An analysis of transactions for Star & Co. for July 2024 was presented in E1.13. Data from
Question:
An analysis of transactions for Star & Co. for July 2024 was presented in E1.13.
Data from Exercise 13
A tabular summary of the transactions for Star & Co., an accounting firm, for its first month of operations, July 2024, follows:
Instructions
Prepare an income statement and statement of owner’s equity for July and a balance sheet at July 31.
Transcribed Image Text:
Accounts Prepaid Cash + Receivable + Insurance + Equipment 1 $18,000 2 -4,000 3 -750 4 3,500 5 -2,000 6 -3,300 7 -800 8 1,350 9 -2,700 10 $4,800 -1,350 $750 $6,000 8,000 = Accounts B. Star, B. Star, Payable + Capital Drawings + Revenues - $24,000 $4,000 -2,000 420 -3,300 $8,300 Expenses -$800 Rent -2,700 Salaries -420 Utilities
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 33% (3 reviews)
Revenues Service revenue STAR CO Income Statement Month Ended July ...View the full answer
Answered By
Saikumar Ramagiri
Financial accounting:- Journal and ledgers, preparation of trail balance and adjusted trail balance Preparation of income statement, retained earning statement and balance sheet Banks reconciliation statements Financial statement analysis Cash flow statement analysis (both direct and indirect methods) All methods of Depreciations Management Accounting:- Ratios Budgeting control Cash budget and production budget Working capital management Receivable management Costing:- Standard and variance costing Marginal costing and decision making Cost-volume-profit analysis Inventory management (LIFO, FIFO) Preparation and estimation of cost sheet Portfolio management:- Calculation of portfolio standard deviation or risk Calculation of portfolio expected returns CAPM, Beta Financial management:- Time value of money Capital budgeting Cost of capital Leverage analysis and capital structure policies Dividend policy Bond value calculations like YTM, current yield etc International finance:- Derivatives Futures and options Swaps and forwards Business problems Finance problems Education (mention all your degrees, year awarded, Institute/University, field(s) of major): Education Qualification Board/Institution/ University Month/Year of Passing % Secured OPTIONALS/ Major ICWAI(inter) ICWAI inter Pursuing Pursuing - M.com(Finance) Osmania University June 2007 65 Finance & Taxation M B A (Finance) Osmania University Dec 2004 66 Finance & Marketing. B.Com Osmania University June 2002 72 Income Tax, Cost & Mgt, Accountancy, Auditing. Intermediate (XII) Board of Intermediate May 1999 58 Mathematics, Accountancy, Economics. S S C (X) S S C Board. May 1997 74 Mathematics, Social Studies, Science. Tutoring experience: • 10 year experience in online trouble shooting problems related to finance/accountancy. • Since 6 Years working with solution inn as a tutor, I have solved thousands of questions, quick and accuracy Skills (optional): Technical Exposure: MS Office, SQL, Tally, Wings, Focus, Programming with C Financial : Portfolio/Financial Management, Ratio Analysis, Capital Budgeting Stock Valuation & Dividend Policy, Bond Valuations Individual Skills : Proactive Nature, Self Motivative, Clear thought process, Quick problem solving skills, flexible to complex situations. Achievements : 1. I have received an Award certificate from Local Area MLA for the cause of getting 100% marks in Accountancy during my Graduation. 2. I have received a GOLD MEDAL/Scholarship from Home Minister in my MBA for being the “Top Rank student “ of management institute. 3. I received numerous complements and extra pay from various students for trouble shooting their online problems. Other interests/Hobbies (optional): ? Web Surfing ? Sports ? Watching Comics, News channels ? Miniature Collection ? Exploring hidden facts ? Solving riddles and puzzles
4.80+
391+ Reviews
552+ Question Solved
Related Book For
Accounting Principles Volume 1
ISBN: 9781119786818
9th Canadian Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
Question Posted:
Students also viewed these Business questions
-
An analysis of transactions for Star & Co. for July 2021 was presented in E1.13. Instructions Prepare an income statement and statement of owner?s equity for July and a balance sheet at July 31....
-
An analysis of transactions for Arthur Cooper & Co. was presented in Exercise. In Exercise, An analysis of the transactions made by Arthur Cooper & Co., a certified public accounting firm, for the...
-
An analysis of transactions for J. L. Kang & Co. Ltd. was presented in E1-8. Assume that August is the company's first month of business. Instructions Prepare an income statement and a retained...
-
This question is optional and will not be graded. We are interested in examining factors determining women's labor force participation. Use the data set mroz. dta and the do file ps5.2. do to answer...
-
Presented below is information related to Lor Co. 1. On April 5, purchased merchandise from Garcia Company for $19,000, terms 2/10, net/30, FOB shipping point. 2. On April 6, paid freight costs of...
-
Assuming Raoult's law to apply to the system n-pentane (1) In-hcptand(2), (a) What arc the values of x1 and y1 at t = 55C und P = 1/2 (P1sat + P2sat)? For these conditions plot the fraction of system...
-
Check that node in Fig. 8.1 has l = 14/11 and therefore C 0.79 and that node has l = 26/11 and accordingly C 0.42. Figure 8.1 10
-
Valenzuela Company budgeted selling expenses of $30,000 in January, $35,000 in February, and $40,000 in March. Actual selling expenses were $31,000 in January, $34,500 in February, and $47,000 in...
-
How many years should be considered between the date of acquisition and the date of disposal of an asset, in order to calculate the ISR, in the declaration of people who obtain income from the...
-
A co-op student, working for Insidz Co., recorded the companys transactions for the month. At the end of the month, the owner of Insidz Co. reviewed the students work and had some questions about the...
-
Here are some terms from the chapter: 1. Accounts payable 2. Expenses 3. Creditor 4. International Financial Reporting 5. Prepaid expense 6. Profit 7. Assets 8. Corporation 9. Unearned revenue 10....
-
(a) Suppose A.B are m x n matrices such that ker A = ker B. Prove that there is a nonsingular m m matrix M such that MA = B. (b) Use this to conclude that if Ax = b and Bx = c have the same...
-
On October 1, Alpha purchased land for $150,000, paying $50,000 cash and issuing a 2-year, 4% note for the balance. The AJE for the interest that should be recorded on December 31 for the first year...
-
What is used to extract past and real-time data from the financial reporting system that is most applicable to the tax function?
-
What model of operation would be best suited in a scenario where the final output must be developed in a series of differentiating steps?
-
Following details regarding cost estimate of a project is given: Optimistic cost = $ 8,000 Most likely cost = $ 10,000 Pessimistic cost = $ 15,000. Calculate three point estimate using Beta...
-
Following estimated details are available with respect to a project: Labour hours = 150, Labour rate = $20 per hour Quotation for Materials required = $4,500 Other costs = $5,000. Calculate the cost...
-
Gonzaga University professors conducted a study of over 1,500 television commercials and published their results in the Journal of Sociology, Social Work and Social Welfare (Vol. 2, 2008)....
-
Identify one local business that uses a perpetual inventory system and another that uses a periodic system. Interview an individual in each organization who is familiar with the inventory system and...
-
The ledger of Zug Limited at October 31, 2021, contains the following summary data: Your analysis reveals the following additional information: 1. The company has a 25% income tax rate. 2. On March...
-
The ledger of Weather Vane Limited at September 30, 2021, contains the following summary data: Your analysis reveals the following additional information: 1. The company has a 25% income tax rate. 2....
-
Now that Natalie is a shareholder of the bakery and the smoothies are becoming a significant portion of the business revenues, Natalie and her parents have changed the name of the company to Sant...
-
Suppose a BMW 528i is priced at $57,700 in New York and 45,500 in Berlin. In which place is the car more expensive if the spot rate is $1.1900/? The cost of the car is quite a bit cheaper in Save for...
-
Break-even EBIT (with and without taxes). Alpha Company is looking at two different capital structures, one an all-equity firm and the other a levered firm with $2.88 million of debt financing at 8%...
-
The managers of Hong Company receive performance bonuses based on the net income of the firm. Which inventory costing method are they likely to favor in periods of declining prices? In periods of...
Study smarter with the SolutionInn App