Working as follows:
Income Statement | ||
Revenue: | ||
Consulting service ($5600+$2800+$3600) | $12,000 | |
Less: operating expense: | ||
Rent expense | $2,200 | |
Cleaning expense | $780 | |
Salary ($740+$740) | $1,480 | |
Telephone bill | $300 | |
Utilities | $300 | $5,060 |
Net Income | $6,940 |
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Statement of owner's equity | |
Beginning bal. | - |
Add: Net Income | $6,940 |
Less: Dividends | ($1,500) |
Ending balance | $5,440 |
__________________________________________________________________
Prepare Balance Sheet as follows:
Balance Sheet | |
Assets: | |
Current Assets: | |
Cash | $46,010 |
Total Current assets | $46,010 |
Office equipment ($1930+$80) | $2,010 |
Total Assets | $48,020 |
Liabilities: | |
Current liabilities: | |
Accounts payable | $80 |
Stockholders' Equity | |
Common stock | $42,500 |
Retained earnings | $5,440 |
Total Liabilities & Owners' Equity | $48,020 |
_________________________________________________________
The Gram Co. | ||
Statement of cash flows: | ||
For the Month Ended May 31 | ||
Operating Activities: | ||
Cash received from clients | $12,000 | |
Cash paid for cleaning service | ($780) | |
Cash paid for rent | ($2,200) | |
Cash paid for salaries | ($1,480) | |
Cash paid for telephone bill | ($300) | |
Cash paid for Utilities | ($300) | |
Cash flow from operating activities (A) | $6,940 | |
Cash flow from Investing activities: (B) | ||
Purchase of Equipment | ($1,930) | |
Cash flow from Financing activities: | ||
cash received from the issuance of common stock | $42,500 | |
Cash paid for dividends | ($1,500) | |
Cash flow from Financing activities (C) | $41,000 | |
Increase/(Decrease) in cash (A+B+C) | $46,010 | |
Cash at beginning | - | |
Cash at the End | $46,010 |
Required information Problem 1-7A Analyzing transactions and preparing financial statements LO C4, P1, P2 [The following...
Required information Problem 1-7A Analyzing transactions and preparing financial statements LO C4, P1, P2 (The following information applies to the questions displayed below.] Gabi Gram started The Gram Co., a new business that began operations on May 1. The Gram Co. completed the following transactions during its first month of operations. May 1 G. Gram invested $42,500 cash in the company in exchange for its common stock. 1 The company rented a furnished office and paid $2,200 cash for May's...
Required information Problem 1-7A Analyzing transactions and preparing financial statements LO C4, P1, P2 [The following information applies to the questions displayed below.) Gabi Gram started The Gram Co., a new business that began operations on May 1. The Gram Co. completed the following transactions during its first month of operations. May 1 G. Gram invested $41,500 cash in the company. 1 The company rented a furnished office and paid $2,300 cash for May's rent. 3 The company purchased $5,650...
Required information Problem 1-7A Analyzing transactions and preparing financial statements LO C4, P1, P2 The following information applies to the questions displayed below. Gabi Gram started The Gram Co, a new business that began operations on May 1. The Gram Co. completed the following transactions during its first month of operations Hay 1 G. Gram invested $43,000 cash in the company in exchange for its coemon stock 1 The company rented a furnished office and paid $2,300 cash for May's...
Required information Problem 1-7A Analyzing transactions and preparing financial statements LO P1, P2 The following information applies to the questions displayed below.) Gabi Gram started The Gram Co., a new business that began operations on May 1. The Gram Co, completed the following transactions during its first month of operations. May 1 G. Gram invested $40,000 cash in the company in exchange for its common stock. 1 The company rented a furnished office and paid $2,200 cash for May's rent....
prepare a balance sheet Saved Problem 1-7A Analyzing transactions and preparing financial statements LO P1, P2 [The following information applies to the questions displayed below] Gabi Gram started The Gram Co., a new business that began operations on May 1. The Gram Co. completed the transactions during its first month of operations. 1 G. Gram invested $42,000 cash in the company in exchange for its common stock. 1 The company rented a furnished office and paid $2,100 cash for May's...
Required information Problem 1-7A Analyzing transactions and preparing financial statements LO C4, P1, P2 [The following information applies to the questions displayed below.] Gabi Gram started The Gram Co., a new business that began operations on May 1. The Gram Co. completed the following transactions during its first month of operations. May 1 G. Gram invested $40,000 cash in the company in exchange for its common stock. 1 The company rented a furnished office and paid $2,200 cash for May’s...
last two pics are the same chart. couldn't screenshot as one Required information Problem 1-7A Analyzing transactions and preparing financial statements LO C4, P1, P2 [The following information applies to the questions displayed below.) Gabi Gram started The Gram Co., a new business that began operations on May 1. The Gram Co. completed the following transactions during its first month of operations. May 1 G. Gram invested $42,000 cash in the company. 1 The company rented a furnished office and...
Required information Problem 1-7A Analyzing transactions and preparing financial statements LO C The following information applies to the questions displayed below] Gabi Gram started The Gram Co, a new business that began operations on May 1. The Gram 'Co. completed the following transactions during its first month of operations. May 1 G.Gram invested $43,000 cash in the company in exchange for its common stock 1 The company rented a furnished office and paid $2,300 cash for May's rent. 3 The...
Required information [The following information applies to the questions displayed below.) Gabi Gram started The Gram Co., a new business that began operations on May 1. The Gram Co. completed the following transactions during its first month of operations. May 1 G. Gram invested $42,500 cash in the company in exchange for its common stock. 1 The company rented a furnished office and paid $2,200 cash for May's rent. 3 The company purchased $1,920 of office equipment on credit. 5...
! Required information Problem 1-9A Analyzing transactions and preparing financial statements LO C4, P1, P2 [The following information applies to the questions displayed below.] Sanyu Sony started a new business and completed these transactions during December. Dec. 1 Sanyu Sony transferred $65,000 cash from a personal savings account to a checking account in the name of Sony Electric. 2 The company rented office space and paid $1,000 cash for the December rent. 3. The company purchased $13,000 of electrical equipment...