Homework Answers
| S.No. | INCOME STATEMENT | BALANCE SHEET | |||
| Revenue | Expense | Assets | Liabilties | Equity | |
| 2. | $5000 (Increase in cash) & $5000 (Decrease in debtors) | ||||
| 3. | $25000 (Increase) | $25000 (Increase) | |||
| 4. | $500 (Increase) | $500 (Increase) | $500 (Decrease) | ||
| 5. | $500 (Decrease) | $500 (Decrease) | |||
| 6. | $10000 (Increase) | $10000 (increase) | |||
| 7. | $5000 (Decrease) | $5000 (Decrease) | |||
| 8. | $200 (Decrease) | $200 (Decrease) |
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For each of the following activities, identify the effect on each component of the income statement...
A & R Problem 1-3 For each of the following activities, identify the effect on each...
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Prepare journal entries for each transaction and identify the financial statement impact of each entry. The...
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Prepare a statement of Financial Position and an Income Statement for the new legal firm of Dewy, Cheatem, and Howe's first month of operation ending December 31, 2018./ 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. The three partners invested $30,000 cash in the business. Paid premium for two-year liability insurance policy, $1,500. Purchased office equipment with a cost of $20,000 with $5,000 down payment; the balance to be paid over three years $5,000 in computers and $15,000...
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Prepare journal entries for each transaction and identify the financial statement impact of each entry. The financial statements are automatically generated based on the journal entries recorded. Jan. 1 Kacy Spade, owner, invested $129,750 cash in the company. Jan. 2 The company purchased office supplies for $1,250 cash. Jan. 3 The company purchased $10,850 of office equipment on credit. Jan. 4 The company received $15,500 cash as fees for services provided to a customer. Jan. 5 The company paid $10,050...
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