Use the facts in Exercise 1-12 to prepare a July statement of changes in equity for Academic
Question:
Use the facts in Exercise 1-12 to prepare a July statement of changes in equity for Academic Learning Services, similar to Exhibit 1.9.
Analysis Component: Identify those activities that caused equity to decrease during July 2020.
Exhibit 1.9
Exercise 1-12
On July 1, 2020, Academic Learning Services entered its second month of operations. On July 31, 2020, Breanne Allarie, the owner, finalized the company?s records that showed the following items. Use this information to prepare a July income statement similar to Exhibit 1.8.
Transcribed Image Text:
EXHIBIT 1.8 Income Statement for Organico Organico Income Statement For Month Ended March 31, 2020 Revenues: Food services revenue. $3,800 Teaching revenue. Total revenues. 300 $4,100 Operating expenses: Rent expense. Salarles expense. $1,000 700 Total operating expenses. 1,700 $2,400- Profit. EXHIBIT 1.9 Statement of Changes in Equity for Organico Organico Statement of Changes In Equity For Month Ended March 31, 2020 Halley Walker, capital, March 1. -0- $10,000 Investments by owner. Profit. 2,400 12,400 $12,400 Total Less: Withdrawals by owner Halley Walker, capiltal, March 31. 600 $11,800 EXHIBIT 1.10 Balance Sheet for Organico Organico Balance Sheet March 31, 2020 Assets Llabilitles $ 200 $8,400 Accounts payable. 3,600 Notes payable. Total labilities. Equity Halley Walker, capltal. $18.000 Total labilitiles and equity. Cash. Supplies. Equipment 6,000 $ 6,200 6,000 11,800 $18,000 Total assets EXHIBIT 1.11 Statement of Cash Flows for Organico Organico Statement of Cash Flows For Month Ended March 31, 2020 Cash flows from operating activitles $ 4,100 (3,400) (1,000) (700) Cash recelved from clients. Cash pald for supplies Cash pald for rent. Cash pald to employee Net cash used by operating activitles Cash flows from Investing activities. Cash flows from financing activitiles Investment by owner Withdrawal by owner $(1,000) -0- $10,000 (600) Net cash provided by financing activities. Net Increase In cash. 9,400 $8,400 Cash balance, March 1 -0- $8,400 Cash balance, March 31. The arrows ara provided for education purposes only to omphasize the link batwoen statements. %24 Accounts payable. Accounts receivable. Owner's investments during July 2020 Owner's withdrawals .................... $2,500 4,000 3,600 4,200 3,800 15,400 4,500 $3,200 3,000 2,080 Cash. Computer equipment. Furniture . Breanne Allarie, capital, June 30, 2020*. Supplies. Textbook rental revenue. Tutoring revenue. 500 6,200 Tutors' wages expense. 1,740 Office rent expense Utilities expense 880
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 25% (8 reviews)
ACADEMIC LEARNING SERVICES Statement of Changes in Equity For Month Ended July 31 ...View the full answer
Answered By
Aysha Ali
my name is ayesha ali. i have done my matriculation in science topics with a+ . then i got admission in the field of computer science and technology in punjab college, lahore. i have passed my final examination of college with a+ also. after that, i got admission in the biggest university of pakistan which is university of the punjab. i am studying business and information technology in my university. i always stand first in my class. i am very brilliant client. my experts always appreciate my work. my projects are very popular in my university because i always complete my work with extreme devotion. i have a great knowledge about all major science topics. science topics always remain my favorite topics. i am also a home expert. i teach many clients at my home ranging from pre-school level to university level. my clients always show excellent result. i am expert in writing essays, reports, speeches, researches and all type of projects. i also have a vast knowledge about business, marketing, cost accounting and finance. i am also expert in making presentations on powerpoint and microsoft word. if you need any sort of help in any topic, please dont hesitate to consult with me. i will provide you the best work at a very reasonable price. i am quality oriented and i have 5 year experience in the following field.
matriculation in science topics; inter in computer science; bachelors in business and information technology
_embed src=http://www.clocklink.com/clocks/0018-orange.swf?timezone=usa_albany& width=200 height=200 wmode=transparent type=application/x-shockwave-flash_
4.40+
11+ Reviews
14+ Question Solved
Related Book For
Fundamental Accounting Principles Volume I
ISBN: 978-1260305821
16th Canadian edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
Question Posted:
Students also viewed these Business questions
-
Use the facts in Exercise 1-8 to prepare a November statement of changes in equity for The Higgins Group, similar to Exhibit 1.9. In exercise 1-10 Analysis Component: What activities caused equity to...
-
Use the facts in Exercise 1.3: a. Hong and Wolak estimate that the elasticity of demand for postal services is -1.6. Assume that there is a constant elasticity of demand function, Q = Xp-1.6, where X...
-
Use the facts in Exercise 1-12 to prepare a July 31 balance sheet for Academic Learning Services, similar to Exhibit 1.10. Analysis Component: Identify how much of the assets held by Academic...
-
The unadjusted trial balance of Mesa Inc., at the company's year end of December 31 follows: Additional information and adjustment data: 1. The 12-month insurance policy was purchased and was...
-
The AlI3 molecule has an incomplete octet around Al. Draw three resonance structures of the molecule in which the octet rule is satisfied for both the Al and the I atoms. Show formal charges.
-
Why do many communication consultants encourage businesspeople to move beyond bullet points? What do they recommend instead and why?
-
In 2016, a father of two minor children in Cuyahoga county, Ohio, filed a claim to determine custody of the children. At the pretrial, the father informed the magistrate he wanted to be named a legal...
-
Westside Auto purchases a component used in the manufacture of automobile generators directly from the supplier. Westsides generator production operation, which is operated at a constant rate, will...
-
Let's use this discussion to discuss any problems you are having with the material as you prepare for the final exam. We're also going to use the discussion to complete a required activity with your...
-
Kristina just won the lottery, and she must choose among three award options. She can elect to receive a lump sum today of $62 million, to receive 10 end-of-year payments of $9.5 million, or to...
-
Tim Roadster began Roadster Servicing on April 1, 2020, and showed the following items after the first month of operations. Match each of these items with the financial statement or statements on...
-
Using the accounting equation provided, calculate: 1. Beginning capital on January 1, 2020, and 2. Ending capital at December 31, 2020. Liabilities Assets Equity Beginning capital on January 1, 2020...
-
Write the full atomic symbol for the only atom that has its mass number equal to its atomic number.
-
From binary to decimal numbers Express the decimal number 21.33 in the ternary numeral system with base b = 3. Check that your result is actually correct. Is the sequence of ternary bits infinite?...
-
How many device templates can be attached to a single WAN Edge device? One per device One per feature template One per transport interface One per service VPN
-
discuss case study a bout remote analysis during covid 1 9 - 1 9 virus
-
QUESTION 2 [20 Marks] Critically evaluate in detail, the following software engineering tools and techniques Jira Use cases Case tools (for Configuration Management) JUnit
-
Write a MATLAB program (no simulink or gui) to design an analog filter to meet your assigned design specifications. (a) Print the filter order. (b) Use f_freqs to compute and plot the magnitude...
-
Why do accountants use a Purchases account when inventory items are acquired in a periodic inventory system?
-
In the simple quantity theory of money, what will lead to an increase in aggregate demand? In monetarism, what will lead to an increase in aggregate demand?
-
William Curtis is a personal finance expert and owns Much Money Consulting. This is his first month of operations and William has hired you to do his accounting. The following transactions are for...
-
Use the information given and the analysis completed in Exercise 2-5. Exercise 2-5 William Curtis is a personal finance expert and owns Much Money Consulting. This is his first month of operations...
-
Myra Sharma owns and operates a yoga studio, Green Yoga. Examine the following transactions and identify those that created expenses for Green Yoga. Prepare journal entries to record those...
-
Your company has to come up with a new water treatment plant according to new environmental regulations. There are two options. Option A entails an initial investment of $40,000 and will have a life...
-
Prove the following relationship using the cosine rule: ab=| a || b | cos 0, where is the angle between vectors a and b. The dot product can be extended to an arbitrary number of dimensions: N a. b...
-
Cheryl is going to purchase a travel trailer priced at $10,500. She has saved $1,000 for a down payment and plans to repay the balance with equal monthly payments. The maximum amount she can afford...
Study smarter with the SolutionInn App