Need to prepare the statement of owners equity FeedbackCheck My WorkThe second statement that would be created is the statement of owner's equity which shows the changes in capital for the pericHEET3. Prepare a balance sheet as of January 31, 20--.HEETCreighton ConsultingBalance SheetHEETJanuary 31, 20--LiabilitiesAssetsAccounts payable X1,590 X9,820x Owner's EquityAnnette Creighton, capital XTotal liabilities & owner's eguity11.658 xTotal assets11,658FeedbackCheck My WorkLastly, the balance sheet is created. This statement shows the ending balances of the assets, liabilities and owner's equity at the endiFeedbackCheck My WorkPartially correctCheck My Works itemse: 32.06%here to searchWAVE IDPCProJUSTSTANDORG DebitCreditAccount TitleAccount No. Balance BalanceCash10110,021.00Office Supplies142300.00Office Equipment1811,500.00Accounts Payable2021,600.00Annette Creighton, Capital31110,000.00Annette Creighton, Drawing312100.00Consulting Fees4011,860.00Wages Expense511720.00Advertising Expense51226.00Rent Expense521500.00Phone Expense52542.00Transportation Expense526185.00Utilities Expense53338.00Miscellaneous Expense54928.0013,460.00 13,460.00Required:1. Prepare an income statement.Creighton ConsultingIncome StatementFor Month Ended January 31, 20--Revenues: VAccounts payable x1,600.00 XAssets: XOffice equipment x1,500.00 XOffice supplies x300.00 XCheck My Work

Name: Need to prepare the statement of owners equity FeedbackCheck My WorkTh
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Need to prepare the statement of owners equity FeedbackCheck My WorkThe second statement that would be created is the statement of owner's equity which shows the changes in capital for the pericHEET3. Prepare a balance sheet as of January 31, 20--.HE

Net Income = Total Revenues - Total Expenses Ending Capital = Beginning Capital + Net Income -…

Business

Accounting

Debit Credit Account Title Account No. Balance Balance Cash 101 10,021.00 Office Supplies 142 300.00 Office Equipment 181 1,500.00 Accounts Payable 202 1,600.00 Annette Creighton, Capital 311 10,000.00 Annette Creighton, Drawing 312 100.00 Consulting Fees 401 1,860.00 Wages Expense 511 720.00 Advertising Expense 512 26.00 Rent Expense 521 500.00 Phone Expense 525 42.00 Transportation Expense 526 185.00 Utilities Expense 533 38.00 Miscellaneous Expense 549 28.00 13,460.00 13,460.00 Required: 1. Prepare an income statement.

Debit Credit Account Title Account No. Balance Balance Cash 101 10,021.00 Office Supplies 142 300.00 Office Equipment 181 1,500.00 Accounts Payable 202 1,600.00 Annette Creighton, Capital 311 10,000.00 Annette Creighton, Drawing 312 100.00 Consulting Fees 401 1,860.00 Wages Expense 511 720.00 Advertising Expense 512 26.00 Rent Expense 521 500.00 Phone Expense 525 42.00 Transportation Expense 526 185.00 Utilities Expense 533 38.00 Miscellaneous Expense 549 28.00 13,460.00 13,460.00 Required: 1. Prepare an income statement.

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter12: Financial Statements, Closing Entries, And Reversing Entries

Section: Chapter Questions

Problem 2PA

See similar textbooks

Similar questions

STATEMENT 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.
STATEMENT OF OWNERS EQUITY The capital account for Mintas Editorial Services, including an additional investment, and a partial work sheet are shown below. REQUIRED Prepare a statement of owners equity.
Here is the partial work sheet for Meyer Mountain Shop. Required 1. Prepare a statement of owners equity (no additional investment). 2. Prepare a balance sheet. 3. Determine the amount of the working capital. 4. Determine the current ratio (carry to two decimal places). Check Figure Working capital, 73,602
Statement of stockholders’ equity Using the financial data shown in Exercise 2-17 for Big Mountain Realty Inc., prepare a statement of stockholders’ equity for the month ending June 30. 20Y9.
Each situation below relates to an independent companys Owners Equity. A. Calculate the missing values. B. Based on your calculations, make observations about each company.
Statement of Owner’s Equity The capital account for Minta's Editorial Services, including an additional investment, and a partial work sheet are shown. GENERAL LEDGER ACCOUNT Minta Berry, Capital ACCOUNT NO. 311 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Jan. 1 Balance ✔ 3,600.00 22 J1 2,900.00 6,500.00 Minta's Editorial ServicesWork Sheet (Partial)For Month Ended January 31, 20-- Income Statement Balance Sheet ACCOUNT TITLE DEBIT CREDIT DEBIT CREDIT Cash 3,800.00 Accounts Receivable 2,200.00 Supplies 1,000.00 Prepaid Insurance 950.00 Computer Equipment 4,500.00 Accum. Depr.—Computer Equipment 225.00 Accounts Payable 2,100.00 Wages Payable 150.00 Minta Berry, Capital 6,500.00 Minta Berry, Drawing 1,700.00 Editing Fees 7,012.00 Wages Expense 600.00 Advertising Expense 49.00 Rent Expense 450.00 Supplies Expense…
Using the following information, prepare a statement of owner's equity for the month of October for Ann's Cupcakes. A. Gordon, Capital, on October 1 $15,750 Additional investment by A. Gordon on October 20 4,250 Net loss for the month (from income statement) 700 Total withdrawals for the month 2,100 Ann's Cupcakes Statement of Owner's Equity For Month Ended October 31, 20-- $fill in the blank 94b1cefe505efe7_2 fill in the blank 94b1cefe505efe7_4 Total Investment $fill in the blank 94b1cefe505efe7_5 $fill in the blank 94b1cefe505efe7_7 fill in the blank 94b1cefe505efe7_9 fill in the blank 94b1cefe505efe7_11 $fill in the blank 94b1cefe505efe7_13
Net working capital, working capital balances, and the current ratio Study the following balance sheet to help you prepare for your upcoming interview for an entry-level analyst position at Tun Fuels Corporation. Tun Fuels Corporation Balance Sheet Cash $1,293,750 Accounts payable $3,105,000 Accounts receivable $4,528,125 Accruals $1,940,625 Inventory $7,115,625 Notes payable $2,716,875 Total current assets $12,937,500 Total current liabilities $7,762,500 Long-term debt $5,737,500 Total debt $13,500,000 Common equity $2,700,000 Net plant and equipment $9,562,500 Retained earnings $6,300,000 Total equity $9,000,000 Total assets $22,500,000 Total liabilities and equity $22,500,000 During your interview for an introductory-level analyst position at Tun Fuels Corporation, the interviewer asks you to complete the following table using the information provided in the preceding balance sheet.…
for propblem A for easch case compute the owner's equity as at december 31 200H. for problem B Prepare the Statement of Changes in Equity. thank you
Preparation of SCE for a Single Proprietorship Instructions: Prepare a Statement of Changes in Equity for the year ended December 31,2020 the using the following account titles listed. You may use any desired business name. Use the space provided for your answer. Drawing ₱168,000 Capital Beginning ₱ 95,000 Additional Investment ₱105,000 Total Asset ₱550,000 Total Liabilities ₱120,000
Instructions: Present the solutions, with appropriate supporting calculations, for each of the following independent problems. 1.Given the following information, compute the balance in the Owner’s Capital account at January 1, 2012 for Johnson Company. Owner’s Capital—December 31, 2012$170,000 Owner’s investments during 2012$30,000 Owner’s withdrawals during 2012$80,000 Net income for 2012$125,000 2.Given the following information, determine the three missing amounts. Owner's Equity Changes Beginning of the Year End of the Year During the Year Total Assets $62,000 Total Assets ??? Investments $22,000 Total Liabilities 23,000 Total Liabilities 40,000 Drawings 10,000 Total Owner's Equity ??? Total Owner's Equity 58,000 Revenues ??? Expenses…
Quixote Consulting Balance Sheet June 30, 20XX Assets Current Assets: Cash FORMULA AR FORMULA Supplies FORMULA PP Rent FORMULA PP Insurance FORMULA Total Current Assets FORMULA Property Plant and Equipment: Office Equip. FORMULA Accum. Dep. FORMULA FORMULA Total Property Plant and Equip. FORMULA Total Assets FORMULA Liabilities Current Liabilities AP FORMULA Salaries Pay. FORMULA Unearned Fees FORMULA Total Liabilities FORMULA Stockholders' Equity Common Stock FORMULA Retained Earnings FORMULA Total Stockholders' Equity FORMULA Total Liabilities & Stockholders' Equity FORMULA