College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN: 9781305666160
Author: James A. Heintz, Robert W. Parry
Publisher: Cengage Learning
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Textbook Question
Chapter 2, Problem 11SPB
STATEMENT OF OWNER’S EQUITY Based on Problem 2-9B, prepare a statement of owner’s equity for David Segal for the month of October 20--.
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FINANCIAL STATEMENTS Refer to the trial balance in Problem 3-13A and to the analysis of the change in owner’s equity in Problem 3-14A.Required1. Prepare an income statement for Kohl’s Home Repair for the month ended May 31, 20--.2. Prepare a statement of owner’s equity for Kohl’s Home Repair for the month ended May 31, 20--.3. Prepare a balance sheet for Kohl’s Home Repair as of May 31, 20--.
P3-13 :T ACCOUNTS AND TRIAL BALANCE Wilhelm Kohl started a business in May 20-- called Kohl’s Home Repair. Kohl hired a part-time college student as an assistant. Kohl has decided to use the following accounts for recording transactions:AssetsCashAccounts ReceivableOffice SuppliesPrepaid InsuranceEquipmentVanLiabilitiesAccounts PayableOwner’s EquityWilhelm Kohl, CapitalWilhelm Kohl, DrawingRevenueService FeesExpensesRent ExpenseWages ExpensePhone ExpenseGas and Oil ExpenseThe following transactions occurred during May:(a) Invested cash in the business, $25,000.(b) Purchased a used van for cash,…
Statement of Owner's Equity Reporting Net Income
Prepare a statement of owner's equity for the month of June.
Betsy Ray started an accounting service on June 1, 20--, by investing $19,000. Her net income for the month was $10,000, and she withdrew $8,000. If an amount is zero, enter "0".
Financial Statements
1. Prepare an income statement for Kohl's Home Repair for the month ended May 31, 20--.
2. Prepare a statement of owner's equity for Kohl's Home Repair for the month ended May 31, 20--. If an amount box does not require an entry, leave it blank or enter "0".
3. Prepare a balance sheet for Kohl's Home Repair as of May 31, 20--.
Wilhelm Kohl started a business in May 20-- called Kohl's Home Repair. Kohl hired a part-time college student as an assistant. On May 31, 20--, the ledger balances for Kohl's Home Repair were as follows:
Accounts
Balance
Accounts Payable
$
4,024
Accounts Receivable
2,990
Cash
21,750
Equipment
8,160
Gas and Oil Expense
138
Wilhelm Kohl, Capital
25,165
Wilhelm Kohl, Drawing
2,807
Office Supplies
117
Prepaid Insurance
1,082
Rent Expense
897
Service Fees
15,792
Phone Expense
262
Van
6,019
Wages Expense
759
Income Statement
1. Prepare an income statement for Kohl's…
Chapter 2 Solutions
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
Ch. 2 - Prob. 1TFCh. 2 - Accounts Payable is an example of an asset...Ch. 2 - According to the business entity concept,...Ch. 2 - The accounting equation (Assets = Liabilities +...Ch. 2 - When an asset increases, a liability must also...Ch. 2 - Expenses represent outflows of assets or increases...Ch. 2 - When total revenues exceed total expenses, the...Ch. 2 - An increase to which of these accounts will...Ch. 2 - When delivery revenue is earned in cash, which...Ch. 2 - When delivery revenue is earned on account, which...
Ch. 2 - When payment is made on an existing debt, which...Ch. 2 - Which of the following accounts does not appear on...Ch. 2 - Checkpoint Exercises Label each of the following...Ch. 2 - What is missing from the accounting equation...Ch. 2 - What are the effects of the following transactions...Ch. 2 - Classify the following accounts as assets (A),...Ch. 2 - Name and define the six major elements of the...Ch. 2 - Name and define the six major elements of the...Ch. 2 - List the three basic questions that must be...Ch. 2 - Prob. 4RQCh. 2 - Prob. 5RQCh. 2 - Prob. 6RQCh. 2 - What are the three basic phases of the accounting...Ch. 2 - SERIES A EXERCISES ACCOUNTING ELE MENT S Label...Ch. 2 - Prob. 2SEACh. 2 - Assets following (d): 32,200 EFFECTS OF...Ch. 2 - EFFECTS OF TRANSACTIONS (BALANCE SHEET ACCOUNTS)...Ch. 2 - FINANCIAL STATEMENT ACCOUNTS Label each of the...Ch. 2 - STATEMENT OF OWNERS EQUITY REPORTING NET INCOME...Ch. 2 - STATEMENT OF OWNERS EQUITY REPORTING NET INCOME...Ch. 2 - SERIES A PROBLEMS THE ACCOUNTING EQUATION Dr. John...Ch. 2 - EFFECT OF TRANSACTIONS ON ACCOUNTING EQUATION Jay...Ch. 2 - EFFECT OF TRANSACTIONS ON ACCOUNTING EQUATION Jay...Ch. 2 - EFFECT OF TRANSACTIONS ON ACCOUNTING EQUATION Jay...Ch. 2 - EFFECT OF TRANSACTIONS ON ACCOUNTING EQUATION Jay...Ch. 2 - ACCOUNTING ELEMENTS Label each of the following...Ch. 2 - THE ACCOUNTING EQUATION Using the accounting...Ch. 2 - EFFECTS OF TRANSACTIONS (BALANCE SHEET ACCOUNTS)...Ch. 2 - EFFECTS OF TRANSACTIONS (BALANCE SHEET ACCOUNTS)...Ch. 2 - FINANCIAL STATEMENT ACCOUNTS Label each of the...Ch. 2 - STATEMENT OF OWNERS EQUITY REPORTING NET INCOME...Ch. 2 - STATEMENT OF OWNERS EQUITY REPORTING NET LOSS...Ch. 2 - SERIES B PROBLEMS THE ACCOUNTING EQUATION Dr....Ch. 2 - EFFECT OF TRANSACTIONS ON ACCOUNTING EQUATION...Ch. 2 - EFFECT OF TRANSACTIONS ON ACCOUNTING EQUATION...Ch. 2 - STATEMENT OF OWNERS EQUITY Based on Problem 2-9B,...Ch. 2 - BALANCE SHEET Based on Problem 2-9B, prepare a...Ch. 2 - Prob. 1MYWCh. 2 - Prob. 1MPCh. 2 - CHALLENGE PROBLEM In this chapter, you learned...
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- FINANCIAL STATEMENTS Refer to the trial balance in Problem 3-13A and to the analysis of the change in owners equity in Problem 3-14A. REQUIRED 1. Prepare an income statement for Kohls Home Repair for the month ended May 31, 20--. 2. Prepare a statement of owners equity for Kohls Home Repair for the month ended May 31, 20--. 3. Prepare a balance sheet for Kohls Home Repair as of May 31, 20--.arrow_forwardFINANCIAL STATEMENTS Refer to the trial balance in Problem 3-13B and to the analysis of the change in owners equity in Problem 3-14B. REQUIRED 1. Prepare an income statement for Jantz Plumbing Service for the month ended August 31, 20--. 2. Prepare a statement of owners equity for Jantz Plumbing Service for the month ended August 31, 20--. 3. Prepare a balance sheet for Jantz Plumbing Service as of August 31, 20--.arrow_forwardProvided below is a trial balance for Bills Delivery Service. Use this trial balance for Exercises 3-10B, 3-11B, and 3-12B. STATEMENT OF OWNERS EQUITY From the information in the trial balance presented above, prepare a statement of owners equity for Bills Delivery Service for the month ended September 30, 20--. Assume this is not the first month of operations and the owner did not invest in the business during September.arrow_forward
- Provided below is a trial balance for Juanitas Delivery Service. Use this trial balance for Exercises 3-10A, 3-11A, and 3-12A. STATEMENT OF OWNERS EQUITY From the information in the trial balance presented above, prepare a statement of owners equity for Juanitas Delivery Service for the month ended September 30, 20--. Assume this is not the first month of operations and the owner did not invest in the business during September.arrow_forwardSTATEMENT OF OWNERS EQUITY REPORTING NET INCOME Betsy Ray started an accounting service on June 1, 20--, by investing 20,000. Her net income for the month was 10,000, and she withdrew 8,000. Prepare a statement of owners equity for the month of June. STATE MENT OF OWNER S EQUITY REPORTING NET LO SS Based on the information provided in Exercise 2-6A, prepare a statement of owners equity assuming Ray had a net loss of 3,000.arrow_forwardSTATEMENT OF OWNERS EQUITY REPORTING NET INCOME Efran Lopez started a financial consulting service on June 1, 20--, by investing 15,000. His net income for the month was 6,000, and he withdrew 7,000 for personal use. Prepare a statement of owners equity for the month of June.arrow_forward
- STATEMENT OF OWNERS EQUITY REPORTING NET LOSS Based on the information provided in Exercise 2-6B, prepare a statement of owners equity assuming Lopez had a net loss of 2,000. STATEMENT OF OWNERS EQUITY REPORTING NET INCOME Efran Lopez started a financial consulting service on June 1, 20--, by investing 15,000. His net income for the month was 6,000, and he withdrew 7,000 for personal use. Prepare a statement of owners equity for the month of June.arrow_forwardSTATEMENT OF OWNERS EQUITY The capital account for Autumn Chou, including an additional investment, and a partial work sheet are shown below and on page 208. REQUIRED Prepare a statement of owners equity.arrow_forwardFollowing is the chart of accounts of Sanchez Realty Company: Sanchez completed the following transactions during April (the first month of business): Required 1. Journalize the transactions for April in the general journal. 2. Post the entries to the general ledger accounts. (Skip this step if you are using CLGL.) 3. Prepare a trial balance as of April 30, 20. 4. Prepare an income statement for the month ended April 30, 20. 5. Prepare a statement of owners equity for the month ended April 30, 20. 6. Prepare a balance sheet as of April 30, 20. If you we using CLGL, use the year 2020 when preparing all reports.arrow_forward
- BALANCE SHEET From the statement of owners equity prepared in E 6-2A and the partial work sheet below, prepare a balance sheet. (FOR EXERCISES 6-1A, 6-2A, 6-3A, AND 6-4A)arrow_forwardPrepare a (1) income statement, (2) statement of owners equity, (3) balance sheet of march 31arrow_forwardInstructions(a) Describe each transaction that occurred for the month.(b) Determine how much owner’s equity increased for the month.(c) Compute the amount of net income for the montharrow_forward
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