Prepare the Balance Sheet and Income Statement on the following hypothetical business 1. Vios Services   July 1 - Vios opened a repair shop business with trade name Vios Repair Service and invested cash P100,000, shop equipment for P65,000 and furniture and fixtures for P50,000 July 2  - Paid one year rental of the shop amounting to P60,000 July 2 - Rendered services for cash – P75,000 July 5 - Rendered services on account for P100,000 with 30% down payment and balance on the account July 10 - Purchased a computer on account for P45,000 and made a 10% down payment July 15 - Paid salaries of 2 employees for P20,000 each July 20 - Collected 50% of the balance on services rendered last July 5 July 25 - Paid the salary of employees for P20,000 each

Q: Transactions made by Ahmed & Co., for the month of April are shown below. a.       Invested…

A: The tabular analysis includes an accounting equation that indicates total assets are equal to total…

Q: Use the information in Exercise to prepare an October statement of owner’s equity for Ernst…

A:

Q: The following are the transactions of Lowe's Repair Service for the month of June 201X. Journalize…

A: Journal entries recording is the first step of accounting cycle process, under which atleast one…

Q: The revenues and expenses of Up-in-the-Air Travel Service for the year ended April 30, 20Y7, follow:…

A: Statement of owner's equity describes the total investment value of the owner till a particular…

Q: On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,010 in…

A: The cash flow statement is prepared to record the cash flow from various activities during the…

Q: Show the effects of each transaction on the accounting equation by indicating under the proper…

A: As per the Accounting Equation,Assets =Liabilities +Shareholder's Equity

Q: You are an owner of a service business. The following were the business transactions during the…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Make a Financial transaction worksheet that summarizes the effects of these transactions on the…

A: Solution Concept Accounting equation is expressed as Asset     = liabilities + equity Assets include…

Q: PROVIDED THAT THE ACCOUNTING EQUATION, ASSETS = LIABILITIES + EQUITY IS ALWAYS FOLLOWED.INCOME IS…

A: Accounting equation is an equation which is used in accounting world where the total balance…

Q: Following are the transactions for Valdez Services. a. The company pald $2.000 cash for payment on a…

A: General information - Journal entries are the first step of recording the transactions. For every…

Q: [The following intorma. On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the…

A: Capital, December 31 = Capital, January 1 + Consulting revenue - Rent expense - Salaries expense -…

Q: Show how the below transactions affect the financial position of the business as represented by A =…

A: GIVEN DATA      1. The owner deposited R105 000 cash into the business’s bank account on 1 January…

Q: An enterprise opened for business in December of the current year. During the month, it renders…

A: Accounting is the process of recording financial transactions that are material to the business. It…

Q: The transactions of Spade Company appear below. a. Kacy Spade, owner, invested $10,250 cash in the…

A: Trial balance is the summary of all general ledger accounts being used in business. Under this,…

Q: [The following information applies to the questions displayed below.] On October 1, Ebony Ernst…

A: A statement of financial position or balance sheet of a company can be categorized in two sections…

Q: On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,540 in…

A: The income statement is an essential part of the financial statements of the company. It is prepared…

Q: The following transactions occurred for Baker Suleiman Co Sep 1 The business received cash of OMR…

A: A journal entry helps in recording of the business transactions and it is the first step of…

Q: Following are the transactions for Valdez Services. a. The company pald $2.000 cash for payment on a…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: On October 1, Ebony Ernst organized Ernst Consulting; On October 3, the owner contributed $84,780 in…

A: Cash flow statement includes the summary showing receipts and payments made by cash and cash…

Q: during october, a sari-sari store had the following transactions involving revenue and expenses:…

A: Net Income is the amount which is earned by the firm after paying off its obligations. It is…

Q: Transaction: On August 1, the business, Design Thinking Ltd, provided consulting services for a…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: [The following information applies to the questions displayed below.] On October 1, Ebony Ernst…

A: Here in this question, we are required to prepare income statement for the month of October. For…

Q: Listed below are selected transactions completed by Ridge Company during March of the current year.…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: The revenues and expenses of Up-in-the-Air Travel Service for the year ended April 30, 20Y7, follow:…

A: The statement of the owner's equity states the changes in the capital balance of the company over…

Q: Required information [The following information applies to the questions displayed below.] On…

A: Statement of owners equity in the business shows changes in owners equity balance during the…

Q: Required information [The following information applies to the questions displayed below.] On…

A: The income statement is one of the financial statement of the business.

Q: uring the year, the Decker Company experienced the following accounting transactions: I. Purchased…

A: According to accounting equation, the assets equal to sum of liabilities and equity.

Q: On October 1, Ebony Ernst organized Ernst Consulting; On October 3, the owner contributed $84,780 in…

A: The balance sheet is the statement of financial position of the business.

Q: The following transactions pertain to the operations of Party Consultants, an events planning entity…

A: Cash Flow Statement is prepared by an organisation to show the flow of cash during the accounting…

Q: [The following information applies to the questions displayed below.] On October 1, Ebony Ernst…

A:

Q: Required information [The following information applies to the questions displayed below.] On…

A: 1. Income Statement 2. Statement of Owner's Equity - 3. Balance Sheet   The first statement shows…

Q: On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $82,780 in…

A: Statement of owners equity shows changes in equity balances during the particular period of time.…

Q: Listed below are six transactions for TUV Company during its first month of operations: 1. Owner…

A: Accounting Equation of the business says that total assets in the business must be equal to total…

Q: On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $84,000 in…

A:

Q: On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $83,010…

A: The cash flow statement is prepared to record the cash flow from various activities including…

Q: The following transactions for the month of March have been journalized and posted to the proper O…

A: Accounting equation is one of the important concept in accounting. It has three important elements,…

Q: Below are several transactions for Scarlet Knight Corporation. A junior accountant, recently…

A: ExpectedTransaction   1. Incorrect 2. Correct 3. Incorrect 4. Incorrect 5. Incorrect

Q: The following transactions of MORALES Accounting Firm during the first month of Operations: April 1…

A: The journal is prepared to record the transactions of the business on daily basis. The ledger…

Q: NALYZING TRANSACTIONS - BASIC ACCOUNTING EQUATION Engineer Shackile Asuncion opened an engineering…

A: As per basic accounting equation, at any particular point of time total assets should be equal to…

Q: On October 1, Ebony Ernst organized Ernst Consulting; On October 3, the owner contributed $84,780 in…

A: Financial statement means the statement including income statement , balance sheet , cash flow…

Q: The following transactions of MORALES Accounting Firm during the first month of Operations: April 1…

A: Journal entry is recording financial transaction in books of account. After journal entry,…

Q: Listed below are selected transactions completed by Ridge Company during March of the current year.…

A: Revenue Journal - Revenue Journal includes revenue-related journal and recorded.   Cash Receipt…

Q: Terrapin Company engages in the following external transactions for November.1. Purchase equipment…

A:

Q: On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $84,580 in…

A: Consulting Revenues   $14,620    Expenses:      Rent Expense $4,190…

Q: Prepare the Balance Sheet and Income Statement on the following hypothetical business Vios Services…

A: The financial statements of the business includes the income statement and balance sheet of the…

Q: The transactions of Spade Company appear below. a. Kacy Spade, owner, invested $14,250 cash in the…

A: Answer - Spade Company       Trial Balance May-31       Particulars Debit  Credit…

Q: Show the effect of each transaction on the three basic accounting elements by Indicating the dollar…

A: The transactions and events of the company will be recorded in the books of accounts in an…

Q: A business has the following transactions: A. The business is started by receiving cash from an…

A: Revenue: Revenues are the income earned by the business through its business operations during a…

Q: 1. During October, a sari-sari store had the following transactions involving revenue and expenses.…

A: As posted multiple independent questions we are answering only first question kindly repost the…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is