C D E F G H ) M N O P Q R Transactions; financial statements Kean Dry Cleaners is owned and operated by Wally Lowman. A building and equipment are currently being rented, pending expansion to new facilities. The actual work of dry cleaning is done by another company at wholesale rates. The assets and the liabilities of the business on March 1, 2012, are as follows: Cash, $15,000; Accounts Receivable, $31.000; Supplies, $3,000; Land, $36,000; Accounts Payable, $13,000. Business transactions during March are summarized as follows: a. Wally Lowman invested additional cash in the business with a deposit of $28.000 in the business bank account. b. Paid $14,000 for the purchase of land as a future building site. c. Received cash from cash customers for dry cleaning revenue, $17,000. d. Paid rent for the month, $5,000. e. Purchased supplies on account, $2,500. f. Paid creditors on account, $12,800. g. Charged customers for dry cleaning revenue on account, $34,000. h. Received monthly invoice for dry cleaning expense for March (to be paid on April 10). $13,500. 1. Paid the following: wages expense, $7,500, truck expense, $2,500; utilities expense, $1,500; miscellaneous expense, $2,700 Received cash from customers on account, $28,000. k. Determined that the cost of supplies on hand was $1.900; therefore, the cost of sup- plies used during the month was $3,600 1. Withdrew $8,000 cash for personal use. Instructions 1. Determine the amount of Wally Lowman's capital as of March 1 of the current year. 2. State the assets. liabilities, and owner's equity as of March 1 in equation form similar to that shown in this chapter. In tabular form below the equation, indicate increases and decreases resulting from each transaction and the new balances after each transaction 3. Prepare an income statement for March, a statement of owner's equity for March, and balance sheet as of March 31. Stmt 3b. Stmt of RE 3c. Balance Sheet + o e o DOLL - Cecel Hile Home Insert Dw Page Layout Formulas Dua Review View Help O PROTECTED VIEW Be careful--files from the Internet can contain viruses. Unless you need to edit Oanh Nguyen - 1) Protected Vie Tell me what you want to do to stay in Protected View R - 3 i ng On the next page you will be doing Financials for the month of March 2012 Zoom in using the tool in the lower right task bar. Currently at 60% count Wa Viwand a c h with a deposit of $28.000 in the $14.000 for the path of land as a future eved cash from cachomers for dry cleaning . $17.000. We lecture in LABEM con for revenue on account w monthly invoice for dry cleaning pee March to be paid on or $23.500. o to the one wag . 57.500 500 510 M 2 .100 | | | | | | | | of supplies on hand was the one the cost of supplies during the month was $1.600 I w w $8.000 cash or personale tytomis out of balance in your armor and balanding ancak 3. Click on tabs below and complete the income Statement, Statement of Retained Earnings and Balance Sheet for the month of March 2012 Save this file under your name as follows tamamen Dry Cleaner When die w edback to the mentin Canvas Beginning balances are in the narrative below. Transactions A.Lare also in column Transactions; financial statements 1. & 2. Spread Sheet 3a. Income Stmt 3b. Stmt of RE 3c Balance Sheet Ready 20 PM Type here to search DELL FVO 411