Cash ccounts receivable quipment ccounts payable . Lawson, Capital $ 11,500 I. Lawson, Withdrawals 5,800 Services revenue 7,800 Rent expense 4,170 Wages expense 19,130 $ 2,800 15,900 3,300 8,000 e above information to prepare a December statement er's equity for Lawson Consulting. Hint. Net income for ber is $4.600.
Cash ccounts receivable quipment ccounts payable . Lawson, Capital $ 11,500 I. Lawson, Withdrawals 5,800 Services revenue 7,800 Rent expense 4,170 Wages expense 19,130 $ 2,800 15,900 3,300 8,000 e above information to prepare a December statement er's equity for Lawson Consulting. Hint. Net income for ber is $4.600.
Financial Reporting, Financial Statement Analysis and Valuation
8th Edition
ISBN:9781285190907
Author:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Publisher:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Chapter2: Asset And Liability Valuation And Income Recognition
Section: Chapter Questions
Problem 20PC: Analyzing Transactions. Using the analytical framework, indicate the effect of the following related...
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![Required information
[The following information applies to the questions
displayed below.]
Lawson Consulting, which began operations on December 1,
had the following accounts and amounts on December
31. The I. Lawson, Capital account balance at December 1
was $0 and the owner invested $19,130 cash in the company
on December 2. On December 31, the company's accounts
and amounts for the month of December are shown in the
table below:
$ 11,500 I. Lawson, Withdrawals
5,800 Services revenue
7,800 Rent expense
4,170 Wages expense
$ 2,800
15,900
3,300
8,000
Cash
Accounts receivable
Equipment
Accounts payable
I. Lawson, Capital
19,130
the above information to prepare a December statement
wner's equity for Lawson Consulting. Hint. Net income for
ember is $4,600.
LAWSON CONSULTING
Statement of Owner's Equity
For Month Ended December 31
vson, Capital, December 1
$
19,130
Net income
4,600
23,730
Withdrawals by owner
2,800
vson, Capital, December 31
$
20,930](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F97bb00d2-a590-4156-81c1-1e238723c562%2Fcf45a4b1-41ed-424b-8fb8-8e7a10139c82%2Fkhe7hld_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions
displayed below.]
Lawson Consulting, which began operations on December 1,
had the following accounts and amounts on December
31. The I. Lawson, Capital account balance at December 1
was $0 and the owner invested $19,130 cash in the company
on December 2. On December 31, the company's accounts
and amounts for the month of December are shown in the
table below:
$ 11,500 I. Lawson, Withdrawals
5,800 Services revenue
7,800 Rent expense
4,170 Wages expense
$ 2,800
15,900
3,300
8,000
Cash
Accounts receivable
Equipment
Accounts payable
I. Lawson, Capital
19,130
the above information to prepare a December statement
wner's equity for Lawson Consulting. Hint. Net income for
ember is $4,600.
LAWSON CONSULTING
Statement of Owner's Equity
For Month Ended December 31
vson, Capital, December 1
$
19,130
Net income
4,600
23,730
Withdrawals by owner
2,800
vson, Capital, December 31
$
20,930
![Required information
[The following information applies to the questions
displayed below.]
Lawson Consulting, which began operations on December 1,
had the following accounts and amounts on December
31. The I. Lawson, Capital account balance at December 1
was $0 and the owner invested $19,130 cash in the company
on December 2. On December 31, the company's accounts
and amounts for the month of December are shown in the
table below:
$ 11,500 I. Lawson, Withdrawals
5,800 Services revenue
7,800 Rent expense
4,170 Wages expense
19,130
Cash
$ 2
Accounts receivable
15
Equipment
Accounts payable
I. Lawson, Capital
3
Use the above information to prepare a December statement
of owner's equity for Lawson Consulting. Hint. Net income for
December is $4,600.
LAWSON CONSULTING
Statement of Owner's Equity
For Month Ended December 31
1. Lawson, Capital, December 1
19,130
Add: Net income
4,600
23,730
Less: Withdrawals by owner
2,800
1. Lawson, Capital, December 31
$
20,930](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F97bb00d2-a590-4156-81c1-1e238723c562%2Fcf45a4b1-41ed-424b-8fb8-8e7a10139c82%2F87duu3o_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions
displayed below.]
Lawson Consulting, which began operations on December 1,
had the following accounts and amounts on December
31. The I. Lawson, Capital account balance at December 1
was $0 and the owner invested $19,130 cash in the company
on December 2. On December 31, the company's accounts
and amounts for the month of December are shown in the
table below:
$ 11,500 I. Lawson, Withdrawals
5,800 Services revenue
7,800 Rent expense
4,170 Wages expense
19,130
Cash
$ 2
Accounts receivable
15
Equipment
Accounts payable
I. Lawson, Capital
3
Use the above information to prepare a December statement
of owner's equity for Lawson Consulting. Hint. Net income for
December is $4,600.
LAWSON CONSULTING
Statement of Owner's Equity
For Month Ended December 31
1. Lawson, Capital, December 1
19,130
Add: Net income
4,600
23,730
Less: Withdrawals by owner
2,800
1. Lawson, Capital, December 31
$
20,930
Expert Solution
Step 1
Solution:
Statement of owner's Equity is a statement which represents beginning and ending balances of owner's equity. It summarizes capital contributions during the period and net income and withdrawals.
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