Compare the January 31 balance sheet you prepared with the December 31 balance sheet shown 1....

 

  
 

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Compare the January 31 balance sheet you prepared with the December 31 balance sheet shown 1. What changes occurred in total assets, liabilities, and the owner's ending capital? 2. What changes occurred in the Cash and Accounts Receivable accounts? 3. Has there been an improvement in the firm's financial position? 1. Total assets Total liabilities Owner's capital 2. Cash Accounts receivable 3. Firm's financial position increased by increased by increased by decreased by increased by increased by Amount $ 50,427 $ 14,000 $ 36,427 $ 8,130 $ 8,940 Total assets Cash Accounts receivable Supplies Prepaid insurance Equipment Less: Accumulated depreciation Equipment ELI'S CONSULTING SERVICES Balance Sheet January 31, 20X2 Accounts payable Assets Liabilities and Owner's Equity Liabilities Trayton Eli, Capital Owner's Equity Total liabilities and owner's equity $ 41,000 366 $ $ $ 103,220 13,940 9,400 15,400 $ 17,500 $ 40,634 182,594 165,094 182,594 Cash Accounts Receivable Supplies Prepaid Rent Equipment Less Accumulated Depreciation Total Assets Liabilities Assets Accounts Payable Liabilities and Owner's Equity Owner's Equity Balance Sheet December 31, 20X1 Trayton Eli, Capital Total Liabilities and Owner's Equity 11 000 00 183 00 111 350 00 500.000 100000 4000 00 10 8 1 7 00 132 1 6 7 00 350000 128 6 6 7 00 132 16 7 00 Compare the January 31 balance sheet you prepared with the December 31 balance sheet shown 1. What changes occurred in total assets, liabilities, and the owner's ending capital? 2. What changes occurred in the Cash and Accounts Receivable accounts? 3. Has there been an improvement in the firm's financial position? 1. Total assets Total liabilities Owner's capital 2. Cash Accounts receivable 3. Firm's financial position increased by increased by increased by decreased by increased by increased by Amount $ 50,427 $ 14,000 $ 36,427 $ 8,130 $ 8,940 Total assets Cash Accounts receivable Supplies Prepaid insurance Equipment Less: Accumulated depreciation Equipment ELI'S CONSULTING SERVICES Balance Sheet January 31, 20X2 Accounts payable Assets Liabilities and Owner's Equity Liabilities Trayton Eli, Capital Owner's Equity Total liabilities and owner's equity $ 41,000 366 $ $ $ 103,220 13,940 9,400 15,400 $ 17,500 $ 40,634 182,594 165,094 182,594 Cash Accounts Receivable Supplies Prepaid Rent Equipment Less Accumulated Depreciation Total Assets Liabilities Assets Accounts Payable Liabilities and Owner's Equity Owner's Equity Balance Sheet December 31, 20X1 Trayton Eli, Capital Total Liabilities and Owner's Equity 11 000 00 183 00 111 350 00 500.000 100000 4000 00 10 8 1 7 00 132 1 6 7 00 350000 128 6 6 7 00 132 16 7 00

Answer rating: 100% (QA)

1 Changes in Total Assets Liabilities and Owners Ending Capital Total Assets January 31 20x2 182594 December 31 20x1 13216700 Change 182594 13216700 1... View the full answer