Prepare an income statement for the month of may

Assignment Help Financial Accounting
Reference no: EM13548923

Carla Quentin started her own consulting firm, Quentin Consulting, on May 1, 2012. The following transactions occurred during the month of May.

May

1

Carla invested $7,000 cash in the business.


2

Paid $900 for office rent for the month.


3

Purchased $600 of supplies on account.


5

Paid $125 to advertise in the County News.


9

Received $4,000 cash for services provided.


12

Withdrew $1,000 cash for personal use.


15

Performed $5,400 of services on account.


17

Paid $2,500 for employee salaries.


20

Paid for the supplies purchased on account on May 3.


23

Received a cash payment of $4,000 for services provided on account on May 15.


26

Borrowed $5,000 from the bank on a note payable.


29

Purchased office equipment for $4,200 on account.


30

Paid $275 for utilities.

Instructions

(a) Show the effects of the previous transactions on the accounting equation using the following format.



Assets



Liabilities




Owner's Equity




Accounts



Notes

Accounts

Owner's

Owner's



Date

Cash

+ Receivable

+ Supplies

+ Equipment

= Payable

+ Payable

+ Capital

- Drawings

+ Revenues

- Expenses

(b) Prepare an income statement for the month of May.

(c) Prepare a balance sheet at May 31, 2012.

Reference no: EM13548923

Questions Cloud

Estimate how fast is its angular acceleration : A force of 150 N is applied to the edge of a disk. If the disk has a mass of 0.75 Kg with a radius of 0.50 m, how fast is its angular acceleration
Nucleus of atom consists of protons and neutrons : The nucleus of an atom consists of protons and neutrons (no electrons). A nucleus of a carbon-12 isotope contains six protons and six neutrons, while a nitrogen-14 nucleus comprises seven protons and seven neutrons.
Effects of long-term bond investment on morgan stanley : Show all financial statement effects of long-term bond investment on Morgan Stanley's balance sheet and income statement at December 31, 20X0.
Calculate what was the speed of the smaller fish : A 5-kg fish swimming 1 m/s swallows an absentminded 1-kg fish swimming toward it at a speed that brings both fish to a halt immediately after lunch. What was the speed of the smaller fish
Prepare an income statement for the month of may : Prepare an income statement for the month of May and prepare a balance sheet at May 31, 2012.
Determine how fast did the tire collide with the door : A bicycle tire rolls down a 25 m hill and crashes into a car door. how fast did the tire collide with the door
Estimate the average force exerted on the ball by golf club : A golf ball of mass 0.050 Kg is hit off the tee at a speed of 35 m/s. The golf club was in contact with the ball for. Find the average force exerted on the ball by the golf club
Compute the ending inventory using lower-of-average-cost : Compute the inventory for this department as of January 31, at retail prices and compute the ending inventory using lower-of-average-cost-or-market.
Evaluate the mass of the target ball : A ball of mass 0.25 Kg that is moving with a speed of 10 m/s collides head-on and elastically with another ball initially at rest. Calculate the mass of the target ball

Reviews

Write a Review

Financial Accounting Questions & Answers

  Effect of accrued interest on financial statements

Evaluate interest expense would be reported on the 2012 income statement? Determine total liabilities would be reported on the 31 st December, 2012, balance sheet?

  Create a contribution formatted income statement

Use the following additional information regarding machine hours, used by each product, to compute variable overhead.

  Find out johns income tax liability

He also paid $14,000 in mortgage interest, $1,800 in property taxes, $300 of credit card interest, and $1400 in job hunting expenses when he tried to change jobs in March. Find out Johns income tax liability for 2009 before any allowable credits.

  Prepare journal entries for each of these events

Create journal entries for each of these events. Also create any needed entries to accrue interest on the notes at 31st December. 2005.

  Find the net cash flow provided by operating activities

Finding the Net cash flow provided by operating activities

  Q choose an indian company of your choice that has adopted

q. choose an indian company of your choice that has adopted balance score card and detail on it.q.what is a cash

  Question all fixed costs per unit are evaluated based on a

question all fixed costs per unit are evaluated based on a normal capacity usage consisting of 240 effective days. when

  Analysis of various accounting changes and errors

At December 31, 2009, the client had a receivable of $820,000 from Hendricks Inc. on its balance sheet. Hendricks Inc. has gone bankrupt, and no recovery is expected. The client proposes to write off the receivable as a prior period item.

  Use of discounted cash flow method

Compare the points made about the influence of the law on pricing decisions to your own.How were they similar or different?

  Analysis of financial statements of a limited company

Select a company from ASX web site and Draft a Report incorporating the following points in relation to your selected company.

  What is p and g accounting policy related to advertising

What is P&G's accounting policy related to advertising? What accounting principle does P&G follow regarding accounting for advertising? Where are advertising expenses reported in the financial statements?

  Discuss the types of liabilities intel has incurred

Discuss the types of liabilities Intel has incurred.Which liabilities are the most significant to the company? Have there been significant changes to the liability and equity structure from 2003 to 2004?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd