answer all the 10 questions below and explain the calculations and your reasoning for the answer

01 points eBook Which of these financial statements provides information about economic resources and claims on those resources? Multiple Choice Balance sheet OO m OO Cash flow statement None of the other alternatives are correct Income statement Income Statement and Balance Sheet 2 Consider the following selected transactions for a sole proprietorship owned by You: 1. On January 5th you paid $7,020 for one year rent in advance. 04 2. Received $3,040 for TV subscription to be delivered to customers over the next accounting period. points 3. Borrowed $8,000 from the bank. Required 1: At the moment of these transactions, what is the net increase (decrease) of assets? In case of decrease, then use "- !| " (minus sign) before the number. $ eBook Required 2: By the end of January, what is the net increase (decrease) of Expenses? In case of decrease, then use "-" (minus sign) before the number. $[ ] 3 01 points Coleman Inc. reports total assets and total liabilities of $225,000 and $100,000, respectively, at the conclusion of its first year of business. The company earned $75,000 during the first year and distributed $30,000 in dividends. What was the firm's contributed capital? eBook Multiple Choice O $80,000 $95,000 $50,000 $125,000 O O (O None of the other alternatives are correct | The Balance Sheet at the beginning of the month shows Total Assets of $50,200 and during the month the following transactions occurred: (a) Provided services in cash for $11,220; (b) Purchase current month insurance on account for $10,400; (c) Paid owed utilities from last month for $3,560; and (d) Received a cash payment from a customer that owed $7,500 on 0.4 account. points Required 1: What are Total Assets at the end of the month? $ B!|k Required 2: By how much did the Total liabilities changed? $ eBool Required 3: If these were all transactions, how much is the net income (loss) of the period? $ Check my work 5 Choose whether reporting dates would most likely be part of: 0.1 points Multiple Choice eBook O All accounting systems O A mental accounting system O A computerized accounting system O A manual accounting system O None of the other alternatives are correct6 0.4 points eBook Fargo Company operates a pet grooming service. On August 1 of the current year, the firm's account balances were as follows: Cash $10,000 Accounts Receivable $20,000 Supplies on Hand $15,000 Prepaid Insurance $5,000 Notes Payable $10,000 Accounts Payable $10,000 Capital Stock $25,000 Retained Earnings $5,000 During August the following transactions occurred: Aug. 6 Rendered services for various clients on account for $10,330. Aug. 13 Received $2,500 on account from clients. Aug. 18 Paid $2,960 on accounts payable. Aug. 18 Paid miscellaneous expenses, $1,200. Aug. 31 Determined that $2,960 insurance premiums expired during August Aug. 31 Determined that supplies on hand at August 31 amounted to $10,330 Required 1: What is the proper balance of Supplies Expense showing on August 31st income statement? $ Required 2: What is the proper amount of Prepaid Insurance showing on August 31st balance sheet? $[ | Required 3: If these were all the transactions, what is the Net Income (loss) for the period? $[ | Required 4: If these were all the transactions, what is the amount of total assets at the end of the period? $[ | Required 5: If these were all the transactions, what is the amount of total liabilities at the end of the period? $ Required 6: If these were all the transactions, what is the amount of total owner's equity at the end of the period? $ 7 01 points eBook The following financial statements were prepared at the end of the month of May: TOPS IN TOPIARY - INCOME STATEMENT FOR the month of May Revenue Expenses: Rent Expense Advertising Expense Wages Expense Net Income $500 $500 $200 $2,540 $1,200 $1,340 TOPS IN TOPIARY - STATEMENT OF OWNER'S EQUITY FOR the month of MAY Owner's Equity at May 1 plus: Investment plus: Net Income less: Withdrawals Owner's Equity at May 31 $ 0 2,000 1,340 0 $3,340 TOPS IN TOPIARY - BALANCE SHEET AS OF MAY 31 ASSETS Current Assets: Cash Accounts Receivable Prepaid Rent Prepaid Advertising Supplies Equipment Total Assets $1,380 $1,500 $ 500 $ 500 $ 100 $3,980 $ 360 $4,340 LIABILITES AND OWNER'S EQUITY Current Liabilities: Accounts Payable $ 300 Advertising Payable $ 500 Advances from Customers $ 200 Owner's Equity $3,340 Total Liabilities & OE $4,340 7 01 points eBook During June the following transactions occurred: 1) Paid the helper the $200 owed from works done in May (the amount owed is in Accounts Payable). 2) Completed the job for which the customer paid $200 in May. Tops in Topiary collected $1,000 in cash once finished. 3) Paid $500 for the rent of July. 4) At the end of June notices that there are no supplies left. Makes a note to buy some in July. 5) At the end of June notices that there are few flyers left (used for advertising) worth $100 and decides to order some for July. Before ordering, the printer (supplier of flyers) asks to be paid $500 of the amount owed for the flyers done in May. Tops in Topiary pays $500. 6) In June collected in cash $3,000 for 3 jobs are done for a total of $4,200, the rest is owed in account by the customers. 7) In June decided to start depreciating the equipment bought for $360 that is expected to last for 3 years. 8) In June 239 Edward Scissorhands withdrew some cash for personal reasons ($3,000). Prepare "T" Accounts in ACCRUAL Basis for the period ended on June 30th and then answer the question. At the end of the accounting period (June 30th, T account after AJE), what is the balance of Supplies Expense? \f3 When Indigo Company acquired new equipment costing $2,500 on the first day of the year, the bookkeeper debited Depreciation Expense and credited Cash for the whole amount. The equipment has an expected service of 5 years and an expected residual value of $460. 0.4 points Required 1: What is the correct amount of depreciation expense Indigo should report on the year end income statement? $ Required 2: What is the amount for accumulated depreciation Indigo should show on the year end balance sheet? (type it as a positive !l number) $ eBook Required 3: What net amount (i.e., cost net of accumulated depreciation) should Indigo show for equipment on the year end balance sheet? $ A firm's gross profit on net sales is 35%. The firm had net sales of $400,000 and net cost of purchases of $280,000. If the beginning inventory was $40,000, how much was the ending inventory? 9 points Multiple Choice eBook Q $180,000 $20,000 None of the other alternatives are correct $40,000 $60,000 O O O O 10 0.4 points eBook AB Ltd.'s Inventory increased by $1,160 during the year. Also during the year the cost of goods sold was $4,292. Required: AB's net purchases for the period must have been: $