Question: Use the following information for the Quick Studies below. (Static) (The following information applies to the questions displayed below.) Lawson Consulting, which began operations on
Use the following information for the Quick Studies below. (Static) (The following information applies to the questions displayed below.) Lawson Consulting, which began operations on December 1, had the following accounts and amounts on December 31. The I. Lawson, Capital account balance at December 1 was $0 and the owner Invested $10,500 cash in the company on December 2. On December 31, the company's accounts and amounts for the month of December are shown in the table below: Cash $ 5,000 1. Lavon, withdrawal $ 1,500 Accounts receivable 4,500 Services revenue 12,000 Equipment 6,500 Rent expense 2,000 Accounts payable 3,000 Wages expenso 6,000 I. Layson, Capital 10,500 QS 2-17 (Static) Preparing a balance sheet LO P1 Use the above information to prepare a December 31 balance sheet for Lawson Consulting. Hint: The ending I. Lawson, Capital account balance as of December 31 is $13,000 LAWSON CONSULTING Balance Sheet Total equity
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
