Solution-Prepare a balance sheet as of february 29

Prepare a balance sheet as of february 29

Assignment Help Financial Accounting

Reference no: EM13535181

Financial statements

Rory Kalur established Computers 4 Less on February 1, 2012. The effect of each transaction and the balances after each transaction for February are shown below.

		Assets		= Liabilities +				Owner's Equity
		Accounts		Accounts	Rory Kalur,	Rory Kalur,	Fees	Salaries	Rent	Auto	Supplies
	Cash	+ Receivable	+ Supplies	Payable	+ Capital	- Drawing	+ Earned	- Expense	- Expense	- Expense	- Expense	- Expense
a.	+ 120,000				+ 120,000
b.			+ 10,400	+ 10,400
Bal.	120,000		10,400	10,400	120,000
c.	+ 118,000						+ 118,000
Bal.	238,000		10,400	10,400	120,000		118,000
d.	-32,000								-32,000
Bal.	206,000		10,400	10,400	120,000		118,000		-32,000
e.	-5,000			-5000
Bal.	$201,000		10,400	5,400	120,000		118,000		-32,000
f.		+ 83,000					+ 83,000
Bal.	201,000	83,000	10,400	5,400	120,000		201,000		-32,000
g.	-23,000									-15,500		-7,500
Bal.	178,000	83,000	10,400	5,400	120,000		201,000		-32,000	-15,500		-7,500
h.	-48,000							-48,000
Bal.	130,000	83,000	10,400	5,400	120,000		201,000	-48,000	-32,000	-15,500		-7,500
i.			-6,100								-6,100
Bal.	130,000	83,000	4,300	5,400	120,000		201,000	-48,000	-32,000	-15,500	-6,100	-7,500
j.	-30,000					-30,000
Bal.	100,000	83,000	$4,300	$5,400	120,000	-30,000	201,000	-48,000	-32,000	-15,500	-6,100	-7,500

Instructions

1. Prepare an income statement for the month ended February 29, 2012.

2. Prepare a statement of owner's equity for the month ended February 29, 2012.

3. Prepare a balance sheet as of February 29, 2012.

4. (Optional). Prepare a statement of cash flows for the month ending February 29, 2012.

Reference no: EM13535181

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Prepare a balance sheet as of february 29

Reference no: EM13535181

Reference no: EM13535181

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