2024 – Exercise 1 14 Preparing an income statement LO P2 On October 1 Keisha King
Chapter 01 Saddleback College Homework – 2024
Exercise 1-14 Preparing an income statement LO P2
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On October 1, Keisha King organized Real Answers, a new consulting firm; on October 3, the owner contributed $84,000 cash. On October 31, the company’s records show the following items and amounts. |
| Cash | $ | 11,360 | Cash dividends | $ | 2,000 | |
| Accounts receivable | 14,000 | Consulting fees earned | 14,000 | |||
| Office supplies | 3,250 | Rent expense | 3,550 | |||
| Land | 46,000 | Salaries expense | 7,000 | |||
| Office equipment | 18,000 | Telephone expense | 760 | |||
| Accounts payable | 8,500 | Miscellaneous expenses | 580 | |||
| Common stock | 84,000 | |||||
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Using the above information prepare an October income statement for the business.
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Exercise 1-15 Preparing a statement of retained earnings LO P2
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On October 1, Keisha King organized Real Answers, a new consulting firm; on October 3, the owner contributed $84,000 cash. On October 31, the company’s records show the following items and amounts. |
| Cash | $ | 11,360 | Cash dividends | $ | 2,000 | |
| Accounts receivable | 14,000 | Consulting fees earned | 14,000 | |||
| Office supplies | 3,250 | Rent expense | 3,550 | |||
| Land | 46,000 | Salaries expense | 7,000 | |||
| Office equipment | 18,000 | Telephone expense | 760 | |||
| Accounts payable | 8,500 | Miscellaneous expenses | 580 | |||
| Common stock | 84,000 | |||||
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Using the above information prepare an October statement of retained earnings for Real Answers.
Exercise 1-16 Preparing a balance sheet LO P2
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