User Account

All Pages

Prepare an owner equity statement for the month of april

Assignment Help Financial Accounting
Reference no: EM132578946

The income statement of Saeed CAR Repair is as follows:

SAEED CAR REPAIR

Income Statement

For the Month Ended April 30, 2018

Revenue

CAR Repair Revenue..................................................................... $7,500

Expenses

Salaries Expense........................................................................... $3,400

Depreciation Expense................................................................... 450

Utilities Expense........................................................................... 400

Rent Expense................................................................................. 600

Supplies Expense.......................................................................... 1,050

Total Expenses....................................................................... 5,900

Net Income............................................................................................. $1,600

On April 1, the owner, Lee Gentry, had a capital balance of $12,900. During April, Gentry withdrew $3,000 cash for personal use.

Instructions

Question (a) Prepare closing entries at April 30.

Question (b) Prepare an owner's equity statement for the month of April.

Reference no: EM132578946

Questions Cloud

How to prepare a correct income statement : Prepare a correct income statement. Abu Dhabi Insurance Agency prepares monthly financial statements. A utility bill for $2,000 was received
What is the lowest design frequency of the muffler : What is the lowest design frequency of the muffler and the transmission loss at that frequency? What is the frequency range
Describe the culture : Describe the culture you want to create and discuss steps you can take now and over the next six months to create such a culture.
What are key concepts of an ipm program in crops : a) Name a soil theory. Elaborate on the theory. b) What are key concepts of an IPM program in crops?
Prepare an owner equity statement for the month of april : On April 1, the owner, Lee Gentry, had a capital balance of $12,900. During April, Gentry withdrew. Prepare an owner's equity statement for the month of April.
Give an example of a good cover crop mix in texas : Give an example of a good cover crop mix in Texas. When can you plant this?
What are your areas of strength within leadership domain : What are your areas of strength within the leadership domain, and how did you determine a cluster as a strength?
Prepare the adjusting entries that should be made by uae : Prepare the adjusting entries that should be made by UAE Company on September 30. UAE Company prepares monthly financial statements.
What is the function of an esophagus : What is the function of an esophagus?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Indirect method of preparing the statement of cash flows

Which of these would be deducted from the net income as part of the operating activities section, when using the indirect method of preparing the statement of cash flows? Stalling Inc. ccounting records show the following changes during the companys ..

  How does the firm account for those transactions

Explain your answer to events(b) through (f). How does the firm account for those transactions - Received an additional contribution from investors who provided

  Question boxer electronics produces flat screen tvs that

question boxer electronics produces flat screen tvs that sell for 1250. through april total operating expenses

  Determine the cost recovery for current year

Determine the cost recovery for the current year. Debra does not elect immediate expensing under S179.She elect not to take additional first year depreciation.

  Write up a two column cash book for a bedroom furniture shop

Write up a two-column cash book for a bedroom furniture shop from the following details, and balance it off as at the end of the month:

  Provide application maintenance

Over the following four years the application's benefits will provide inflows of cash, while the costs to provide application maintenance, ongoing operations, and support (MOOS) will require outflows of cash. The expected cash flows are:

  How much should mary pay with her first quater estimated

Mary is self-employed for 2010. Mary estimated her required annual estimated tax payment for 2010 to be $4000. Mary had a $500 overpayment of last year's taxes, which she will apply against her first quarterly estimated payment. How much should Ma..

  What is a management representation letter

What is a management representation letter? Who prepares it? Who should sign it? When should it be dated? How does it differ from the CEO and CFO certification of financial statements.

  What is the projected stock price in six year

Ghost Riders Co. has an EPS of $1.59 that is expected to grow at 7.9 percent per year. If the PE ratio is 18.55 times, what is projected stock price in 6 year

  Prepare a direct materials purchases budget for february

Prepare a direct materials purchases budget for February. Prepare a sales budget for February 20X9. Prepare a production budget for February 20X9.

  What will happen to afn

Management is considering raising the previously assumed dividend payout ratio from 35% to 40%. If the payout ratio is increased, what will happen to AFN?

  Totally excluded from total income and not taxed

Which of the following cash inflows received by an individual taxpayer would generally be partially or totally excluded from total income and not taxed?

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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