Teri West operates her own catering service. Summary financial data for July are pre-sented in equation form as follows. Each line designated by a number indicates the effectof a transaction on the equation. Each increase and decrease in owner's equity, excepttransaction (5), affects net income= LiabilitiesOwner's EquityAssetsAccountsTeri WestTeri West,FeesSupplies Land = PayableDrawing Earned - ExpensesCashCapitalBal40,0003,00082,0007,500117,50071,8001+71,8002-15,000+15,000-47,500-47,5003.4.1,100+1,100-5,0005.-5,0006-4,000-4,0007.-1,500-1,500Bal.-5,00040,3002,60097,0004,600117,50071,800 -49,000Describe each transactionа.b. What is the amount of the net increase in cash during the month?c. What is the amount of the net increase in owner's equity during the month?d. What is the amount of the net income for the month?e. How much of the net income for the month was retained in the business?

“Hey, since there are multiple requirements posted, we will answer first three requirements. If you…

Answered: Teri West operates her own catering…

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter7: Financial Statements For A Proprietorship

Section: Chapter Questions

Problem 1MP

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You are provided with the following amounts for Sarah Feeley for the current year: View the amounts. Based on the amounts, what is the total amount reported pursuant to ITA paragraph 3(a) in the computation of Sarah Feeley's net income? O A. $75,150 O B. $200,150 O C. $86,150 O D. $11,150 Amounts Net employment income Business A: Gross income Business B: Gross income Business A: Expenses (for income tax purposes) Business B: Expenses (for income tax purposes) Interest income Taxable amount of dividends Print — Done — $ 7,200 $ 28,000 $ 111,000 $ 39,000 $ 36,000 $ 1,250 $ 2,700 X
A summary of selected ledger accounts appears below for Alberto's Plumbing Services for the current calendar year -end . Alberto , Capital 12/31 9,029 1/1 6,264 12/31 12,583 Alberto, Drawing 6/30 2,567 12/31 9,029 11/30 6,462 Net Income for the period is A. 6,264 B. 12,583 C. 33,349 D. 20,766
A business like NetSolutions estimates customer refunds and allowances for each year’s sales that might be owed to customers the following year. The year-end balance is recorded on the ___________ as a ______________. Group of answer choices Statement of Owner's Equity; decrease in owner's equity Income Statement; current liability (Customer Refunds Payable) Balance Sheet; current liability (Customer Refunds Payable) Statement of Cash Flows; Operating Activity
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enow.com/ilrn/takeAssignment/takeAssignment Main.do?invoker=&takeAssignment Session Locator=&inprogress=fals Income Statement Jay Pembroke started a business. During the first month (April 20--), the following transactions occurred. a. Invested cash in business, $19,000. b. Bought office supplies for $4,800: $2,200 In cash and $2,600 on account. c. Pald one-year Insurance premium, $1,000. d. Earned revenues totaling $3,400: $1,300 In cash and $2,100 on account. e. Pald cash on account to the company that supplied the office supplies in transaction (b), $2,250. f. Pald office rent for the month, $850. g. Withdrew cash for personal use, $150. The effect of each transaction is shown in the individual accounts of the expanded accounting equation. Liabilities + (Amts. Owed) a. 19,000 b. (2,200) (1,000) 1,300 (2,250) (850) 9. (150) Bal. 13,850 + C. d. e. Cash + f. Required: Assets (Items Owned) Accounts Receivable 2,100 Show Me How 2,100 office Supplies 4,800 4,800 Prepaid Insurance 1,000…

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