GEN COMBO COLLEGE ACCOUNTING; CONNECT ACCESS CARD
4th Edition
ISBN: 9781260087376
Author: M. David Haddock Jr. Professor
Publisher: McGraw-Hill Education
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Question
Chapter 2, Problem 4PB
To determine
Prepare an income statement and a statement of owner’s equity for Firm K for the month ended August 31, 2019 and a
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Sue Feria opened a travel agency business on April 5, 2019. A month after she was able to comply with the legal requirements and documents, the business started operation. The following balances were taken on April 30, 2019:
Analyze the above transactions, start with the balances given on April 30.
a) Present an income statement, statement of changes in owner's equity, a properly classified report form of statement of financial position.
Record any five accounting transactions of your own choice for Ali furniture business (AFB) for the year 2019, Starting from the owner investment of $100,000. Post them in General journal, make ledger, and Trial balance for those entries.
Ameena Enterprise is a business management service founded by Madam Ameena in 2019.
Mr. Ali is an accountant responsible for preparing the financial statements for Ameena
Enterprise. Miss Maria has been appointed as new account clerk at Ameena Enterprise. Mr. Ali
has several tasks planned to test Miss Maria's ability to work. Firstly, he asked Miss Maria to
prepare the journal entries to record the transactions of Ameena Enterprise for the month of
April 2021. The following are the transactions that occurred in April 2021:
Date
Transactions
1 April
Purchased office equipment of RM14,000. 40% of the amount is purchased
on credit basis and the remaining balance is paid by cash.
Accrued revenues of RM3,500 previously recorded to accounts receivable
were collected.
Paid office rental in advance for RM4,500.
1 April
1 April
2 April
Paid all accrued salaries for Mac 2021, RM3,000.
3 April
Provided services amounting RM2,400 for the customer who made the
advance payment March 2021.
Received…
Chapter 2 Solutions
GEN COMBO COLLEGE ACCOUNTING; CONNECT ACCESS CARD
Ch. 2 - What is a business transaction?Ch. 2 - Prob. 1.2SRQCh. 2 - Prob. 1.3SRQCh. 2 - Prob. 1.4SRECh. 2 - Prob. 1.5SRECh. 2 - Prob. 1.6SRACh. 2 - Prob. 2.1SRQCh. 2 - Prob. 2.2SRQCh. 2 - What information is included in the financial...Ch. 2 - Prob. 2.4SRE
Ch. 2 - Prob. 2.5SRECh. 2 - Prob. 2.6SRACh. 2 - Prob. 1CSRCh. 2 - Prob. 2CSRCh. 2 - Prob. 3CSRCh. 2 - Prob. 4CSRCh. 2 - Prob. 5CSRCh. 2 - Prob. 1DQCh. 2 - Prob. 2DQCh. 2 - Prob. 3DQCh. 2 - Prob. 4DQCh. 2 - Describe the effects of each of the following...Ch. 2 - What is the fundamental accounting equation?Ch. 2 - Prob. 7DQCh. 2 - Prob. 8DQCh. 2 - Prob. 9DQCh. 2 - Prob. 10DQCh. 2 - Prob. 11DQCh. 2 - Prob. 12DQCh. 2 - Prob. 1ECh. 2 - Prob. 2ECh. 2 - Prob. 3ECh. 2 - Prob. 4ECh. 2 - Prob. 5ECh. 2 - Computing net income or net loss. The Computer...Ch. 2 - Prob. 7ECh. 2 - Prob. 8ECh. 2 - Prob. 9ECh. 2 - Preparing a statement of owners equity and a...Ch. 2 - Analyzing the effects of transactions on the...Ch. 2 - Prob. 2PACh. 2 - Prob. 3PACh. 2 - The following equation shows the transactions of...Ch. 2 - Prob. 1PBCh. 2 - Prob. 2PBCh. 2 - Prob. 3PBCh. 2 - Prob. 4PBCh. 2 - The following account balances are for William...Ch. 2 - Richard Harris opened a gym and fitness studio...Ch. 2 - Prob. 1MFCh. 2 - Prob. 2MFCh. 2 - Prob. 3MFCh. 2 - How does an accounting system help managers...Ch. 2 - Prob. 1ED
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- What Do You Think? You work as an accounting clerk. You have received the following information supplied by a client, S. Winston, from the clients bank statement, the clients tax returns, and a variety of other July documents. The client wants you to prepare an income statement, a statement of owners equity, and a balance sheet for the month of July for Winston Company.arrow_forwardPrepare the income statement, the statement of owner’s equity and balance sheet as at December 31st, 2021. Advice Miguel if he should continue the business given the company’s financial performance.arrow_forwardAmeena Enterprise is a business management service founded by Madam Ameena in 2019. Mr. Ali is an accountant responsible for preparing the financial statements for Ameena Enterprise. Miss Maria has been appointed as new account clerk at Ameena Enterprise. Mr. Ali has several tasks planned to test Miss Maria's ability to work. Firstly, he asked Miss Maria to prepare the journal entries to record the transactions of Ameena Enterprise for the month of April 2021. The following are the transactions that occurred in April 2021: Transactions Purchased office equipment of RM14,000. 40% of the amount is purchased on credit basis and the remaining balance is paid by cash. Accrued revenues of RM3,500 previously recorded to accounts receivable were collected. Date 1 April I April 1 April 2 April 3 April Paid office rental in advance for RM4,500. Paid all accrued salaries for Mac 2021, RM3,000. Provided services amounting RM2,400 for the customer who made the advance payment March 2021. 10 April…arrow_forward
- Prepare journal entries for the following transactions. Make sure to observe the proper format of journal entries. Use EXCEL in presenting your answers. Mr. Panatag opened the Panatag Security Services. The following financial transactions and other arrangements took place from July 01 to August, 2019: July 01 Mr. Panatag invested his savings in the business amounting to P895,000, and his old car with market value of P545,000. July 02 Mr. Panatag signed a lease contract to be used as the office of his business. In accordance with the lease contract, Mr. Panatag paid the advance rental for three months amounting to P60,000. July 03 The owner purchased furniture amounting to P50,00. Paid 70% cash and the balance will be paid after 30 days. July 04 Mr. Panatag conducted interviews of security guards, and hired 10 security guards with a monthly salary of P13,000 per month. July 05 The owner secured a loan from the bank amounting to P250,000 payable over the…arrow_forwardAssume that you recently accepted a position with Five Star National Bank & Trust as an assistant loan officer. As one of your first duties, you have been assigned the responsibility of evaluating a loan request for $300,000 from West Gate Auto Co., a small proprietor- ship. In support of the loan application, Joan Whalen, owner, submitted a "Statement of Accounts" (trial balance) for the first year of operations ended October 31, 2019. West Gate Auto Co. Statement of Accounts October 31, 2019 Cash 5,000 Billings Due from Others. Supplies (chemicals, etc.) Building... 40,000 7,500 222,300 Equipment.. 50,000 Amounts Owed to Others.. 31,000 Investment in Business 179,000 Service Revenue 215,000 Wages Expense 75,000 Utilities Expense 10,000 8,000 Rent Expense . Insurance Expense Other Expenses 6,000 1,200 425,000 425,000 Explain to Joan Whalen why a set of financial statements (income statement, 1. statement of owner's equity, and balance sheet) would be useful to you in evaluating the…arrow_forwardAdwoa is a business consultant. She provided the following information at the end of her first financial year on 30 April 2019. fees earned during the year fees owed by clients at 30 April 2019 cost of computer equipment purchased loan interest paid other business expenses What was Seema's profit for the year? A. GHC 72,000 B. GHC 94,000 O C. GHC98,000 O D. GHC120,000 GHC 244 000 22 000 26 000 4 000 142 000arrow_forward
- Ameena Enterprise is a business management service founded by Madam Ameena in 2019.Mr. Ali is an accountant responsible for preparing the financial statements for AmeenaEnterprise. Miss Maria has been appointed as new account clerk at Ameena Enterprise. Mr. Alihas several tasks planned to test Miss Maria’s ability to work. Firstly, he asked Miss Maria toprepare the journal entries to record the transactions of Ameena Enterprise for the month ofApril 2021. The following are the transactions that occurred in April 2021:Date Transactions1 April Purchased office equipment of RM14,000. 40% of the amount is purchasedon credit basis and the remaining balance is paid by cash.1 April Accrued revenues of RM3,500 previously recorded to accounts receivablewere collected.1 April Paid office rental in advance for RM4,500.2 April Paid all accrued salaries for Mac 2021, RM3,000.3 April Provided services amounting RM2,400 for the customer who made theadvance payment March 2021.10 April Received RM6,500…arrow_forwardAmeena Enterprise is a business management service founded by Madam Ameena in 2019.Mr. Ali is an accountant responsible for preparing the financial statements for AmeenaEnterprise. Miss Maria has been appointed as new account clerk at Ameena Enterprise. Mr. Alihas several tasks planned to test Miss Maria’s ability to work. Firstly, he asked Miss Maria toprepare the journal entries to record the transactions of Ameena Enterprise for the month ofApril 2021. The following are the transactions that occurred in April 2021:Date Transactions1 April Purchased office equipment of RM14,000. 40% of the amount is purchasedon credit basis and the remaining balance is paid by cash.1 April Accrued revenues of RM3,500 previously recorded to accounts receivablewere collected.1 April Paid office rental in advance for RM4,500.2 April Paid all accrued salaries for Mac 2021, RM3,000.3 April Provided services amounting RM2,400 for the customer who made theadvance payment March 2021.10 April Received RM6,500…arrow_forwardPrepare a statement of owner’s 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. Refer to the lists of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. If a net loss is incurred or there is a decrease in owner’s equity, enter that amount as a negative number using a minus sign.arrow_forward
- For the past several years, Jolene Upton has operated a part-time consulting businessfrom her home. As of July 1, 2019, Jolene decided to move to rented quarters and to operatethe business, which was to be known as Gourmet Consulting, on a full-time basis.Gourmet Consulting entered into the following transactions during July:July 1. The following assets were received from Jolene Upton: cash, $19,000;accounts receivable, $22,300; supplies, $3,800; and office equipment, $8,900.There were no liabilities received.1. Paid three months’ rent on a lease rental contract, $6,000.2. Paid the premiums on property and casualty insurance policies, $4,500.4. Received cash from clients as an advance payment for services to be providedand recorded it as unearned fees, $8,000.5. Purchased additional office equipment on account from Office Necessities Co., $5,100.6. Received cash from clients on account, $12,750.10. Paid cash for a newspaper advertisement, $500.12. Paid Office Necessities Co. for part…arrow_forwardYou have been so helpful to Sahra that she has recommended you to a friend of hers, Jed Skee. Jed set up the business ‘Surfs Up’ in October 2019 which sells Surf Ski’s. Jed completed a basic bookkeeping course before he commenced his business and is able to prepare his business’s accounting information up to the point of the Trial Balance, but requires your assistance in preparing the financial statements. Required: Prepare an Income Statement, Statement of Changes in Equity and a Balance Sheet from the Trial Balance provided below. Surfs Up Trial Balance for the year ended 30th June 2020 Debit ($) Credit ($) Loan Payable 66 640 Supplies on Hand 9 163 Fuel Expense 7 938 Capital 245 000 Equipment 17 640 Cash at Bank 100 254 Telephone Expense 2 450 Warehouse 196 000 Sales 43 316 Accounts Payable 3 038 Council Rates Expense 588 Accounts Receivable 23…arrow_forwardFor the past several years, Jolene Upton has operated a part-time consulting business from her home. As of July 1, 2019, Jolene decided to move to rented quarters and to operate the business, which was to be known as Gourmet Consulting, on a full-time basis. Gourmet Consulting entered into the following transactions during July: Jul. 1 The following assets were received from Jolene Upton: cash, $19,000; accounts receivable, $22,300; supplies, $3,800; and office equipment, $8,900. There were no liabilities received. 1 Paid three months' rent on a lease rental contract, $6,000. 2 Paid the premiums on property and casualty insurance policies, $4,500. 4 Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $8,000. 5 Purchased additional office equipment on account from Office Necessities Co., $5,100. 6 Received cash from clients on account, $12,750. 10 Paid cash for a newspaper advertisement, $500. 12 Paid Office Necessities Co. for…arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
College Accounting (Book Only): A Career ApproachAccountingISBN:9781337280570Author:Scott, Cathy J.Publisher:South-Western College Pub
College Accounting (Book Only): A Career Approach
Accounting
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:South-Western College Pub
The ACCOUNTING EQUATION For BEGINNERS; Author: Accounting Stuff;https://www.youtube.com/watch?v=56xscQ4viWE;License: Standard Youtube License