FUND.ACCT.PRINC.(LL) 25E <C> W/ CONNECT
25th Edition
ISBN: 9781307692587
Author: Wild
Publisher: MCG/CREATE
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Chapter 1, Problem 4PSB
To determine
Introduction: The financial statements of a company include a balance sheet, income statement, and
To prepare: The statement of owner’s equity.
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The following information is available regarding Hallal Company:
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Statement Of Owner's Equity
Jay Pembroke started a business in April. Prepare a Statement of Owner's Equity using the following balances for April transactions.
Cash
$13,466
Accounts Receivable
2,028
Office Supplies
4,718
Prepaid Insurance
1,236
Accounts Payable
281
Jay Pembroke, Capital
18,760
Jay Pembroke, Drawing
131
Service Fees
3,336
Rent Expense
798
You will need to calculate the net income for April.
Statement of Owner's Equity
Statement Of Owner's Equity
Jay Pembroke started a business in April. Prepare a Statement of Owner's Equity for April transactions.
If an amount is zero, enter "0".
Jay Pembroke
Statement of Owner's Equity
For Month Ended April 30, 20xx
Jay Pembroke, capital, April 1, 20xx
$fill in the blank 6a98780e504003a_2
Investment during April
fill in the blank 6a98780e504003a_4
Total investment
$fill in the blank 6a98780e504003a_5
Net income for April
$fill in the blank 6a98780e504003a_7…
Using the expanded accounting equation, calculate and enter the answers for each question. You will need to use the answers you calculate for beginning and ending equity to answer the rest of the questions.
Assets Liabilities
Beginning of Year: $25,000 $15,000
End of Year: $63,000 $26,000
1) What is the equity at the beginning of the year?
Beginning Equity
2) What is the equity at the end of the year?
Ending Equity
3) If the owner contributes $9,600 and the owner withdraws $37,300, how much is net income (loss)?
Net Income (Loss)
4) If net income is $3,900 and owner withdrawals are $6,200, how much did the owner contribute (owner, capital)?
Owner, Capital
5) If the owner contributes $16,000 and net income is $19,300, how much did the owner withdraw (owner, withdrawals)?
Owner, Withdrawals
6) If the owner contributes $43,800 and the owner withdraws $4,600, how much is net income (loss)?
Chapter 1 Solutions
FUND.ACCT.PRINC.(LL) 25E <C> W/ CONNECT
Ch. 1 - Prob. 1QSCh. 1 - Prob. 2QSCh. 1 - Prob. 3QSCh. 1 - Prob. 4QSCh. 1 - Prob. 5QSCh. 1 - Prob. 6QSCh. 1 - This icon highlights assignments that enhance...Ch. 1 - Prob. 8QSCh. 1 - Prob. 9QSCh. 1 - Prob. 10QS
Ch. 1 - Prob. 11QSCh. 1 - Identifying items with financial statements P2...Ch. 1 - P2
Classify each of the following items as...Ch. 1 - P2
Classify each of the following items as assets...Ch. 1 - Preparing an income statement P2...Ch. 1 - Prob. 16QSCh. 1 - Prob. 17QSCh. 1 - Prob. 18QSCh. 1 - Prob. 19QSCh. 1 - Prob. 20QSCh. 1 - Prob. 21QSCh. 1 - Prob. 1ECh. 1 - Exercise 1-2 Identifying accounting users and uses...Ch. 1 - Prob. 3ECh. 1 - Prob. 4ECh. 1 - Prob. 5ECh. 1 - Prob. 6ECh. 1 - Prob. 7ECh. 1 - Prob. 8ECh. 1 - Prob. 9ECh. 1 - Prob. 10ECh. 1 - Prob. 11ECh. 1 - Prob. 12ECh. 1 - Prob. 13ECh. 1 - Prob. 14ECh. 1 - Prob. 15ECh. 1 - Prob. 16ECh. 1 - Prob. 17ECh. 1 - Prob. 18ECh. 1 - Prob. 19ECh. 1 - Prob. 20ECh. 1 - Prob. 21ECh. 1 - Prob. 22ECh. 1 - Prob. 23ECh. 1 - Prob. 24ECh. 1 - Prob. 25ECh. 1 - Prob. 1PSACh. 1 - Prob. 2PSACh. 1 - Prob. 3PSACh. 1 - Prob. 4PSACh. 1 - Prob. 5PSACh. 1 - Prob. 6PSACh. 1 - Prob. 7PSACh. 1 - Prob. 8PSACh. 1 - Prob. 9PSACh. 1 - Prob. 10PSACh. 1 - Prob. 11PSACh. 1 - Prob. 1PSBCh. 1 - Prob. 2PSBCh. 1 - Prob. 3PSBCh. 1 - Prob. 4PSBCh. 1 - Prob. 5PSBCh. 1 - Prob. 6PSBCh. 1 - Prob. 7PSBCh. 1 - Prob. 8PSBCh. 1 - Prob. 9PSBCh. 1 - Prob. 10PSBCh. 1 - Prob. 11PSBCh. 1 - On October 1. 2019, Santana Rev launched a...Ch. 1 - Prob. 1AACh. 1 - Prob. 2AACh. 1 - Prob. 3AACh. 1 - Prob. 1DQCh. 1 - Technology is increasingly used to process...Ch. 1 - Prob. 3DQCh. 1 - What are at least three questions business owners...Ch. 1 - Prob. 5DQCh. 1 - Describe the internal role of accounting for...Ch. 1 - Identify three type of services typically offered...Ch. 1 - Prob. 8DQCh. 1 - Why is accounting described as a service activity?Ch. 1 - What are some accounting-related professions?Ch. 1 - Prob. 11DQCh. 1 - Prob. 12DQCh. 1 - Prob. 13DQCh. 1 - A business reports its own office stationary on...Ch. 1 - Why is the revenue recognition principle needed?...Ch. 1 - Prob. 16DQCh. 1 - Prob. 17DQCh. 1 - What events or transactions change equity?Ch. 1 - Prob. 19DQCh. 1 - What do accountants mean by the term revenue?Ch. 1 - 21. Define net income and explain its...Ch. 1 - Identify the four basics financial statements of a...Ch. 1 - Prob. 23DQCh. 1 - 24. Give two examples of expenses a business might...Ch. 1 - Prob. 25DQCh. 1 - Prob. 26DQCh. 1 - Prob. 27DQCh. 1 - Prob. 28DQCh. 1 - Prob. 1BTNCh. 1 - Prob. 2BTNCh. 1 - Visit the EDGAR database at SEC.gov. Access the...Ch. 1 - Prob. 4BTN
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- The Accounting Equation Ginger Enterprises began the year with total assets of $500,000 and total liabilities of $250,000. Using this information and the accounting equation, answer each of the following independent questions. What was the amount of Gingers owners equity at the beginning of the year? If Gingers total assets increased by $100,000 and its total liabilities increased by $77,000 during the year, what was the amount of Gingers owners equity at the end of the year? If Gingers total liabilities increased by $33,000 and its owners equity decreased by $58,000 during the year, what was the amount of its total assets at the end of the year? If Gingers total assets doubled to $1,000,000 and its owners equity remained the same during the year, what was the amount of its total liabilities at the end of the year?arrow_forwardUsing the income statement for Adventure Travel Service shown in Practice Exercise 1-4A, prepare a statement of owners equity for the year ended April 30, 2019. Jerome Foley, the owner, invested an additional 60,000 in the business during the year and withdrew cash of 40,000 for personal use. Jerome Foley, capital as of May 1, 2018, was 1,020,000.arrow_forwardFinancial statements Seth Feye established Reliance Financial Services on July 1, 20Y2. Reliance Financial Services offers financial planning advice to its clients. The effect of each transaction and the balances after each transaction for July follow: Instructions 1. Prepare an income statement for the month ended July 31, 20Y2. 2. Prepare a statement of stockholders equity for the month ended July 31, 20Y2. 3. Prepare a balance sheet as of July 31, 20Y2. 4. (Optional) Prepare a statement of cash flows for the month ending July 31, 20Y2.arrow_forward
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