Reference no: EM132655973
Question - Ai Fang Co. Opened on July 1, 2020. On July 31, the statement of financial position showed Cash $5,000, Accounts Receivable $1,500, Supplies $500, Equipment $6,000, Accounts Payable $4,200, Share Capital - Ordinary, $4,000, and Retained Earnings of $4,800 (amounts in thousands). During August, the following transactions occurred.
Analyze transactions and prepare income statement, retained earnings statement, and statement of financial position.
1. Collected $ 1,2oo of accounts receivable.
2. Paid $2800 cash on accounts payable.
3. Recognized revenue of $7. 500 of which$4000 is collected in cash and the balance is due in September.
4. Purchased additional equipment for$2,000, paying $400 in cash and the balance on account.
5. Paid salaries $2,800, rent for August $900, and advertising expenses $400.
6. Declared and paid $700 dividend.
7. Received $2000 from Standard Federal Bank money borrowed on a note payable.
8. Incurred utility expenses for month on account $270.
Instructions -
a. Prepare a tabular analysis of the August transactions beginning with July 31 balances.
b. Prepare an income statement for August, a retained earnings statement for August, and a statement of Financial position at August 31.
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