An analysis of the transactions made by Kang & Co. A public accounting firm, for the...

  

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An analysis of the transactions made by Kang & Co. A public accounting firm, for the month of August is shown below. The expenses were $560 for rent, $4.800 for salaries and wages, and $400 for utilities. Assets = Liabilities + Equity Retained Earnings Exp. - Dividen Account Accounts Share + Receivable + Supplies + Equipm = Payable + Capital + Rev. Cash 1. +$15,000 2.-2,000 + $15.000 Issued shares + $5,000 +$3,000 3. -750 + $750 4. +4,600 + $4,500 + $9,100 Service Revenue 5. -1,500 6. -2,000 -1,500 - $2,000 7. -650 8. +450 -450 -$650 Rent Expense 9. -3,900 -3,900 Sal. /Wage Exp 10. +500 -500 Prepare an income statement and a retained earnings statement for August and a statement of financial position at August 31, 2020. Assume that August is the company's first month of business An analysis of the transactions made by Kang & Co. A public accounting firm, for the month of August is shown below. The expenses were $560 for rent, $4.800 for salaries and wages, and $400 for utilities. Assets = Liabilities + Equity Retained Earnings Exp. - Dividen Account Accounts Share + Receivable + Supplies + Equipm = Payable + Capital + Rev. Cash 1. +$15,000 2.-2,000 + $15.000 Issued shares + $5,000 +$3,000 3. -750 + $750 4. +4,600 + $4,500 + $9,100 Service Revenue 5. -1,500 6. -2,000 -1,500 - $2,000 7. -650 8. +450 -450 -$650 Rent Expense 9. -3,900 -3,900 Sal. /Wage Exp 10. +500 -500 Prepare an income statement and a retained earnings statement for August and a statement of financial position at August 31, 2020. Assume that August is the company's first month of business

Answer rating: 100% (QA)

Income statement Service revenue 9100 Expenses Rent e... View the full answer