Homework Answers
Calculate net change in equity :
Net income = 125200-21400-17060-59500 = 27240
Ping Chung Withdrawal = 31700
Net change in owner's equity = 27240-31700 = -4460
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The following account balances are for Ping Chung, Certified Public Accountant, as of April 30, 20X1....
Cash Accounts receivable Maintenance expense Advertising expense Fees earned Ping Chung, Capital, April 1 Salaries expense...
Cash Accounts receivable Maintenance expense Advertising expense Fees earned Ping Chung, Capital, April 1 Salaries expense Machinery Accounts payable Ping Chung, withdrawals for April $120,000 48,000 21,400 17,060 125,200 ? 59,500 91,500 52,800 31,700 Required: Determine the balance for Ping Chung, Capital, April 1, 20X1. Prepare an income statement and a statement of owner's equity for the month ended April 30, 20X1, and a balance sheet for April 30, 20X1. Complete this question by entering your answers in the tabs...
Cash Accounts receivable Maintenance expense Advertising expense Fees earned Ping Chung, Capital, April 1 Salaries expense...
Cash Accounts receivable Maintenance expense Advertising expense Fees earned Ping Chung, Capital, April 1 Salaries expense Machinery Accounts payable Ping Chung, withdrawals for April $120,000 48,000 21,400 17,060 125,200 ? 59,500 91,500 52,800 31,700 Required: Determine the balance for Ping Chung, Capital, April 1, 20X1. Prepare an income statement and a statement of owner's equity for the month ended April 30, 20X1, and a balance sheet for April 30, 20X1. Complete this question by entering your answers in the tabs...
1 Critical Thinking Problem 2.1 (Algo) Financial Statements LO 2-3, 2-4 3 Onts The following account...
1 Critical Thinking Problem 2.1 (Algo) Financial Statements LO 2-3, 2-4 3 Onts The following account balances are for Ping Chung, Certified Public Accountant, as of April 30, 20X1. Cash Accounts receivable Maintenance expense Advertising expense Fees earned Ping Chung, Capital, April 1 Salaries expense Machinery Accounts payable Ping Chung, withdrawals for April $120,000 48,000 21,400 17,060 125,200 eBook ASK 59,500 91,500 52,800 31,700 Prim Required: Determine the balance for Ping Chung, Capital, April 1, 20X1. Prepare an income statement...
1 1 Critical Thinking Problem 2.1 (Algo) Financial Statements LO 2-3, 2-4 10 Doints The following...
1 1 Critical Thinking Problem 2.1 (Algo) Financial Statements LO 2-3, 2-4 10 Doints The following account balances are for Ping Chung, Certified Public Accountant, as of April 30, 20X1. Cash Accounts receivable Maintenance expense Advertising expense Fees earned Ping Chung Capital, April 1 Salaries expense Machinery Accounts payable Ping Chung, withdrawals for April $120,000 48,000 21,400 17,960 125,200 Book Ask 59,500 91,500 52,800 31,700 Print Required: Determine the balance for Ping Chung, Capital, April 1, 20X1. Prepare an income...
The following account balances are for William Giese, Certified Public Accountant, as of April 30, 2019....
The following account balances are for William Giese, Certified Public Accountant, as of April 30, 2019. Cash Accounts Receivable Maintenance Expense Advertising Expense Fees Earned William Giese, Capital, April 1 Salaries Expense Machinery Accounts Payable William Giese, Withdrawals for April $60, 000 24, 000 9,200 7,780 53,600 26,000 42,000 26, 400 13,600 Required Determine the balance for William Giese, Capital, April 1, 2019. Prepare an income statement for the month of April, a statement of owner's equity, and a balance...
The accountant for the firm owned by Vincent Sutton prepares financial statements at the end of...
The accountant for the firm owned by Vincent Sutton prepares financial statements at the end of each month. Transactions: a. Sutton Invested $90,000 in cash to start the business. b. Paid $6,000 for the current month's rent. C. Bought office furniture for $10,580 in cash. d. Performed services for $8,200 in cash. e. Paid $1,250 for the monthly telephone bil f. Performed services for $14,000 on credit. g. Purchased a computer and copler for $18,000; paid $7,200 in cash Immediately...
James Wilson is a new staff accountant for Zoie's Beauty Supply. He has asked you to...
James Wilson is a new staff accountant for Zoie's Beauty Supply. He has asked you to review the financial statements prepared for April to find and correct any errors. Review the income statement and balance sheet that follow and identify the errors Wilson made he did not prepare a statement of owner's equity). ZOIE'S BEAUTY SUPPLY Income Statement April 30, 2019 Revenue Fees Income $38, 800 Expenses Salaries Expense $9,500 Rent Expense Repair Expense Utilities Expense 1,700 Drawing 2,500 4,...
Financial Statements The amounts of the assets and liabilities of Wilderness Travel Service at April 30,...
Financial Statements The amounts of the assets and liabilities of Wilderness Travel Service at April 30, 2019, the end of the year, and its revenue and expenses for the year are listed below. The capital of Harper Borg, owner, was $40,140 at May 1, 2018, the beginning of the year, and the owner withdrew $21,300 during the year. Accounts payable $13,890 Accounts receivable Cash Fees earned 74,370 150,130 528,100 4,100 68,390 Miscellaneous expense Rent expense Supplies 6,470 Supplies expense 10,940...
The following T accounts show transactions that were recorded by Residential Relocators, a firm that specializes...
The following T accounts show transactions that were recorded by Residential Relocators, a firm that specializes in local housing rentals. The entries for the first transaction are labeled with the letter (a), the entries for the second transaction with the letter (b), and so on. Equipment (c) 64,000 Cash (a) 174,000 (b) 30,000 (d) 14,000 (e) 540 (g) 1,400 (h) 9,400 (i) 3,400 Accounts Receivable (f) 11,200 (g) 1,488 Accounts Payable (c) 64,000 Supplies (b) 30,000 Scott Hamilton, Capital (a)...
Financial Statements The amounts of the assets and liabilities of Wilderness Travel Service at April 30,...
Financial Statements The amounts of the assets and liabilities of Wilderness Travel Service at April 30, 2019, the end of the year, and its revenue and expenses for the year are listed below. The capital of Harper Borg, owner, was $55,180 at May 1, 2018, the beginning of the year, and the owner withdrew $25,900 during the year. Accounts payable Accounts receivable $19,560 104,700 211,350 Cash Fees earned 726,100 Miscellaneous expense 5.540 Rent expense 94,030 Supplies 9.100 Supplies expense 15,040...
Cash Accounts receivable Maintenance expense Advertising expense Fees earned Ping Chung, Capital, April 1 Salaries expense Machinery Accounts payable Ping Chung, withdrawals for April $120,000 48,000 21,400 17,060 125,200 ? 59,500 91,500 52,800 31,700 Required: Determine the balance for Ping Chung, Capital, April 1, 20X1. Prepare an income statement and a statement of owner's equity for the month ended April 30, 20X1, and a balance sheet for April 30, 20X1. Complete this question by entering your answers in the tabs...
Cash Accounts receivable Maintenance expense Advertising expense Fees earned Ping Chung, Capital, April 1 Salaries expense Machinery Accounts payable Ping Chung, withdrawals for April $120,000 48,000 21,400 17,060 125,200 ? 59,500 91,500 52,800 31,700 Required: Determine the balance for Ping Chung, Capital, April 1, 20X1. Prepare an income statement and a statement of owner's equity for the month ended April 30, 20X1, and a balance sheet for April 30, 20X1. Complete this question by entering your answers in the tabs...
1 Critical Thinking Problem 2.1 (Algo) Financial Statements LO 2-3, 2-4 3 Onts The following account balances are for Ping Chung, Certified Public Accountant, as of April 30, 20X1. Cash Accounts receivable Maintenance expense Advertising expense Fees earned Ping Chung, Capital, April 1 Salaries expense Machinery Accounts payable Ping Chung, withdrawals for April $120,000 48,000 21,400 17,060 125,200 eBook ASK 59,500 91,500 52,800 31,700 Prim Required: Determine the balance for Ping Chung, Capital, April 1, 20X1. Prepare an income statement...
1 1 Critical Thinking Problem 2.1 (Algo) Financial Statements LO 2-3, 2-4 10 Doints The following account balances are for Ping Chung, Certified Public Accountant, as of April 30, 20X1. Cash Accounts receivable Maintenance expense Advertising expense Fees earned Ping Chung Capital, April 1 Salaries expense Machinery Accounts payable Ping Chung, withdrawals for April $120,000 48,000 21,400 17,960 125,200 Book Ask 59,500 91,500 52,800 31,700 Print Required: Determine the balance for Ping Chung, Capital, April 1, 20X1. Prepare an income...
The following account balances are for William Giese, Certified Public Accountant, as of April 30, 2019. Cash Accounts Receivable Maintenance Expense Advertising Expense Fees Earned William Giese, Capital, April 1 Salaries Expense Machinery Accounts Payable William Giese, Withdrawals for April $60, 000 24, 000 9,200 7,780 53,600 26,000 42,000 26, 400 13,600 Required Determine the balance for William Giese, Capital, April 1, 2019. Prepare an income statement for the month of April, a statement of owner's equity, and a balance...
The accountant for the firm owned by Vincent Sutton prepares financial statements at the end of each month. Transactions: a. Sutton Invested $90,000 in cash to start the business. b. Paid $6,000 for the current month's rent. C. Bought office furniture for $10,580 in cash. d. Performed services for $8,200 in cash. e. Paid $1,250 for the monthly telephone bil f. Performed services for $14,000 on credit. g. Purchased a computer and copler for $18,000; paid $7,200 in cash Immediately...
James Wilson is a new staff accountant for Zoie's Beauty Supply. He has asked you to review the financial statements prepared for April to find and correct any errors. Review the income statement and balance sheet that follow and identify the errors Wilson made he did not prepare a statement of owner's equity). ZOIE'S BEAUTY SUPPLY Income Statement April 30, 2019 Revenue Fees Income $38, 800 Expenses Salaries Expense $9,500 Rent Expense Repair Expense Utilities Expense 1,700 Drawing 2,500 4,...
Financial Statements The amounts of the assets and liabilities of Wilderness Travel Service at April 30, 2019, the end of the year, and its revenue and expenses for the year are listed below. The capital of Harper Borg, owner, was $40,140 at May 1, 2018, the beginning of the year, and the owner withdrew $21,300 during the year. Accounts payable $13,890 Accounts receivable Cash Fees earned 74,370 150,130 528,100 4,100 68,390 Miscellaneous expense Rent expense Supplies 6,470 Supplies expense 10,940...
The following T accounts show transactions that were recorded by Residential Relocators, a firm that specializes in local housing rentals. The entries for the first transaction are labeled with the letter (a), the entries for the second transaction with the letter (b), and so on. Equipment (c) 64,000 Cash (a) 174,000 (b) 30,000 (d) 14,000 (e) 540 (g) 1,400 (h) 9,400 (i) 3,400 Accounts Receivable (f) 11,200 (g) 1,488 Accounts Payable (c) 64,000 Supplies (b) 30,000 Scott Hamilton, Capital (a)...
Financial Statements The amounts of the assets and liabilities of Wilderness Travel Service at April 30, 2019, the end of the year, and its revenue and expenses for the year are listed below. The capital of Harper Borg, owner, was $55,180 at May 1, 2018, the beginning of the year, and the owner withdrew $25,900 during the year. Accounts payable Accounts receivable $19,560 104,700 211,350 Cash Fees earned 726,100 Miscellaneous expense 5.540 Rent expense 94,030 Supplies 9.100 Supplies expense 15,040...
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