A. Calculate the ending balance for each account. For those boxes in which you must enter subtractive or negative numbers use a minus sign. Assets Liabilities Owner’s Equity Cash Inventory Equipment Accounts Payable Wages Payable Common Stock Retained Earnings 1 $50,000 $50,000 2 (6,000) $6,000 3 $25,000 $25,000 4 1,250 $1,250 5 (750) (750) 6 600 (600) 7 $3,500 (3,500) 8 3,200 3,200 9 250 (250) 10 (1,000) 1,000 Ending Balance $ $ $ $ $ $ $ $ $ B. Create the income statement. Use minus sign to indicate the loss. Pancake Palace Income Statement For the Month Ended July 31 $ $ C. Create the statement of owner’s equity. If an amount box requires a zero, enter "0". For those boxes in which you must enter subtractive or negative numbers use a minus sign. Pancake Palace Statement of Owner's Equity For the Month Ended July 31 $ Ending Balance $ D. Create the balance sheet. For those boxes in which you must enter subtractive or negative numbers use a minus sign. Pancake Palace Balance Sheet July 31 Assets: $ Total Assets $ Liabilities: $ Total Liabilities $ Owner’s Equity: $ Total Owner’s Equity $ Total Liabilities and Owner’s Equity $

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter16: Statement Of Cash Flows

Section: Chapter Questions

Problem 2EB: In which section of the statement of cash flows would each of the following transactions be...

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A. Calculate the ending balance for each account. For those boxes in which you must enter subtractive or negative numbers use a minus sign.

	Assets	Liabilities	Owner’s Equity
	Cash	Inventory	Equipment	Accounts Payable	Wages Payable	Common Stock	Retained Earnings
1	$50,000					$50,000
2	(6,000)	$6,000
3			$25,000	$25,000
4	1,250						$1,250
5	(750)						(750)
6				600			(600)
7					$3,500		(3,500)
8	3,200						3,200
9				250			(250)
10	(1,000)		1,000
Ending Balance	$	$	$	$	$	$	$
		$		$

B. Create the income statement. Use minus sign to indicate the loss.

Pancake Palace
Income Statement
For the Month Ended July 31
	$

	$

C. Create the statement of owner’s equity. If an amount box requires a zero, enter "0". For those boxes in which you must enter subtractive or negative numbers use a minus sign.

Pancake Palace
Statement of Owner's Equity
For the Month Ended July 31
	$


Ending Balance	$

D. Create the balance sheet. For those boxes in which you must enter subtractive or negative numbers use a minus sign.

Pancake Palace
Balance Sheet
July 31
Assets:
	$


Total Assets	$
Liabilities:
	$

Total Liabilities	$
Owner’s Equity:
	$

Total Owner’s Equity	$
Total Liabilities and Owner’s Equity	$

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