Reference no: EM13342906
Alex Shore practiced accounting with a partnership for five years. Recently he opened his own accounting firm, which he operates as a professional corporation.
The name of the new entity is Alex Shore, CPA, P.C. Shore experienced the following events during the organizing phase of the new business and its first month of operations.
Some of the events were personal and did not affect the business.
4-Feb Shore received $27,000 cash from former accounting partners.* 5 Deposited $50,000 in a new business bank account titled Alex Shore, CPA, P.C. The business issued common stock to Shore.
6 Paid $100 cash for letterhead stationery for the new office.
7 Purchased office furniture for the office. The business will pay the account payable, $9,700, within three months.
10 Shore sold personal investment in Amazing.com stock, which he had owned for several years, receiving $50,000 cash.*
11 Shore deposited the $50,000 cash from sale of the Amazing.com stock in his personal bank account.*
12 A representative of a large company telephoned Shore and told him of the 18 company's intention to transfer its accounting business to Shore.
Finished tax hearings on behalf of a client and submitted a bill for accounting services, $17,000. Shore expected to collect from this client within two weeks.
25 Paid office rent, $1,500.
28 Paid cash dividends of $1,000.
i need to balance this studio photography works wedding and pros-type parties . the balance of Ansel capital was $16,000 at December 31,2011, the business accounting records show this balances.
Insurances expenses $8,000Account Receivable $8,000
Cash $37,000Note Payable $12,000
Account payable $7,000 Ansel Capital,Dec 31, 2012 ?
Advertising expenses $3,000 Salary Expenses $ 25,000
Service renew $80,000 Equipment $50,000
Ansel drawing $13,000 Owner investment 2012 29,000
Requirement
Prepare the following for studio photography for the year ended December 31,2012
a. Income statement
b. Statement of owner' equity
c. Balance sheet