Roofing Co
Income Statement for the month July
	Details		Amount in S
	Revenue
	Income from services		$20,800

	Expenses
	Rent expenses	700
	Salary expenses	1,560
	Utilities expenses	295	2,555

	Net income		$18,245

The statement of owner's equity for Rivera Roofing Co is as below:

Rivera Roofing Co
Statement of owner's equity for the month of July
	Details	Amount in S
	Opening equity	0
	Add: Equity introduced in form of cash	80,000
	Add: Net income for the year	18,245
	Less: Cash withdrawals	-1,800

	Closing equity as on July 31	$96,445

The balance sheet as of July 31 is as below;

Rivera Roofing Company
Balance Sheet as on July 31
	Details	Amount in S
	Liabilities
	Equity	$96,445
	Account payable	$7,100
	Total	$103,545

	Assets
	Cash	$87,545
	Account receivable	$5,000
	Office Equipments	$2,300
	Office Supplies	$3,700
	Total	$103,545

Answer 7

Chapter 1, Problem 9BPSB

To determine

2. To Prepare:

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

Answer 8

Expert Solution

Explanation of Solution

The income statement for Rivera Roofing Co for July month is as below:

Rivera Roofing Co
Income Statement for the month July
	Details		Amount in S
	Revenue
	Income from services		$20,800

	Expenses
	Rent expenses	700
	Salary expenses	1,560
	Utilities expenses	295	2,555

	Net income		$18,245

The statement of owner's equity for Rivera Roofing Co is as below:

Rivera Roofing Co
Statement of owner's equity for the month of July
	Details	Amount in S
	Opening equity	0
	Add: Equity introduced in form of cash	80,000
	Add: Net income for the year	18,245
	Less: Cash withdrawals	-1,800

	Closing equity as on July 31	$96,445

The balance sheet as of July 31 is as below;

Rivera Roofing Company
Balance Sheet as on July 31
	Details	Amount in S
	Liabilities
	Equity	$96,445
	Account payable	$7,100
	Total	$103,545

	Assets
	Cash	$87,545
	Account receivable	$5,000
	Office Equipments	$2,300
	Office Supplies	$3,700
	Total	$103,545

Answer 9

Expert Solution

Answer 10

Expert Solution

Answer 11

Expert Solution

Answer 12

To determine

3. To Prepare:

A statement of cash flows for the month of July.

Expert Solution

Explanation of Solution

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

Rivera Roofing Company
Statement of Cash flow for the month of July
			Amount in S
	Opening cash balance		0
	Cash flow from operating activities
	Rent paid in cash	-700
	Revenue received in cash	7,600
	Cash received from customer	8,200
	Salary paid in cash	-1,560
	Utilities expenses paid in cash	-295	13,245

	Cash flow from financing activities
	Cash paid to supplier of equipment	-1,000
	Cash paid to supplier of office supplies	-600
	Cash paid to supplier of equipment	-2,300	-3,900

	Cash flow from investing activities
	Cash received from Owner	80,000
	Cash withdrawals by owner	-1,800	78,200

	Cash Balance as on July 31		87,545

Answer 13

To determine

3. To Prepare:

A statement of cash flows for the month of July.

Answer 14

Expert Solution

Explanation of Solution

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

Rivera Roofing Company
Statement of Cash flow for the month of July
			Amount in S
	Opening cash balance		0
	Cash flow from operating activities
	Rent paid in cash	-700
	Revenue received in cash	7,600
	Cash received from customer	8,200
	Salary paid in cash	-1,560
	Utilities expenses paid in cash	-295	13,245

	Cash flow from financing activities
	Cash paid to supplier of equipment	-1,000
	Cash paid to supplier of office supplies	-600
	Cash paid to supplier of equipment	-2,300	-3,900

	Cash flow from investing activities
	Cash received from Owner	80,000
	Cash withdrawals by owner	-1,800	78,200

	Cash Balance as on July 31		87,545

Answer 15

Expert Solution

Answer 16

Expert Solution

Answer 17

Expert Solution

Answer 18

To determine

4. To Compute:

The dollar effect of the given assumption on the month end amount for

a) Total assets

b) Total liabilities

c) Total equity.

Expert Solution

Explanation of Solution

The dollar effect of given assumption on month end is as below

a) Total assets: Total asset increased by $1,000.

b) Total liabilities: Total liabilities decreased by $4,000.

c) Total equity: Total equity increased by $1,000

Answer 19

To determine

4. To Compute:

The dollar effect of the given assumption on the month end amount for

a) Total assets

b) Total liabilities

c) Total equity.

Answer 20

Expert Solution

Explanation of Solution

The dollar effect of given assumption on month end is as below

a) Total assets: Total asset increased by $1,000.

b) Total liabilities: Total liabilities decreased by $4,000.

c) Total equity: Total equity increased by $1,000

Answer 21

Expert Solution

Answer 22

Expert Solution

Answer 23

Expert Solution

Answer 24

Ch. 1 - Prob. 1DQ Ch. 1 - Technology is increasingly used to process...Ch. 1 - Prob. 3DQ Ch. 1 - What are at least three questions business owners...Ch. 1 - Prob. 5DQ Ch. 1 - Describe the internal role of accounting for...Ch. 1 - Identify three type of services typically offered...Ch. 1 - Prob. 8DQ Ch. 1 - Why is accounting described as a service activity?Ch. 1 - What are some accounting-related professions?

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

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

Explanation of Solution

3. To Prepare: A statement of cash flows for the month of July.

Explanation of Solution

4. To Compute: The dollar effect of the given assumption on the month end amount for a) Total assets b) Total liabilities c) Total equity.

Explanation of Solution

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Chapter 1 Solutions

2. To Prepare:

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

3. To Prepare:

A statement of cash flows for the month of July.

4. To Compute:

The dollar effect of the given assumption on the month end amount for

a) Total assets

b) Total liabilities

c) Total equity.