An analysis of the transactions made by Monty Corp., a certified public accounting firm, for the month of August, its first month of operations is shown below.
Each increase and decrease in stockholders' equity is explained.
a. Describe each transaction that occurred for the month (Provide the explanation for each transaction)
b. Determine how much stockholders' equity increased for the month.
c. Compute the amount of net income for the month.
CREATE A INCOME STATEMENT, RETAINED EARNINGS STATEMENT, BALANCE SHEET, AND STATEMENT OF CASH FLOWS BASED OFF THE INFORMATION IN THE CHART BELOW:
Assets = Liabilities + Stockholders’ Equity
Cash + Accounts
Receivable +Supplies +Equipment=Accounts+Common+Retained Earnings
Payable Stock
= + +
Revenues–Expenses–Dividend
1. $15,900 $15,900
2. –4,000 $6,000 $2,000
3. –800 $800
4. 5,600 $3,700 $9,300
Service Revenue
5. –1,400 –1,400
6. –1,600 $1,600
7. –750 –$750
Rent Expense
8. 500 –500
9.–3,800 –3,800
Salaries/Wages Expense
10. 450 –450
Utilities Expense
Answers: 1
Other questions on the subject: Business
Business, 21.06.2019 16:50, Arealbot
Which of the following is the most important role of marketing in the process selection decision? identifying points of differentiation for mass customization. stimulating demand in developing markets. estimating and managing future demand. providing translation of the voice of the customer.
Answers: 2
Business, 22.06.2019 07:30, 2016gbryant
Jordan, inc. sells fireworks. the company’s marketing director developed the following cost of goods sold budget for april, may, june, and july. april may june july budgeted cost of goods sold $62,000 $72,000 $82,000 $88,000 jordan had a beginning inventory balance of $3,000 on april 1 and a beginning balance in accounts payable of $14,600. the company desires to maintain an ending inventory balance equal to 15 percent of the next period’s cost of goods sold. jordan makes all purchases on account. the company pays 65 percent of accounts payable in the month of purchase and the remaining 35 percent in the month following purchase. required prepare an inventory purchases budget for april, may, and june. determine the amount of ending inventory jordan will report on the end-of-quarter pro forma balance sheet. prepare a schedule of cash payments for inventory for april, may, and june. determine the balance in accounts payable jordan will report on the end-of-quarter pro forma balance sheet.
Answers: 2
Business, 22.06.2019 11:40, tansebas1107
You are a manager at asda. you have been given the demand data for the past 10 weeks for swim rings for children. you decide to run multiple types of forecasting methods on the data to see which gives you the best forecast. if you were to use exponential smoothing with alpha =.8, what would be your forecast for week 22? (the forecast for week 21 was 1277.) week demand 12 1317 13 1307 14 1261 15 1258 16 1267 17 1256 18 1268 19 1277 20 1277 21 1297
Answers: 3
Business, 22.06.2019 19:00, RoyalGurl01
Describe how to write a main idea expressed as a bottom-line statement
Answers: 3
You know the right answer?
An analysis of the transactions made by Monty Corp., a certified public accounting firm, for the mon...
Questions in other subjects:
History, 28.08.2019 17:30
Biology, 28.08.2019 17:30
History, 28.08.2019 17:30
English, 28.08.2019 17:30
Social Studies, 28.08.2019 17:30
History, 28.08.2019 17:30
