Fargo Company operates a pet grooming service. On August 1 of the current year, the firm's...

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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 $20,000 $15,000 $5,000 Accounts Receivable Supplies on Hand Prepaid Insurance Notes Payable Accounts Payable Capital Stock $10,000 Retained Earnings $10,000 $25,000 $5,000 During August the following transactions occurred: Aug. 6 Rendered services for various clients on account for $10,230. Aug. 13 Received $2,500 on account from clients. Aug. 18 Paid $2,760 on accounts payable. Aug. 18 Paid miscellaneous expenses, $1,200. Aug. 31 Determined that $2,760 insurance premiums expired during August Aug. 31 Determined that supplies on hand at August 31 amounted to $10,230 Required 1: What is the proper balance of Supplies Expense showing on August 31st income statement? $ 4770 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? $[ 1500 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? $[ 17240 Required 6: If these were all the transactions, what is the amount of total owner's equity at the end of the period? $ 2240 31500 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 $20,000 $15,000 $5,000 Accounts Receivable Supplies on Hand Prepaid Insurance Notes Payable Accounts Payable Capital Stock $10,000 Retained Earnings $10,000 $25,000 $5,000 During August the following transactions occurred: Aug. 6 Rendered services for various clients on account for $10,230. Aug. 13 Received $2,500 on account from clients. Aug. 18 Paid $2,760 on accounts payable. Aug. 18 Paid miscellaneous expenses, $1,200. Aug. 31 Determined that $2,760 insurance premiums expired during August Aug. 31 Determined that supplies on hand at August 31 amounted to $10,230 Required 1: What is the proper balance of Supplies Expense showing on August 31st income statement? $ 4770 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? $[ 1500 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? $[ 17240 Required 6: If these were all the transactions, what is the amount of total owner's equity at the end of the period? $ 2240 31500

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