Question: Problem 1-03A a1-a3,b1-b2 On June 1, Margaret Moore started Carla Vista Designs Co., a company that provides craft opportunities, by investing $13,750 cash in the

 Problem 1-03A a1-a3,b1-b2 On June 1, Margaret Moore started Carla VistaDesigns Co., a company that provides craft opportunities, by investing $13,750 cashin the business. Following are the assets and liabilities of the companyat June 30 and the revenues and expenses for the month ofJune. Cash $10,000 Service Revenue $6,100 Accounts Receivable 2,800 Advertising Expense 600

Supplies 2,000 Rent Expense 1,400 Equipment 11,000 Gasoline Expense 200 Notes Payable8,600 Utilities Expense 150 Accounts Payable 1,100 Margaret made no additional investmentin June but withdrew $1,400 in cash for personal use during themonth.\fPrepare an owner's equity statement for the month of June. (List itemsthat increase owner's equity first.) CARLA VISTA DESIGNS CO. Owner's Equity StatementPrepare a balance sheet at June 30, 2020. (List Assets in orderof liquidity.) CARLA VISTA DESIGNS CO. Balance Sheet Liabilities and Owner's Equity

Problem 1-03A a1-a3,b1-b2 On June 1, Margaret Moore started Carla Vista Designs Co., a company that provides craft opportunities, by investing $13,750 cash in the business. Following are the assets and liabilities of the company at June 30 and the revenues and expenses for the month of June. Cash $10,000 Service Revenue $6,100 Accounts Receivable 2,800 Advertising Expense 600 Supplies 2,000 Rent Expense 1,400 Equipment 11,000 Gasoline Expense 200 Notes Payable 8,600 Utilities Expense 150 Accounts Payable 1,100 Margaret made no additional investment in June but withdrew $1,400 in cash for personal use during the month.\fPrepare an owner's equity statement for the month of June. (List items that increase owner's equity first.) CARLA VISTA DESIGNS CO. Owner's Equity Statement Prepare a balance sheet at June 30, 2020. (List Assets in order of liquidity.) CARLA VISTA DESIGNS CO. Balance Sheet Liabilities and Owner's Equity \fPrepare an income statement for June assuming the following data are not included above: (1) $800 of services were performed and billed but not collected at June 30, and (2) $150 of gasoline expense was incurred but not paid. CARLA VISTA DESIGNS CO. Income Statement Prepare an owner's equity statement for June assuming the following data are not included above: (1) $800 of revenue was earned and billed but not collected at June 30, and (2) $150 of gasoline expense was incurred but not paid. (List items that increase owner's equity rst.) CARLA VISTA DESIGNS co. Owner's Equity Statement

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!