Step 1 – Analyze Business Transactions (Accounting Cycle)
Assume that you are the Financial Accountant of a newly started business from your chosen in August 2020:
You are requested to assume the chosen business transactions during the month of August 2020 and analyze it by shown the impact of these transactions on the accounting equation!
Step 7 Accounting Cycle – Prepare Financial Statements
You are requested using the information of Step 1 to prepare the financial statements of your chosen business for the month of August 2020.
DRAFTING OF QUESTION FOR THE MONTH OF AUGUST 2020
MR.A STARTED A BUSINESS OF BIKES ,BUSINESS IS NAMED BIKER STORE HAD THE FOLLOWING TRANSACTION FOR MONTH OF AUGUST
AUGUST 1:- STARTED BUSINESS WITH CASH OF $100000.
AUGUST 5:- PURCHASED BIKES(SUPPLIES) WORTH $50000 ON ACCOUNT FROM XYZ COMPANY.
AUGUST 7:- SOLD BIKE(SALES) FOR $10000 FOR CASH.
AUGUST 12:- PURCHASED FURNITURE FOR STORE WORTH $5000 ON CASH.
AUGUST 15:-TOOK A LOAN FROM FRIEND FOR $20000.
AUGUST 20:-SOLD BIKE(SALE) FOR $15000 ON ACCOUNT.
AUGUST 25:-SOLD BIKE(SALE) FOR $10000 FOR CASH
AUGUST 26:-PAID $20000 TO XYZ COMPANY.
AUGUST 28:-RECEIVED A CASH OF $10000 FROM ACCOUNT RECEIAVBLE .
AUGUST 31:-PAID SALARIES TO WORKER $1500.
EFFECT OF THESE TRANSACTION ON ACCOUNT EQUATION.
DATE | ASSET | = | LAIBILITIES | + | EQUITY |
AUGUST 1 | +$100000 | +$100000 | |||
AUGUST 5 | +$50000 | -$50000 | |||
AUGUST 7 | +$10000 | +$10000 | |||
AUGUST 12 | -$5000 | ||||
+$5000 | |||||
AUGUST 15 | +$20000 | +$20000 | |||
AUGUST 20 | +$15000 | +$15000 | |||
AUGUST 25 | +$10000 | +$10000 | |||
AUGUST 26 | -$20000 | -$20000 | |||
AUGUST 28 | +$10000 | ||||
-$10000 | |||||
AUGUST 31 | -$1500 | -$1500 | |||
TOTAL | $133500 | = | $50000 | + | $83500 |
FINANACAL SATATEMT
DETAILS | AMOUNT | AMOUNT |
REVENUE | ||
REVENUE FROM SALES(10000+15000+10000) | $35000 | |
TOTAL REVENUE | $35000 | |
EXPENSE | ||
PURCHASE OF SUPPLIES | $50000 | |
SALARIES | $1500 | |
TOTAL EXPENSE | $51500 | |
NET LOSS | $16500 |
Step 1 – Analyze Business Transactions (Accounting Cycle) Assume that you are the Financial Accountant of...
Assume that you are the Financial Accountant of a newly started business from your chosen in August 2020 FIRST ASSIGNMENT (1) Step 1 – Analyze Business Transactions (Accounting Cycle) You are requested to assume the chosen business transactions during the month of August 2020 and analyze it by shown the impact of these transactions on the accounting equation! SECOUND ASSIGNMENT (2) Step 7 Accounting Cycle – Prepare Financial Statements You are requested using the information of Step 1 to prepare...
The question asked to assume the financial transactions ! so they are not given in the question, we have to assume them Step 1 -Analyze Business Transactions (Accounting Cycle) Assume that you are the Financial Accountant of a newly started business from your chosen in August 2020: You are requested to assume the chosen business transactions during the month of August 2020 and analyze it by shown the impact of these transactions on the accounting equation!
please help me with compelet calculation its asking me to do a plan for small business and put all the data with my self ( number's, transaction , analyz , amount , and on next to step calculate it ) like we make a question and answer assume that you are the Financial Accountant of a newly started business from your chosen in August 2020(with the calculation) Q1. Step 1 - Analyze Business Transactions (Accounting Cycle) You are requested to...
This is an Calculation Assignment. Assume a financial transaction as in August 2020 From a chosen company or from your Own so you can do the 9 steps from that Business Cycle Steps, Cover the 9 steps in Business Cycle in Separated Tables From your Financial Transaction . PLEASE DO COVER ALL THE 9 STEPS CORRECTLY as they are all related and - please Do all of the steps according to your assume transactions otherwise its not acceptable and correctly. Do...
This is an Calculation Assignment not Writing Assignment, The Scope of the Question is About Assuming a financial transaction as in August 2020 Transaction then Analyze it by shown the impact of these transaction on the accounting, then implement the Accounting Cycle ( 9 Steps with the Calculation ) on these transaction. Assume your own Transaction Given and Cover all The business Cycle Transaction Structure for these Transactions. Cover the 9 steps in Business Cycle. You need to Assume Transactions...
This is an Calculation Assignment not Writing Assignment, The Scope of the Question is About Assuming a financial transaction as in August 2020 Transaction then Analyze it by shown the impact of these transaction on the accounting, then implement the Accounting Cycle ( 9 Steps with the Calculation ) on these transaction. Assume your own Transaction Given and Cover all The business Cycle Transaction Structure for these Transactions. Cover the 9 steps in Business Cycle. PLEASE DO COVER ALL THE...
This is a Calculation Assignment, not a Writing Assignment, The Scope of the Question is About Assuming a financial transaction as in the August 2020 Transaction then Analyze it be showing the impact of these transactions on the accounting, then implement the Accounting Cycle ( 9 Steps with the Calculation ) on this transaction. Assume your own Transaction Given and Coverall The business Cycle Transaction Structure for these Transactions. Cover the 9 steps in the Business Cycle. PLEASE DO COVER...
DRAFTING OF QUESTION FOR THE MONTH OF AUGUST 2020 MR.A STARTED A BUSINESS OF BIKES ,BUSINESS IS NAMED BIKER STORE HAD THE FOLLOWING TRANSACTION FOR MONTH OF AUGUST AUGUST 1:- STARTED BUSINESS WITH CASH OF $100000. AUGUST 5:- PURCHASED BIKES(SUPPLIES) WORTH $50000 ON ACCOUNT FROM XYZ COMPANY. AUGUST 7:- SOLD BIKE(SALES) FOR $10000 FOR CASH. AUGUST 12:- PURCHASED FURNITURE FOR STORE WORTH $5000 ON CASH. AUGUST 15:-TOOK A LOAN FROM FRIEND FOR $20000. AUGUST 20:-SOLD BIKE(SALE) FOR $15000 ON ACCOUNT....
Assume that you have been working as an accountant since the onset of this newly started business. It was started on January 1 of the current year. It is now December 31, and you talk to the owner about "completing the accounting cycle," including preparing a work sheet, financial statements, and journalizing and posting the closing entries. The owner says to you, "I see no need to waste your time or mine in doing this. We have not been very...
Exercise 3-6A Organize the steps in the accounting cycle (LO3-3, 3-4, 1 List the accounting cycle steps in proper order. Record and post adjusting entries. Post the transaction to the T-account in the general ledger. Record the transaction. Prepare financial statements (income statement, statement of stockholders' equity, balance sheet, and statement of cash flows). Record and post closing entries. Prepare a trial balance. Analyze the impact of the transaction on the accounting equation. Assess whether the transaction results in a...