Review the following transactions and related T-accounts that were previously prepared Assume that all transactions occurred...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Review the following transactions and related T-accounts that were previously prepared Assume that all transactions occurred in the month of November 2016. (Click the icon to view the transactions) (Click the icon to view the Taccounts.) Read the requirements. Requirement 1. Prepare the tral balance of Luke Newton, Attorney, at November 31, 2016. Use the T-accounts that have been prepared for the business, Luke Newton, Attorney Trial Balance November 31, 2016 Account Debit Credit Requirement 2. How well did the business perform during its first month? Compute net income (or net loss) for the month (Please use a minus sign or parentheses to enter a loss The business performed as shown by the s Lof for the month of November Cash Common Stock (a) 23,000 (b) 1,500 (a) 32,400 (d) 3,000 (e) 750 (g) 2,200 Bal 15,550 Bal 32,400 Accounts Receivable Dividends (f) 10,000 (g) 2,200 Bal 10,000 Bal 2,200 Office Supplies Service Revenue (c) 1,300 (1) 10,000 Bal 1,300 Bal 10,000 Office Furniture Salary Expense (a) 9,400 (d) 3,000 Bal 9,400 Bal 3,000 Accounts Payable Rent Expense (e) 750 (C) 1,300 (b) 1,500 Bal 550 Bal 1,500 Luke Newton opened a law firm by investing $23,000 and office furniture with a fair value of $9,400. Organized as a professional corporation, the business issued common shares to Newton. a. b. Paid monthly rent of $1,500. Purchased office supplies on account, $1,300. c. d. Paid employee salaries of $3,000. Paid $750 of the account payable created in transaction c. Performed legal services on account, $10,000. e. f. g. Declared and paid dividends of $2,200. Review the following transactions and related T-accounts that were previously prepared Assume that all transactions occurred in the month of November 2016. (Click the icon to view the transactions) (Click the icon to view the Taccounts.) Read the requirements. Requirement 1. Prepare the tral balance of Luke Newton, Attorney, at November 31, 2016. Use the T-accounts that have been prepared for the business, Luke Newton, Attorney Trial Balance November 31, 2016 Account Debit Credit Requirement 2. How well did the business perform during its first month? Compute net income (or net loss) for the month (Please use a minus sign or parentheses to enter a loss The business performed as shown by the s Lof for the month of November Cash Common Stock (a) 23,000 (b) 1,500 (a) 32,400 (d) 3,000 (e) 750 (g) 2,200 Bal 15,550 Bal 32,400 Accounts Receivable Dividends (f) 10,000 (g) 2,200 Bal 10,000 Bal 2,200 Office Supplies Service Revenue (c) 1,300 (1) 10,000 Bal 1,300 Bal 10,000 Office Furniture Salary Expense (a) 9,400 (d) 3,000 Bal 9,400 Bal 3,000 Accounts Payable Rent Expense (e) 750 (C) 1,300 (b) 1,500 Bal 550 Bal 1,500 Luke Newton opened a law firm by investing $23,000 and office furniture with a fair value of $9,400. Organized as a professional corporation, the business issued common shares to Newton. a. b. Paid monthly rent of $1,500. Purchased office supplies on account, $1,300. c. d. Paid employee salaries of $3,000. Paid $750 of the account payable created in transaction c. Performed legal services on account, $10,000. e. f. g. Declared and paid dividends of $2,200.
Expert Answer:
Answer rating: 100% (QA)
Answer to Requirement 1 Answer to Requirement 2 Net I... View the full answer
Related Book For
Governmental and Nonprofit Accounting
ISBN: 978-0132751261
10th edition
Authors: Robert Freeman, Craig Shoulders, Gregory Allison, Robert Smi
Posted Date:
Students also viewed these accounting questions
-
The basis for dividing partnership net income or net loss is referred to as any of the following except the a. income ratio b. income and loss ratio. c. profit and loss ratio. d. income sharing ratio
-
Prepare journal entries to record the following transactions and events of Kash Company. 2011 Jan. 2 Purchased 30,000 shares of Bushtex Co. common stock for $204,000 cash plus a brokers fee of $3,480...
-
Prepare journal entries to record the following transactions and events of Kodax Company. 2013 Jan. 2 Purchased 30,000 shares of Grecco Co. common stock for $ 408,000 cash plus a brokers fee of $...
-
At the beginning of compression in a diesel cycle, T = 540 R, P = 30 lbf/in. 2 , and the state after combustion (heat addition) is 2600 R and 1000 lbf/in. 2 . Find the compression ratio, the thermal...
-
The United States and Canada (among others) are countries in which a significant proportion of citizens are immigrants. Many arrive in North America with few assets but quickly adapt to a changed...
-
An advertising agency conducted a survey and found that the number of units sold, \(N\), is related to the amount \(a\) spent on advertising (in dollars) by the following formula: \[N=1,500+300 \ln...
-
Use the Whitney-Nuismer average stress criterion to estimate the allowable internal pressure for Problem 9.5 if the unnotched tensile strength of the material is \(\sigma_{0}=1500 \mathrm{MPa}\) and...
-
For each of the following items, indicate whether the expense should be recognized using (1) direct matching, (2) systematic and rational allocation, or (3) immediate recognition. Provide support for...
-
Please follow the link and read the canvas project. Based on the reading, please answer the following questions . Link for the Startup Analysis Canvas Project:...
-
A system offers four service classes A, B, C and D, which differ in price tag and have a distinctive public method doA(), doB(), doC(), and doD(), respectively. These classes do share an identical...
-
What will happen if Stock market turnover decreases? State 3 points about the question. Your answers should be related to the stock market during covid-19.
-
How do legal frameworks, policy interventions, and institutional reforms contribute to shaping the direction and pace of social change, particularly in addressing systemic injustices and advancing...
-
How do social movements and collective action strategies catalyze and sustain processes of social change, and what are the key tactics and mobilization strategies employed by activists to effect...
-
Jed Clampett is expanding his family-run beer distributorship into Georgia or Tennessee. His parents began the business many years ago and now three generations of Clampetts work in the family...
-
1. (5 points) What does "deepcopy" do? (the answer: "it makes a deep copy" will not earn any points) 2. (10 points) Referring to the following sample python line of code: def Number Three(Apples,...
-
Kyrie Irving made headlines during the 2021 NBA Season because he was unable to play basketball for any home game because of the NYC vaccination mandate. However, he was allowed to play all away...
-
how to integrate different types of networking equipment into a system?
-
What are the two components of a company's income tax provision? What does each component represent about a company's income tax provision?
-
Multiple Choice Questions Identify the best answer for each of the following: 1. Not-for-profit reporting standards require net assets to be reported in all of the following classes except a....
-
Identify the required financial statements for a government hospital.
-
You have been engaged by the Town of Rego to examine its June 30, 20X8, balance sheet. You are the first CPA to be engaged by the town and find that acceptable methods of municipal accounting have...
-
The English scores for a sample of 14 students Find the mean, the median, and the mode of the data, if possible. If any measure cannot be found or does not represent the center of the data, explain...
-
The salaries (in thousand dollars) of a sample of 10 employees Find the mean, the median, and the mode of the data, if possible. If any measure cannot be found or does not represent the center of the...
-
The durations (in minutes) of idle times at a factory in the last 10 months Find the mean, the median, and the mode of the data, if possible. If any measure cannot be found or does not represent the...
Study smarter with the SolutionInn App