Reference no: EM132675168
A started her own consulting firm, MR A Consulting, on May 1, 2014. The following transactions occurred during the month of May.
May 1 A invested $7,000 cash in the business.
2 Paid $900 for office rent for the month.
3 Purchased $600 of supplies on account.
5 Paid $125 to advertise in the County News.
9 Received $4,000 cash for services performed.
12 Withdrew $1,000 cash for personal use.
15 Performed $5,400 of services on account.
17 Paid $2,500 for employee salaries.
20 Paid for the supplies purchased on account on May 3.
23 Received a cash payment of $4,000 for services performed on account on May 15.
26 Borrowed $5,000 from the bank on a note payable.
29 Purchased equipment for $4,200 on account.
30 Paid $275 for utilities.
Required:
Problem 1: Prepare an income statement for the month of May.
Problem 2: Prepare a balance sheet at May 31, 2014.
Problem 3: Explain the window dressing of balance sheet item. Provide THREE (3) examples for your argument.
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