An analysis of transactions made during July by NepCo, an Internet service provider, during its first...

Transcribed Image Text:

An analysis of transactions made during July by NepCo, an Internet service provider, during its first month of operations is shown below. Increases and decreases affecting revenues and expenses are explained Assets (a) (b) (c) (d) (e) (f) (8) (h) (4) (3) Cash +13,500 Accounts Receivable Supplies Equipment -0,000 +1,050 -3,195 -3,020 -1,025 +2,145 2,065 Revenues +7,158 -2,145 5,005 +570 +12,260 570 12,260 NEPCO Income Statement For the Month Ended July 31 Liabilities+ Accounts Payable +1,005 +4,260 +570 -3,195 Required: 1. This part of the question is not part of your Connect assignment. 2-a. Prepare an income statement as of July 31. 2,640 Contributed Capital +13,500 13,500 Stockholders Equity Retained Earnings -1,005 Utilities Expense +7,150 Service Revenue 1,660 Service Revenue -3,020 Mages Expense -1,025 Rent Expense 3,700 2-a. Prepare an income statement as of July 31. Revenues: Income Statement For the Month Ended July 31 Total revenues Expenses: NEPCO Total expenses ces 2-b. Prepare a statement of retained earnings for July 31. (Leave no cells blank - be certain to enter "0" wherever required.) NEPCO Statement of Retained Earnings For the Month Ended July 31 $ Retained Earnings, July 1 Retained Earnings, July 31 0 5 2-c. Prepare a classified balance sheet as of July 31. Assets Current assets Total current assets Total assets Liabilities Current liabilities Total liabilities Shareholders' equity NEPCO Balance Sheet At July 31 Total shareholders' equity Total liabilities and shareholders' equity An analysis of transactions made during July by NepCo, an Internet service provider, during its first month of operations is shown below. Increases and decreases affecting revenues and expenses are explained Assets (a) (b) (c) (d) (e) (f) (8) (h) (4) (3) Cash +13,500 Accounts Receivable Supplies Equipment -0,000 +1,050 -3,195 -3,020 -1,025 +2,145 2,065 Revenues +7,158 -2,145 5,005 +570 +12,260 570 12,260 NEPCO Income Statement For the Month Ended July 31 Liabilities+ Accounts Payable +1,005 +4,260 +570 -3,195 Required: 1. This part of the question is not part of your Connect assignment. 2-a. Prepare an income statement as of July 31. 2,640 Contributed Capital +13,500 13,500 Stockholders Equity Retained Earnings -1,005 Utilities Expense +7,150 Service Revenue 1,660 Service Revenue -3,020 Mages Expense -1,025 Rent Expense 3,700 2-a. Prepare an income statement as of July 31. Revenues: Income Statement For the Month Ended July 31 Total revenues Expenses: NEPCO Total expenses ces 2-b. Prepare a statement of retained earnings for July 31. (Leave no cells blank - be certain to enter "0" wherever required.) NEPCO Statement of Retained Earnings For the Month Ended July 31 $ Retained Earnings, July 1 Retained Earnings, July 31 0 5 2-c. Prepare a classified balance sheet as of July 31. Assets Current assets Total current assets Total assets Liabilities Current liabilities Total liabilities Shareholders' equity NEPCO Balance Sheet At July 31 Total shareholders' equity Total liabilities and shareholders' equity

Answer rating: 100% (QA)

Here is the income statement for NoCo as of July 1 Income Statement For the Period Ended July 1 2023 Revenues Service revenue Expenses Cost of goods sold Selling general and administrative expenses To... View the full answer