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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.COTTON CLEANING SERVICE Income Statement Month Ended May 31, 20X1 Revenue Expenses Total expenses 0COTTON CLEANING SERVICE Statement of Owners Equity Month Ended May 31, 20X1 0 $ 0COTTON CLEANING SERVICE Balance Sheet May 31, 20X1 Assets Liabilities Owners Equity $ $ $ Total Assets 0 Total Liabilities aWhich amount was transferred from the statement of owners equity? Owners equity

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Answer #1

INCOME STATEMENT

DETAILS AMOUNT AMOUNT
REVENUE
CASH REVENUE 4860
CREDIT REVENUE 3000
TOTAL REVENUE 7860
EXPENSE
UTILITIES EXPENSE 860
SALARIES EXPENSE 9000
TELEPHONE BILL EXPENSE 316
TOTAL EXPENSE 10176
NET LOSS(REVENUE-EXPENSE) (2316)

STATEMENT OF ONWERS EQUITY

DETAILS AMOUNT AMOUNT
BALANCE,MAY 1 51200
DRAWING BY ONWER (1800)
NET LOSS (2316)
TOTAL DECREASE (4116)
BALANCE,MAY 31 47084

BALANCE SHEET

DETAILS AMOUNT DETAILS AMOUNT
ASSETS LIABILITIES
CASH 5884 ACCOUNT PAYABLE 5000
ACCOUNT RECEIVABLES 6200 ONWERS EQUITY
SUPPLIES 6000 T.COTTON,CAPITAL 47084
EQUIPMENT 34000
TOTAL ASSET 52084 TOTAL LIABILITIES&ONWERS EQUITY 52084

THE AMOUNT WHICH TRANSFRED FROM STATEMENT OF ONWER'S CAPTIAL IS 47084

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