Required information
[The following information applies to the questions displayed below.]
Liu Zhang operates Lawson Consulting, which began operations on June 1. On June 30, the company's records show the following accounts and amounts for the month of June.
Cash | $5,000 | Service revenue | $12,000 |
---|---|---|---|
Accounts receivable | 4,500 | Equipment | 6,500 |
Accounts payable | 3,500 | Rent expense | 2,000 |
L. Zhang, Withdrawals | 1,500 | Wages expense | 6,000 |
Use the above information to prepare a June statement of owner's equity for Lawson Consulting. The owner's capital account balance at May 31 was $0, and the owner invested $10,000 cash in the company on June 1.
Answer:
Answer-
LAWSON COMPANY | ||
Income Statement | ||
For Month Ended June 30 | ||
$ | $ | |
Revenues: | ||
Service revenue | 12,000.00 | |
Total Revenues | 12,000.00 | |
Expenses: | ||
Rent expense | 2,000.00 | |
Wages expense | 6,000.00 | |
Total expenses | 8,000.00 | |
Net income |
4,000.00 |
Statement of Retained Earnings
For June 30
Particulars | Amount($) |
Beginning Retained Earnings | 0 |
Add Net Income (Earnings - Expenses) | |
=12,000-2,000-6,000 | 4,000 |
Less:withdrawals | 1,500 |
Retained Earnings Ending Balance | $ 2,500 |
LAWSON CONSULTING
BALANCE SHEET
As at June 30
Assets | Liabilities | ||
Current Assets | Accounts payable | $3,500 | |
Cash | $5,000 | ||
Accounts Receivables | $4,500 | Shareholders'Equity | |
Common Stock | 10,000 | ||
Non current Assets | Retained Earnings | 2,500 | |
Equipment | $6,500 | Total Shareholders'Equity | $12,500 |
Total Assets | $16,000 | Total Liabilities and Shareholders'Equity | $16,000 |
Liu Zhang operates Lawson Consulting, which began operations on June 1
Liu Zhang operates Lawson Consulting, which began operations in June 1st. The Retained Earnings account balance at June 1st was $0 and the owner invested $13,010 cash in the company on June 1. On June 30th the company's records show the following accounts and amounts for the month of June. Required information The following information applies to the questions displayed below Liu Zhang operates Lawson Consulting, which began operations on June 1 The Retained Earnings account balance at June 1...
Required information [The following information applies to the questions displayed below.] Liu Zhang operates Lawson Consulting, which began operations on June 1. On June 30, the company’s records show the following accounts and amounts for the month of June. Cash $ 9,500 Service revenue $ 14,700 Accounts receivable 5,400 Equipment 7,400 Accounts payable 4,400 Rent expense 2,900 L. Zhang, Withdrawals 2,400 Wages expense 8,000 Use the above information to prepare a June statement of owner’s equity for Lawson Consulting. The...
Liu Zhang operates Lawson Consulting, which began operations on June 1. The Retained Earnings account balance at June 1 was $0 and the owner invested $14,540 cash in the company on June 1. On June 30, the company's records show the following accounts and amounts for the month of June. Cash Accounts receivable Equipment Accounts payable Common stock $ 7,000 4,900 6,900 3,360 14,540 Dividends Service revenue Rent expense Wages expense $ 1,900 13,200 2,400 8,000 Use the above information...
Required information (The following information applies to the questions displayed below) Llu Zhang operates Lawson Consulting, which began operations on June 1. On June 30, the company's records show the following accounts and amounts for the month of June. Cash Accounts receivable Accounts payable L. thang, Withdrawals $5,000 4.500 3.500 1,500 Service revenue Equipment Rent expense Wages expense $12.000 6,500 2,000 6,000 Use the above information to prepare a June income statement for the business LAWSON CONSULTING Income Statement TI...
Liu Zhang operates Lawson Consulting, which began operations in June 1st. The Retained Earnings account balance at June 1st was $0 and the owner invested $13,010 cash in the company on June 1. On June 30th the company's records show the following accounts and amounts for the month of June.Cash$5,500Dividends$1,600Accounts receivable4,600Service revenue12,300Equipment6,600Rent expense2,100Accounts payable3,090Wages expense8,000Common stock13,010Use the above information to prepare a June statement of retained earnings for Lawson Consulting. Hint Net Income for June is $2,200.
Required information (The following information applies to the questions displayed below.) Liu Zhang operates Lawson Consulting, which began operations on June 1. The Retained Earnings account balance at June 1 was $0 and the owner invested $14,540 cash in the company on June 1. On June 30, the company's records show the following accounts and amounts for the month of June. Cash Accounts receivable Equipment Accounts payable Common stock $ 7,000 4,900 6,900 3,360 14,540 Dividends Service revenue Rent expense...
Required information [The following information applies to the questions displayed below.] Liu Zhang operates Lawson Consulting, which began operations on June 1. On June 30, the company’s records show the following accounts and amounts for the month of June. Cash $ 9,500 Service revenue $ 14,700 Accounts receivable 5,400 Equipment 7,400 Accounts payable 4,400 Rent expense 2,900 L. Zhang, Withdrawals 2,400 Wages expense 8,000 Use the above information to prepare a June 30 balance sheet for Lawson Consulting. Hint: Compute...
Required information [The following information applies to the questions displayed below.] Liu Zhang operates Lawson Consulting, which began operations on June 1. On June 30, the company’s records show the following accounts and amounts for the month of June. Cash $ 9,500 Service revenue $ 14,700 Accounts receivable 5,400 Equipment 7,400 Accounts payable 4,400 Rent expense 2,900 L. Zhang, Withdrawals 2,400 Wages expense 8,000 Use the above information to prepare a June income statement for the business.
Required information [The following information applies to the questions displayed below.] Liu Zhang operates Lawson Consulting, which began operations on June 1. The Retained Earnings account balance at June 1 was $0 and the owner invested $20,660 cash in the company on June 1. On June 30, the company's records show the following accounts and amounts for the month of June. Cash Accounts receivable Equipment Accounts payable Common stock $13,000 6,100 8,100 4,440 20,660 Dividends Service revenue Rent expense Wages...
Required information [The following information applies to the questions displayed below.] Liu Zhang operates Lawson Consulting, which began operations on June 1. The Retained Earnings account balance at June 1 was $0 and the owner invested $20,660 cash in the company on June 1. On June 30, the company's records show the following accounts and amounts for the month of June. $ 3,100 $13,000 6,100 8,100 4,440 20,660 Cash Dividends Service revenue Accounts receivable 16,800 3,600 8,000 Rent expense Equipment...