Question

company's records show the following accounts and amounts for the month of August. Cash Accounts receivable Office supplies Land Office equipment Accounts payable $ 25, 360 C. Camry, Withdrawals 22,360 Consulting fees earned 5,250 Rent expense 44,000 Salaries expense 20,000 Telephone expense 10,500 Miscellaneous expenses $ 6,000 27,000 9,550 5,600 860 520 Use the above information to prepare an August statement of owner's equity for Help Today. The owner's capital account balance at July 31 was $0, and the owner invested $102,000 cash in the company on August 19 HELP TODAY Statement of Owner's Equity 0 $ 0

Answer 1

Sol Information given In question Cash Accounts Receivable Office Supplies Land Office Equipment Accounts Payable $ $ $ $ $ $ 25,360 C.Camry, Withdrawals 22,360 Consulting Fee Earned 5,250 Rent Expense 44,000 Salaries Expense 20,000 Telephone Expense 10,500 Miscellanous Expenses $ $ $ $ $ $ 6,000 27,000 9,550 5,600 860 520 Net Income For the Period $ 27,000 Consulting Fee Earned (A) Less: Expense Rent Expense Salaries Expense Telephone Expense Miscellanous Expenses Total Expenses-(B) Net Income (A)-(B) 9,550 5,600 860 $ $ $ $ $ $ 520 16,530 10,470

Statement of Changes in Owners Equity C.Camry, Capital as at 31st July $ Add; Increase Amount invested by owner $ Net Income Earned in August (Above) $ $ Less; Decrease Drawings by owner $ Net Loss $ $ C.Camry, Capital as at 31st August $ 1,02,000 10,470 1,12,470 6,000 6,000 1,06,470