Reference no: EM132911180
On July 31, 2018, the general ledger of Cullumber Inc. showed these balances:
Cash $4,000;
Accounts Receivable $1,510;
Supplies $480;
Equipment $4,970;
Accounts Payable $4,060;
Common Shares $3,500; and
Retained Earnings $3,400.
During August, the following transactions occurred:
Aug.
2 Collected $1,190 of accounts receivable due from customers.
3 Received $1,330 for issuing common shares to new investors.
6 Paid $2,720 on accounts payable owing.
7 Earned fees of $6,500, of which $2,970 was collected in cash and the remainder was due on account.
13 Purchased additional equipment for $1,200, paying $390 in cash and the balance on account.
17 Paid salaries, $3,530, rent, $900, and advertising expenses, $275, for the month of August.
17 Collected the balance of the fees earned on August 7.
20 Declared and paid $500 of dividends to shareholders.22Billed a client $1,000 for legal services provided.
24 Received $1,980 from Laurentian Bank; the money was borrowed on a bank loan payable that is due in six months.
27 Signed an engagement letter to provide legal services to a client in September for $4,460.
28 Received the utility bill for the month of August in the amount of $275; it is due September 15.
31 Paid income tax for the month, $500.
Beginning with the July 31 balances, prepare an equation analysis of the effects of the opening balances and above transactions on the expanded accounting equation. (If a transaction causes a decrease in Assets, Liabilities or Shareholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See Illustration 3-2 for example.)
Problem 1: Prepare an income statement as at August 31.
Problem 2: Prepare a statement of changes in equity as at August 31. (If an amount reduces the account balance then enter with negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
Problem 3: Prepare a statement of financial position as at August 31. (List Current Assets in order of liquidity.)
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