Homework Answers
Solution:
Workings:
Net income = Rev.- Exp.= $4,400 - 3,100 = $1,300
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The table below shows the transactions for Sawyer Architecture Services during June. Greg Sawyer opened this...
The table below shows the transactions for Sawyer Architecture Services during June. Greg Sawyer opened this...
The table below shows the transactions for Sawyer Architecture Services during June. Greg Sawyer opened this business on June 1 with a capital investment of $68,000 (Transaction 1). Assets Accts. Rec. Supp. = Liab. + Accts. Equip. Pay. Owner's Equity G. Sawyer, Capital +68,000 Transaction Rev. Exp. Cash +68,000 - 7,400 WNH +7,400 +4,400 +4,400 +2,880 +2,880 -3,180 -3, 100 + 590 -590 -1,600 - 370 56,120+ 3,810+ -1,600 DO Bal +370 370+ 10,289 2,880 + 66,400 + 4,400 -...
The table below shows the transactions for Sawyer Architecture Services during June. Greg Sawyer opened this business on...
The table below shows the transactions for Sawyer Architecture Services during June. Greg Sawyer opened this business on June 1 with a capital investment of $68,000 (Transaction 1). Prepare the balance sheet as of June 30 Assets = Liab. + Owner's Equity Transaction Cash Accts. Rec. Supp. Equip. Accts. Pay. G. Sawyer, Capital Rev. Exp. 1 +68,000 +68,000 2 − 7,400 +7,400 3 +4,400 +4,400 4 +2,880 +2,880 5 −3,100 −3,100 6 + 590 −590 7 −1,600 −1,600 8 −370...
The table below shows the transactions for Sawyer Architecture Services during June. Greg Sawyer opened this...
The table below shows the transactions for Sawyer Architecture Services during June. Greg Sawyer opened this business on June 1 with a capital investment of $75,500 (Transaction 1). Assets = Liab. + Owner's Equity Transaction Cash Accts. Rec. Supp. Equip. Accts. Pay. G. Sawyer, Capital Rev. Exp. 1 +75,500 +75,500 2 − 8,900 +8,900 3 +5,900 +5,900 4 +4,380 +4,380 5 −3,850 −3,850 6 + 740 −740 7 −3,100 −3,100 8 −520 +520 Bal 59,870 + 5,160 + 520 +...
Required information The table below shows the transactions for Sawyer Architecture Services during June. Greg Sawyer...
Required information The table below shows the transactions for Sawyer Architecture Services during June. Greg Sawyer opened this business on June 1 with a capital investment of $78,000 (Transaction 1) Liab. + Accts. Pay Assets Owner 's Equity Accts G. Sawyer, Capital +78,000 Transaction Cash Rec. Supp. Equip. Rev. Exp +78,000 -8,200 +8,200 +5,200 +5,200 +3,680 +3,680 -3,500 +670 2,400 450 -3,500 -670 -2,400 +450 Bal 64,120+4,530 450+ 11,8803,680+75,600 5,2003,500 What was the net income or net loss for Sawyer...
Wk 1. Apply: Connect Exercise (due Mon) Cullen Beatty plans to start a consulting business Cullen...
Wk 1. Apply: Connect Exercise (due Mon) Cullen Beatty plans to start a consulting business Cullen Consulting Services. In preparation to do this, on April 1. 2019, he invested $46,500 in cash and $15,500 in equipment, and opened an account at Office Plus by purchasing $1,150 in office supplies which is due by the end of the month. He then signed a one-year lease agreement on an office building for $5,300, paying the full amount in advance. Prepare a Balance...
The following equation shows the transactions of Cotton Cleaning Service during May. The business is owned...
The following equation shows the transactions of Cotton Cleaning Service during May. The business is owned by Taylor Cotton. Assets = Liab. + Owner’s Equity Cash + Accts. Rec. + Supp. + Equip. = Accts. Pay. + T.Cotton, Capital + Rev. − Exp. Balances, May 1 16,000 + 4,000 + 6,800 + 34,800 = 8,000 + 53,600 + 0 − 0 Paid for utilities − 780 + 780 New balances 15,220 + 4,000 + 6,800 + 34,800 = 8,000 +...
The following equation shows the transactions of Cotton Cleaning Service during May. The business is owned...
The following equation shows the transactions of Cotton Cleaning Service during May. The business is owned by Taylor Cotton Liab.+ Accts. T.Cotton, Assets Owner's Equity Accts. Cash + Rec. + Supp. +Equip. = Pay. + Capital + Rev. - Exp. Balances, May1 Paid for utilities New balances Sold services for cash New balances Paid a creditor New balances Sold services on credit New balances Paid salaries New balances Paid telephone bill New balances 15, 700 3, 700 6,500 34,500 7,...
The following equation shows the transactions of Cotton Cleaning Service during May. The business is owned...
The following equation shows the transactions of Cotton Cleaning
Service during May. The business is owned by Taylor Cotton.
The following equation shows the transactions of Cotton Cleaning Service during May. The business is owned by Taylor Cotton. Assets Accts. Rec + Supp. + Equip. - 3,200 + 6,000 + 34,000 = Liab. + Owner's Equity Accts. T. Cotton, Pay. + Capital + Rev. 7, 200 + 51,200 + 0 - Exp. 0 + 860 860 3,200.+ 6,000 + 34,000...
The following equation shows the transactions of Cotton Cleaning Service during May. The business is owned...
The following equation shows the transactions of Cotton Cleaning Service during May. The business is owned by Taylor Cotton Assets Accts. Rec. + Supp. + Equip. = 3,000 + 5,800 + 33,800 = Liab. + Owner's Equity Accts. T.Cotton, Pay. + Capital + Rev. - 7,000 + 50,600 + 0 - Exp. 3,000 + 5,800 + 33,800 = 7,000 + 50.600 + + 980 980 Cash + 15,000 + - 980 14,020 + + 4.980 19.000 + -2,100 16,900 +...
Various transactions of Singh Services Inc. occurred during August 2019, its first month of operations. Click...
Various transactions of Singh Services Inc. occurred during August 2019, its first month of operations. Click on "Transactions" tab at bottom of this page to view these. Required: 1 On the printed "Worksheet" page, record the information from the "Transactions" page and total of each column at the end of August. 2 On the second part of the "Worksheet" page, prepare an income statement .and statement of changes in equity for the month ended August 31, 2019, and a balance...
The table below shows the transactions for Sawyer Architecture Services during June. Greg Sawyer opened this business on June 1 with a capital investment of $68,000 (Transaction 1). Assets Accts. Rec. Supp. = Liab. + Accts. Equip. Pay. Owner's Equity G. Sawyer, Capital +68,000 Transaction Rev. Exp. Cash +68,000 - 7,400 WNH +7,400 +4,400 +4,400 +2,880 +2,880 -3,180 -3, 100 + 590 -590 -1,600 - 370 56,120+ 3,810+ -1,600 DO Bal +370 370+ 10,289 2,880 + 66,400 + 4,400 -...
Required information The table below shows the transactions for Sawyer Architecture Services during June. Greg Sawyer opened this business on June 1 with a capital investment of $78,000 (Transaction 1) Liab. + Accts. Pay Assets Owner 's Equity Accts G. Sawyer, Capital +78,000 Transaction Cash Rec. Supp. Equip. Rev. Exp +78,000 -8,200 +8,200 +5,200 +5,200 +3,680 +3,680 -3,500 +670 2,400 450 -3,500 -670 -2,400 +450 Bal 64,120+4,530 450+ 11,8803,680+75,600 5,2003,500 What was the net income or net loss for Sawyer...
Wk 1. Apply: Connect Exercise (due Mon) Cullen Beatty plans to start a consulting business Cullen Consulting Services. In preparation to do this, on April 1. 2019, he invested $46,500 in cash and $15,500 in equipment, and opened an account at Office Plus by purchasing $1,150 in office supplies which is due by the end of the month. He then signed a one-year lease agreement on an office building for $5,300, paying the full amount in advance. Prepare a Balance...
The following equation shows the transactions of Cotton Cleaning Service during May. The business is owned by Taylor Cotton Liab.+ Accts. T.Cotton, Assets Owner's Equity Accts. Cash + Rec. + Supp. +Equip. = Pay. + Capital + Rev. - Exp. Balances, May1 Paid for utilities New balances Sold services for cash New balances Paid a creditor New balances Sold services on credit New balances Paid salaries New balances Paid telephone bill New balances 15, 700 3, 700 6,500 34,500 7,...
The following equation shows the transactions of Cotton Cleaning
Service during May. The business is owned by Taylor Cotton.
The following equation shows the transactions of Cotton Cleaning Service during May. The business is owned by Taylor Cotton. Assets Accts. Rec + Supp. + Equip. - 3,200 + 6,000 + 34,000 = Liab. + Owner's Equity Accts. T. Cotton, Pay. + Capital + Rev. 7, 200 + 51,200 + 0 - Exp. 0 + 860 860 3,200.+ 6,000 + 34,000...
The following equation shows the transactions of Cotton Cleaning Service during May. The business is owned by Taylor Cotton Assets Accts. Rec. + Supp. + Equip. = 3,000 + 5,800 + 33,800 = Liab. + Owner's Equity Accts. T.Cotton, Pay. + Capital + Rev. - 7,000 + 50,600 + 0 - Exp. 3,000 + 5,800 + 33,800 = 7,000 + 50.600 + + 980 980 Cash + 15,000 + - 980 14,020 + + 4.980 19.000 + -2,100 16,900 +...
Various transactions of Singh Services Inc. occurred during August 2019, its first month of operations. Click on "Transactions" tab at bottom of this page to view these. Required: 1 On the printed "Worksheet" page, record the information from the "Transactions" page and total of each column at the end of August. 2 On the second part of the "Worksheet" page, prepare an income statement .and statement of changes in equity for the month ended August 31, 2019, and a balance...
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