LO 1,3 SPREADSHEET 1: Total net income: $20,600 1: Total assets: $45,000 Preparation and Interpretation of...

Transcribed Image Text:

LO 1,3 SPREADSHEET 1: Total net income: $20,600 1: Total assets: $45,000 Preparation and Interpretation of Financial Statements P9. Bachino's Pizza's accounts follow. The company has just completed its first year of operations ended September 30, 2014. Copyright 2013 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the cBook and/or eChapter(s). Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it. Chapter Assignments Accounts Payable Accounts Receivable Cash Delivery Truck Rent Expense Equipment Equipment Rental Expense Marketing Expense Owner's Capital Pizza Revenue Salaries Expense Salaries Payable Supplies Supplies Expense Withdrawals *Represents the initial investment by the owner. $ 21,000 26,400 5,200 14,400 12,600 5,800 3,000 4,000* 164,000 112,000 1,400 800 8,200 2,000 35 REQUIRED 1. Prepare Bachino's Pizza's income statement, statement of owner's equity, and bal- ance sheet. 2. Why would Bachino's Pizza's owner set his business up as a sole proprietorship and not a partnership? Discuss how profits and obligations are shared in the two forms of business organizations. LO 1,3 SPREADSHEET 1: Total net income: $20,600 1: Total assets: $45,000 Preparation and Interpretation of Financial Statements P9. Bachino's Pizza's accounts follow. The company has just completed its first year of operations ended September 30, 2014. Copyright 2013 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the cBook and/or eChapter(s). Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it. Chapter Assignments Accounts Payable Accounts Receivable Cash Delivery Truck Rent Expense Equipment Equipment Rental Expense Marketing Expense Owner's Capital Pizza Revenue Salaries Expense Salaries Payable Supplies Supplies Expense Withdrawals *Represents the initial investment by the owner. $ 21,000 26,400 5,200 14,400 12,600 5,800 3,000 4,000* 164,000 112,000 1,400 800 8,200 2,000 35 REQUIRED 1. Prepare Bachino's Pizza's income statement, statement of owner's equity, and bal- ance sheet. 2. Why would Bachino's Pizza's owner set his business up as a sole proprietorship and not a partnership? Discuss how profits and obligations are shared in the two forms of business organizations. LO 1,3 SPREADSHEET 1: Total net income: $20,600 1: Total assets: $45,000 Preparation and Interpretation of Financial Statements P9. Bachino's Pizza's accounts follow. The company has just completed its first year of operations ended September 30, 2014. Copyright 2013 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the cBook and/or eChapter(s). Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it. Chapter Assignments Accounts Payable Accounts Receivable Cash Delivery Truck Rent Expense Equipment Equipment Rental Expense Marketing Expense Owner's Capital Pizza Revenue Salaries Expense Salaries Payable Supplies Supplies Expense Withdrawals *Represents the initial investment by the owner. $ 21,000 26,400 5,200 14,400 12,600 5,800 3,000 4,000* 164,000 112,000 1,400 800 8,200 2,000 35 REQUIRED 1. Prepare Bachino's Pizza's income statement, statement of owner's equity, and bal- ance sheet. 2. Why would Bachino's Pizza's owner set his business up as a sole proprietorship and not a partnership? Discuss how profits and obligations are shared in the two forms of business organizations.

Answer rating: 100% (QA)

The image presented appears to be a textbook assignment page asking students to work on financial statements of a company named Bachinos Pizza based on various account balances provided Due to the nat... View the full answer