Prepare income statement-statement of owners equity

Assignment Help Financial Accounting
Reference no: EM131263311

Donald started Donald Designers and invested $25,000 into the business on June 1, 2015. He rendered services to three clients on account with total revenues earned of $9,000. He then incurred advertising expense on four different websites and promised to pay a total of $1,200 at a later date. On June 13, he purchased $1,000 of office supplies for cash. On June 22, he received $2,000 in cash payment from his first client and deposited it into the business account. On June 23, he incurred $1,300 for legal expense and paid cash. On June 30, he made a payment of $500 to one of the websites that he owed for advertising provided earlier in the month. No withdrawals were made during the month. For the month of June, prepare an income statement, a statement of owner's equity, and a balance sheet.

Reference no: EM131263311

Questions Cloud

Prepare adjusted trial balance after considering adjustments : Deborah Consultants had the following balances before passing adjusting entries in the books on December 31, 2015. Cash $6,000 Deborah, Withdrawals $3,000 Accounts Receivable 2,000 Service Revenue 10,600 Office Supplies 1,800 Salaries Expense 4,000. ..
Complete the second round of a three-round delphi decision : Complete the second round of a three-round Delphi decision-making exercise, following the detailed example cited in the Home Page discussion. As before, you may copy and/or adapt verbiage from the example without citing it.
Analyze the given examples of communication failures : Analyze the following examples of communication failures. What went wrong? - The editor of Salt Lake City's Deseret News told his staff to "change the picture" of film icon James Dean, who had a cigarette dangling from his lips.
How does knowing the distance help classify a star : It has been stated that we know more about the surface of the moon than we do the oceans. Do you think, as a nation, we should invest more resources in space exploration or in ocean exploration? Why? Support your answer.
Prepare income statement-statement of owners equity : Donald started Donald Designers and invested $25,000 into the business on June 1, 2015. He rendered services to three clients on account with total revenues earned of $9,000. On June 13, he purchased $1,000 of office supplies for cash. No withdrawals..
Do you agree with congresss decision for such adjustment : Dollar amounts in the bankruptcy statutes are subject to adjustment every three years based on the consumer price index. Do you agree with Congress's decision for such adjustment? Why or why not?
How would you define business intelligence : How would you define business intelligence? Do research on the Web to identify two recent real-world applications of BI that are of interest to you.
How can forming a strategic alliance guide a company : How did the alliance formed by Aegis with Honeywell and Rockwell affect the overall business of Aegis and its products - How important were the specific expertise of both Jahn and Neway in the forming of Aegis? In other words, how did their prior wo..

Reviews

Write a Review

Financial Accounting Questions & Answers

  Burden of the tax lands on those who hold money

Suppose you explain the concept of an inflation tax to a friend. You correctly tell them, "When a government prints money to cover its expenditures instead of taxing and borrowing, it causes inflation. An inflation tax is simply the erosion of the va..

  Did the foreign currencies increase or decrease in dollar

Did the foreign currencies increase or decrease in dollar value from the date of the transaction to the settlement date?

  Compute the companys return on assets ratio

Compute the companys return on assets ratio, profit margin ratio, and asset turnover ratio, both with and without the new product line and discuss the implications that your findings in part (a) have for the company"s decision.

  Net cash flow provided by operating activities

Last year Burch Corporation's cash account decreased by $34,000. Net cash provided by investing activities was $8,900. Net cash used in financing activities was $31,500. On the statement of cash flows, the net cash flow provided by (used in) operatin..

  What is julia taxable income

In 2011, Julia is single and earns a salary of $65,000. Her allowable deductions for adjusted gross income total $1,200 and she has $4,200 of allowable itemized deductions. What is Julia’s taxable income?

  Questiontrasky company is trying to decide whether it

questiontrasky company is trying to decide whether it should lease or purchase a new automated machine to be used in

  What depreciation method did company use

the company produced 4,400 units and recorded a depreciation expense of $22,000. What depreciation method did the company use?

  Pre-contribution balance sheets and fair valuesjune 30

pre-contribution balance sheets and fair valuesjune 30 20x9in thousands of

  Costs associated with this level of production

Texas Company produces and sells 22,000 units of a single product. Costs associated with this level of production are as follows: Compute the amount by which the operating income of Texas Company would change if the special order was accepted.

  What is the market price of face value bond

Wine and Roses, Inc. offers a 9.0 percent coupon bond with semi annual payments and a yield to maturity of 9.78 percent. The bonds mature in 7 years. What is the market price of a $1,000 face value bond?

  What are specific key performance metrics

What challenges does the city face based on a review of the Management, Discussion, and Analysis and what are specific key performance metrics used to gauge performance of city services?

  Maintain her after-tax disposable income

Mrs. K, a single taxpayer, earns a $60,000 annual salary and pays 15 percent in state and federal income tax. If tax rates increase so that Mrs. K’s annual tax rate is 20 percent, how much additional income must she earn to maintain her after-tax dis..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd