Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. prepare a balance sheet and income statement as a

Prepare a balance sheet and income statement as a result of the following transactions: Deposit $3000 in...

50.1K

Verified Solution

Question

Accounting

  1. Prepare a balance sheet and income statement as a result of thefollowing transactions:
  1. Deposit $3000 in a bank account
  2. Rent a van at a cost of $400
  3. Purchase a power sweeper for $900
  4. Order 2000 circulars and paid the printer $120
  5. Purchase $300 worth of cleaning supplies
  6. Bought equipment worth $900; paid $200 now and will pay thebalance later.
  7. Earned $350 for washing windows
  8. Received $900 in fees for work performed
  9. Purchased supplies for $80, with cash
  10. Hired a helper and paid him $240
  11. Earned $400 in fees for work; payment will be receivedlater.
  12. Owner withdrew $1000 from the business for personaluse
  13. Received a phone bill for $20, and payment will bemade later.
  14. Paid the landlord $300
  15. Received $2000 for work performed.

Answer & Explanation Solved by verified expert
3.9 Ratings (790 Votes)
    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Statistics
1.2K views

In what follows use any of the following tests/procedures: Regression, multiple regressions, confidence intervals, one-sided t-test or...

Medical Sciences
1.2K views

The patient’s lung volumes/capacities: Expiratory Reserve Volume: 1100 ml Inspiratory Reserve Volume: 1000 ml Inspiratory Capacity: 1400...

Mechanical Engineering
1.2K views

There are proposals to store energy in flywheels for load leveling in utility systems. During the off-peak...

Basic Math
1.2K views

Price change to maximize profit. A business sells n products, and is considering changing the price...

Physics
1.2K views

A bullet with a mass of 0.0063 kg and a speed of 748.0 m/s is...

Physics
1.2K views

42 Two identical blocks A and B are connected with a spring of constant k...

Calculus
1.2K views

A cardiac monitor is used to measure the heart rate of a patient after surgery...

Accounting
1.2K views

You expect a share of stock to pay dividends of $1.30, $1.55, and $1.60 in...

Accounting
1.2K views

Below you are provided Ending Balances from 2017 financial statements for your not-for-profit hospital. 1...

Accounting
1.2K views

17) Provide Successful implementation of TQM diagrammatic presentation step wise [Provide detail explanation and type...

Finance
1.2K views

Amazing Brentwood Inc bought a long-term asset for $100,000. The asset has a 30% CCA...

Accounting
1.2K views

(5) Fred is the sole shareholder of an S corporation in Fort Deposit, Alabama. At...