Bundle: Accounting, Chapters 1-13, 26th + Working Papers, Chapters 1-17 For Warren/reeve/duchac's Accounting, 26th And Financial Accounting, 14th + ... For Warren/reeve/duchac's Accounting, 26th
26th Edition
ISBN: 9781337498159
Author: Carl Warren, Jim Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Chapter 1, Problem 1.5BPE
To determine
Statement of owners’ equity:
This statement reports the beginning owner’s equity and all the changes which led to ending owners’ equity. Additional capital, net income from income statement is added to and drawings are deducted from beginning owner’s equity to arrive at the end result, ending owner’s equity.
To prepare: Statement of Owners’ Equity of ST Service for the year ended August 31, 2016
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The Owner's Capital has a beginning balance of P626,000. The owner gave P130,000
additional contribution during the year. Based on the Statement of Comprehensive Income.
net income for the year was P355,000. How much money did the owner withdrew from the
business?
Accounts Payable
Accounts Receivable
Accrued Expenses
Accumulated Depreciation
Cash
Inventory
Investments
Your answer
Mortgage Payable
57,000
65,000 Notes Payable
37,000 Notes Receivable
Your answer
110,000 Owner, Capital
91,000 Prepaid Expenses
89,000 Property, Plant and Equipment
143,000 Unearned Revenue
400,000
130,000
283,000
?
64,000
850,000
18,000
An entity began October with office supplies of P16,500. During the month, the entity
purchased supplies of P27,100. On October 30, supplies on hand totaled P21,200. How
much should be recorded as supplies expense for the month?
Financial Statements
We-Sell Realty, organized August 1, 2016, is owned and operated by Omar Farah.
We-Sell Realty
Income Statement
August 31, 2016
Sales commissions
$140,000
Expenses:
Office salaries expense
$87,000
Rent expense
18,000
Automobile expense
7,500
Miscellaneous expense
2,200
Supplies expense
1,150
Total expenses
115,850
Net income
$25,000
Omar Farah
Statement of Owner's Equity
August 31, 2015
Omar Farah, capital, August 1, 2016
$0
Less withdrawals during August
10,000
$(10,000)
Investment on August 1, 2016
15,000
$5,000
Net income for August
25,000
Omar Farah, capital, August 31, 2016
$30,000
Balance Sheet
For the Month Ended August 31, 2016
Assets
Liabilities
Cash
$8,900
Accounts receivable
$38,600
Accounts payable
22,350
Supplies
4,000
Owner's Equity
Omar Farah, capital
30,000
Total assets
$31,250
Total liabilities and owner's equity…
Financial Statements
We-Sell Realty, organized August 1, 2016, is owned and operated by Omar Farah.
We-Sell Realty
Income Statement
August 31, 2016
Sales commissions
$140,000
Expenses:
Office salaries expense
$87,000
Rent expense
18,000
Automobile expense
7,500
Miscellaneous expense
2,200
Supplies expense
1,150
Total expenses
115,850
Net income
$25,000
Omar Farah
Statement of Owner's Equity
August 31, 2015
Omar Farah, capital, August 1, 2016
$0
Less withdrawals during August
10,000
$(10,000)
Investment on August 1, 2016
15,000
$5,000
Net income for August
25,000
Omar Farah, capital, August 31, 2016
$30,000
Balance Sheet
For the Month Ended August 31, 2016
Assets
Liabilities
Cash
$8,900
Accounts receivable
$38,600
Accounts payable
22,350
Supplies
4,000
Owner's Equity
Omar Farah, capital
30,000
Total assets
$31,250
Total liabilities and owner's equity…
Chapter 1 Solutions
Bundle: Accounting, Chapters 1-13, 26th + Working Papers, Chapters 1-17 For Warren/reeve/duchac's Accounting, 26th And Financial Accounting, 14th + ... For Warren/reeve/duchac's Accounting, 26th
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