The following are incomplete financial statements for Good Home Hardware.Calculate the missing values and complete the statements.
Question:
The following are incomplete financial statements for Good Home Hardware.Calculate the missing values and complete the statements.
Financial StatementsFinancial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
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GOOD HOME HARDWARE Income Statement For the Year Ended July 31, 2019 Revenue: Service Revenue $142,000 Repair Revenue Total Revenue 6,000 $148,000 Operating Expenses: Wages Expense Rent Expense Supplies Expense Utilities Expense Interest Expense Total Operating Expenses $52,000 24,000 11,400 (a) 500 97,700 Net Income (ъ GOOD HOME HARDWARE Statement of Owner's Equity For the Year Ended July 31, 2019 $ 79,300 M. Good, Capital, August 1, 2018 Add: $ (c) (d) Investments by Owner Net Income Total $129,600 Less: Withdrawals by Owner M. Good, Capital, July 31, 2019 (f) $ 95,600 GOOD HOME HARDWARE Balance Sheet July 31, 2019 Assets Liabilities Cash $ 11,800 Accounts Payable (i) Accounts Receivable Notes Payable (g) 2,400 20,000 $ 34,800 Supplies Prepaid Rent Office Equipment Total Liabilities 12,000 29,200 19,000 Equity M. Good, Capital Furniture Total Assets (h) Total Liabilities and Owner's Equity $130,400
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Related Book For
College Accounting A Practical Approach
ISBN: 978-0134166698
13th Canadian edition
Authors: Jeffrey Slater, Debra Good
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