Ruby Red Company -is a sole proprietorship that began business on January 1st of this year...
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Ruby Red Company -is a sole proprietorship that began business on January 1st of this year and had the following account balances at January 31st. Accounts receivable Accounts payable Cash Owner investment Equipment Insurance expense Miscellaneous expense Office supplies expense Service revenue Wages expense Drawings $ 4,000 5,000 1,000 4,000 8,000 1,500 2,500 1,000 20,000 9,000 2,000 Required: Prepare an income statement, statement of owner's equity, and balance sheet for the company's first month of operations. Ruby Red Company -is a sole proprietorship that began business on January 1st of this year and had the following account balances at January 31st. Accounts receivable Accounts payable Cash Owner investment Equipment Insurance expense Miscellaneous expense Office supplies expense Service revenue Wages expense Drawings $ 4,000 5,000 1,000 4,000 8,000 1,500 2,500 1,000 20,000 9,000 2,000 Required: Prepare an income statement, statement of owner's equity, and balance sheet for the company's first month of operations.
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Income Statement for the Month of January Service Revenue 20000 Insurance Expense 1500 Miscellaneous ... View the full answer
Related Book For
Fundamentals of Financial Accounting
ISBN: 978-0078025914
5th edition
Authors: Fred Phillips, Robert Libby, Patricia Libby
Posted Date:
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