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 $21,680 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: $ 14,000 I. Lawson, Withdrawals 6,300 Services revenue 8,300 Rent expense 4,620 Wages expense 21,680 $ 3,300 17,400 3,800 8,000 Cash Accounts receivable Equipment Accounts payable I. Lawson, Capital
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 $21,680 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: $ 14,000 I. Lawson, Withdrawals 6,300 Services revenue 8,300 Rent expense 4,620 Wages expense 21,680 $ 3,300 17,400 3,800 8,000 Cash Accounts receivable Equipment Accounts payable I. Lawson, Capital
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 $21,680 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:
$ 14,000 I. Lawson, Withdrawals
6,300 Services revenue
8,300 Rent expense
4,620 Wages expense
21,680
$ 3,300
17,400
3,800
8,000
Cash
Accounts receivable
Equipment
Accounts payable
I. Lawson, Capital
the above information to prepare a December income
ement for the business.
LAWSON CONSULTING
Income Statement
nues:
rvices revenue
$
17,400
counts payable
tal Revenues
2$
17,400
nues:
2$
3,800
counts payable
8,000
ages expense
tal Expenses
11,800
icome
2$
5,600](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F387f8ada-78e7-49d8-990b-48a87981f1ab%2F5f918e01-f425-4a47-ac3b-42c7339fdb11%2Fq9rfnfg_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 $21,680 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:
$ 14,000 I. Lawson, Withdrawals
6,300 Services revenue
8,300 Rent expense
4,620 Wages expense
21,680
$ 3,300
17,400
3,800
8,000
Cash
Accounts receivable
Equipment
Accounts payable
I. Lawson, Capital
the above information to prepare a December income
ement for the business.
LAWSON CONSULTING
Income Statement
nues:
rvices revenue
$
17,400
counts payable
tal Revenues
2$
17,400
nues:
2$
3,800
counts payable
8,000
ages expense
tal Expenses
11,800
icome
2$
5,600
![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 $21,680 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:
$ 14,000 I. Lawson, Withdrawals
6,300 Services revenue
8,300 Rent expense
4,620 Wages expense
21,680
Cash
$ 3
Accounts receivable
17
Equipment
Accounts payable
I. Lawson, Capital
3
8
Use the above information to prepare a December income
statement for the business.
LAWSON CONSULTING
Income Statement
Revenues:
Services revenue
$
17,400
Accounts payable
Total Revenues
$
17,400
Revenues:
2$
3,800
Accounts payable
8,000
Wages expense
Total Expenses
11,800
Net income
$
5,600](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F387f8ada-78e7-49d8-990b-48a87981f1ab%2F5f918e01-f425-4a47-ac3b-42c7339fdb11%2Ftbklrv_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 $21,680 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:
$ 14,000 I. Lawson, Withdrawals
6,300 Services revenue
8,300 Rent expense
4,620 Wages expense
21,680
Cash
$ 3
Accounts receivable
17
Equipment
Accounts payable
I. Lawson, Capital
3
8
Use the above information to prepare a December income
statement for the business.
LAWSON CONSULTING
Income Statement
Revenues:
Services revenue
$
17,400
Accounts payable
Total Revenues
$
17,400
Revenues:
2$
3,800
Accounts payable
8,000
Wages expense
Total Expenses
11,800
Net income
$
5,600
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