From the information given below prepare a november income

Assignment Help Accounting Basics

Reference no: EM13582894

From the information given below, prepare a November income statement (6 points), a November statement of owner's equity (5 points), and a November 30 balance sheet (6 points). On November 1 of the current year, Lois Bell began Lois Bell, Interior Design with an initial investment of $50,000 cash. On November 30, her records showed the following (alphabetically arranged) items and amounts.

Accounts payable................	$12,000	Office furnishings...........	$40,000
Accounts receivable..........	23,000	Owner's withdrawals.......	6,000
Cash...........................	17,200	Rent expense...............	3,600
Fees earned...................	30,000	Salaries expense..........	6,200
Notes payable.....................	4,250	Telephone expense.......	250

LOIS BELL, INTERIOR DESIGN Income Statement For Month Ended November 30
Revenue:

Operating expenses:



Net income............................................

LOIS BELL, INTERIOR DESIGN Statement of Owner's Equity For Month Ended November 30
Lois Bell, Capital, November 1.............................		$ 0
Plus: Investments by owner..................................
Net income.....................................

Less withdrawals by owner.........................
Lois Bell, Capital, November 30...................


LOIS BELL, INTERIOR DESIGN Balance Sheet November 30
Assets		Liabilities


		Total liabilities.................
		Equity

Total assets................		Total liabilities and equity...........................

Reference no: EM13582894

Questions Cloud

The value of mannings roughness coefficient is n 0014 and : a wide rectangular channel has a slope s 0.02. the bed and walls of the channel are paved with concrete. the value of

Marotta corporation has collected the following information : marotta corporation has collected the following information after its first year of sales. net sales were 2400000 on

Formulate a hypothesis related to this statement that you : 1.suppose you hear an old-timer say why in my day kids were much more respectful and didnt cause as much trouble as

Slim corp requires a minimum 8000 cash balance if necessary : slim corp. requires a minimum 8000 cash balance. if necessary loans are taken to meet this requirement at a cost of 1

From the information given below prepare a november income : from the information given below prepare a november income statement 6 points a november statement of owners equity 5

What is the variable cost per unit produced compute the : an important application of regression analysis in accounting is in the estimation of cost. by collecting data on

You are the auditor of jexel an auto air conditioner : you are the auditor of jexel an auto air conditioner service and repair company and you have decided to use the

Use the anova procedure for factorial designs to test for : a mail-order catalog firm designed a factorial experiment to test the effect of the size ofa magazine advertisement and

A firm produces its products by a continuous process : a firm produces its products by a continuous process involoving two production departments 1 and 2 present entries to

User Account

All Pages