An analysis of transactions for Kang & Co. was presented in E1.8. Instructions Prepare an income statement
Question:
An analysis of transactions for Kang & Co. was presented in E1.8.
Instructions
Prepare an income statement and an owner’s equity statement for August and a statement of financial position at August 31, 2020. Assume that August is the company’s first month of business.
E1.8
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.
Transcribed Image Text:
Accounts Accounts Owner's Owner's Cash + Receivable + Supplies + Equipment = Payable Capital Drawings Revenues Expenses 1. +£15,000 +£15,000 2. -2,000 +£5,000 +£3,000 3. -750 +£750 4. +4,000 +£4,500 +£8,500 5. -1,500 -1,500 6. -2,000 -£2,000 7. -560 -£560 8. +450 450 9. -4,800 4,800 10. +400 -400
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Analysis No Cash Accounts Receivable Supplies Equipment Accounts Payable Owners Capital Owners Drawings Revenues Expenses Check 1 1500000 1500000 2 20...View the full answer
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Solomon III Sison
Soji is currently a State Auditor in the National Government Sector 7 of the Commission on Audit - Regional Office No. I based in the City of San Fernando, La Union – the supreme audit institution of the Republic of the Philippines. He was a former Audit Associate of Reyes Tacandong & Co - member of the RSM Network.
He joined RT&Co. in November 2014 immediately after passing the Certified Public Accountant Licensure Exam (CPALE) in October 2014. He holds a degree in Bachelor of Science in Accountancy from PHINMA University of Pangasinan and graduated Cum Laude with a GWA of 1.567. He also holds a master's degree in Business Administration from the same university.
He has over six years of in-depth experience in the audit of government agencies in the field of public works, transport, and energy. He has had extensive training provided by the Commission to ensure accountability for public resources, promote transparency, and help improve government operations for the benefit of the Filipino people.
As a tutor, he loves to teach his classmates during college days. He has been the go-to person of his classmates for complicated accounting problems because he can explain the concepts in simpler and more understandable terms, and also has tips and tricks to solve some problems faster. He also has experience tutoring online thru the online platform Zwerl / Sphere. He is also a lover of Mathematics. In fact, he got a numerical grade of 1.00 in his mathematics subject in college.
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Related Book For
Accounting Principles
ISBN: 978-1119419617
IFRS global edition
Authors: Paul D Kimmel, Donald E Kieso Jerry J Weygandt
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