(1)
Introduction: The financial statements of a company include balance sheets, income statements, and
To prepare:
(2)
Introduction: The financial statements of a company include balance sheets, income statements, and cash flow statements. All these statements help the internal and external users of financial statements help in analyzing and concluding the financial position of the respective company.
To prepare: Income statement, statement of owner’s equity, and
(3)
Introduction: The financial statements of a company include balance sheets, income statements, and cash flow statements. All these statements help the internal and external users of financial statements help in analyzing and concluding the financial position of the respective company.
To prepare: The cash flow statement.
(4)
Introduction: The financial statements of a company include balance sheets, income statements, and cash flow statements. All these statements help the internal and external users of financial statements help in analyzing and concluding the financial position of the respective company.
To compute: The total assets, total liabilities, and total equity if roofing equipment is invested by the owner.
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FUND.ACCT.PRIN.
- prepare accounting cyclearrow_forwardScenario 1: On December 1, the balance of supplies totals $400. On December 15, the company purchases an additional $200 of supplies with cash. By the end of December, only $100 of supplies remains. Scenario 2: On November 4, Company receives $6,000 cash from a local moving company in agreement to provide truck maintenance of $1,000 each month for the next six months beginning in December. Scenario 3: Employees have worked the final four days in December, earning $600, but have not yet been paid. Company plans to pay its employees on January 2 Scenario 4: Customers receiving $250 of maintenance services from Midas on December 29 have not been billed as of the end of the month. These customers will be billed on January 3 and are expected to pay the full amount owed on January 6. Scenario 5: At the beginning of the year, AdShop’s depreciable equipment has a cost of $28,0000, a four year life, and no salvage value. The equipment is depreciated $7,000 yearly over the four years service…arrow_forwardEcoStar Pest Services began operations on September 1, 2022 with an investment of $36,000 cash into the business. During the month of September, EcoStar completed the following additional transactions: Sep 02 Sold a customer pool equipment on account, $3,000 Sep 04 Purchased supplies on credit for $1,200 Sep 08 Repaired a customer's pool and collected the fee of $2,200 Sep 13 Received $600 from customers for payment on their account Sep 15 Paid employee wages of $1,000 Sep 18 Repaired a customer's pool and billed, but did not collect $2,600. Sep 21 Collected $1,200 from a customer for a job to be performed in October What is the balance in the Accounts Receivable account on September 30, 2022? Select one: O a $3,800 b. $5,000 $6.200 d. $8,400 $9,600arrow_forward
- 65 A company had the following transactions. a. The company completed a job for a customer and sent a bill for $4,900 to be received within 45 days. b. The company completed advisory work for a customer and immediately received $6,400 cash. c. The company paid a contractor $1,850 cash for work performed this period. d. The company paid $880 cash for this period's utilities. e. The company collected $2,450 cash as a partial payment for the amount owed by the customer in transaction a. Enter the impact of each transaction on individual items of the accounting equation. Note: Enter decreases to account balances with a minus sign. a. b. Assets Transaction Cash + Accounts Receivable Liabilities Accounts = Payable + Equity + Revenues - Expenses + = + + = + - 0 + 0 = 0 + 0 - = + - Balance C. Balance d. Balance e. Balance 0 0 + + + + + 0 + 0 = 0 + = + 0 = 0 + = + 0 = 0 + 0 c+ 0 I - I I 0 0 0 0arrow_forwardhow to fill in the boxesarrow_forwardFor the March Transactions set forth below, prepare the journal entries for the month of March in a general journalarrow_forward
- LOFT The following transactions were completed by the company. a. The company completed consulting work for a client and immediately collected $6,700 cash. b. The company completed commission work for a client and sent a bill for $5,200 to be received within 30 days. c. The company paid an assistant $2,000 cash as wages for the period. d. The company collected $2,600 cash as a partial payment for the amount owed by the client in transaction b. e. The company paid $940 cash for this period's cleaning services. Required: Enter the Impact of each transaction on individual items of the accounting equation. Note: Enter decreases to account balances with a minus sign. Assets Liabilities Transactions Number Cash Accounts Receivable Accounts Payable Equity Owner, Capital Owner, Withdrawals + Revenue Expenses + + a. + b. + . Balance after a and b + = + + C. + => + + Balance after c + => + + + + d. + + Balance after d e. + + + + +arrow_forwardRivera Roofing Company, owned by Reyna Rivera, began operations in July and completed these transactions during that first month of operations.arrow_forwardplease give me answer with enough explanationarrow_forward
- Do not give answer in imagearrow_forwardAs journal entriesarrow_forwardRochester Construction begins operations in March and has the following transactions. March 1 Issue common stock for $18,000. March 5 Obtain $8,400 loan from the bank by signing a note. March 10 Purchase construction equipment for $22,000 cash. March 15 Purchase advertising for the current month for $1,100 cash. March 22 Provide construction services for $17,400 on account. March 27 Receive $12,400 cash on account from March 22 services. March 28 Pay salaries for the current month of $5,400. Required: Analyze each transaction and show the effects of each on the accounting equation. Note: Decreases to account classifications should be indicated by a minus sign. Do not give answer in imagearrow_forward
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