The following amounts summarize the financial position of Mason Computing, Inc.. on September 30, 2021: (Click...
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The following amounts summarize the financial position of Mason Computing, Inc.. on September 30, 2021: (Click the icon to view the September 30, 2021 financial position.) CELECO GUD During October 2021, Mason Computing completed these transactions: (Click the icon to view the transactions.) Read the requirements September 30, 2021 financial position Bal Assets Accounts Cash + Receivable + Supplies + Equipment . 2,050 3,200 12,500 Liabilities + Accounts Payable 8,500 + Stockholders' Equity Retained + Earnings 2,850 Common Stock 6,400 - X Transactions a. The company received cash of $4,300 and issued common stock. b. Performed services for a customer and received cash of $6,000. c. Paid $4,500 on accounts payable. d. e. f. g. Purchased supplies on account, $1,100. Collected cash from a customer on account, $1,900. Consulted on the design of a computer system and billed the customer for services rendered, $4,600. Recorded the following business expenses for the month: (1) paid office rent- $1,100; (2) paid advertising-$900. (Record the cash amount as a total and identify and record any other amounts separately.) h. Declared and paid a cash dividend of $2,400. -X Requirements 1. 2. 3. 4. Analyze the effects of the preceding transactions on the accounting equation of Mason Computing, Inc. Prepare the income statement of Mason Computing, Inc., for the month ended October 31, 2021. List expenses in decreasing order by amount. Prepare the entity's statement of retained earnings for the month ended October 31, 2021. Prepare the balance sheet of Mason Computing, Inc., at October 31, 2021. X The following amounts summarize the financial position of Mason Computing, Inc.. on September 30, 2021: (Click the icon to view the September 30, 2021 financial position.) CELECO GUD During October 2021, Mason Computing completed these transactions: (Click the icon to view the transactions.) Read the requirements September 30, 2021 financial position Bal Assets Accounts Cash + Receivable + Supplies + Equipment . 2,050 3,200 12,500 Liabilities + Accounts Payable 8,500 + Stockholders' Equity Retained + Earnings 2,850 Common Stock 6,400 - X Transactions a. The company received cash of $4,300 and issued common stock. b. Performed services for a customer and received cash of $6,000. c. Paid $4,500 on accounts payable. d. e. f. g. Purchased supplies on account, $1,100. Collected cash from a customer on account, $1,900. Consulted on the design of a computer system and billed the customer for services rendered, $4,600. Recorded the following business expenses for the month: (1) paid office rent- $1,100; (2) paid advertising-$900. (Record the cash amount as a total and identify and record any other amounts separately.) h. Declared and paid a cash dividend of $2,400. -X Requirements 1. 2. 3. 4. Analyze the effects of the preceding transactions on the accounting equation of Mason Computing, Inc. Prepare the income statement of Mason Computing, Inc., for the month ended October 31, 2021. List expenses in decreasing order by amount. Prepare the entity's statement of retained earnings for the month ended October 31, 2021. Prepare the balance sheet of Mason Computing, Inc., at October 31, 2021. X
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Related Book For
Financial Accounting
ISBN: 978-0134127620
11th edition
Authors: Walter Harrison, Charles Horngren, William Thomas, Wendy Tietz
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