E3-4 A tabular analysis of the transactions made during August 2017 by Wolfe Company during its first month of operations is shown below. Each increase and decrease in stock- holders' equity is explained. Analyze transactions and compute net income. (LO 1), AP Assets = Liabilities Stockholders' Equity + Accounts Common Retained Earnings Cash + A/R + Supp. Equip. Payable + Stock Rev. Exp. Div. 1. +$20,000 +$20,000 Com. Stock 2. -1,000 +$5,000 +$4,000 3. -750 +$750 4. +4,100 +$5,400 +$9,500 Serv. Rev. 5. -1,500 -1,500 6. -2,000 -$2,000 Div. 7. -800 -$ 800 Rent Exp. 8. +450 -450 9. -3,000 -3,000 Salar. Exp. 10. +300 - 300 Util. Exp.
E3-4 A tabular analysis of the transactions made during August 2017 by Wolfe Company during its first month of operations is shown below. Each increase and decrease in stock- holders' equity is explained. Analyze transactions and compute net income. (LO 1), AP Assets = Liabilities Stockholders' Equity + Accounts Common Retained Earnings Cash + A/R + Supp. Equip. Payable + Stock Rev. Exp. Div. 1. +$20,000 +$20,000 Com. Stock 2. -1,000 +$5,000 +$4,000 3. -750 +$750 4. +4,100 +$5,400 +$9,500 Serv. Rev. 5. -1,500 -1,500 6. -2,000 -$2,000 Div. 7. -800 -$ 800 Rent Exp. 8. +450 -450 9. -3,000 -3,000 Salar. Exp. 10. +300 - 300 Util. Exp.
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter2: Basic Accounting Systems: Cash Basis
Section: Chapter Questions
Problem 2.18E: Statement of stockholders’ equity Using the financial data shown in Exercise 2-17 for Big Mountain...
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