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    Prepare the Income Statement, Statement of Owner's Equity and Balance Sheet - Flubber Enterprise

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    1. Flubber Enterprise has the following transactions:
    a) Owner invested $50,000 Cash in the Business
    b) Paid $40,000 Cash for Land
    c) Bought $500 of Office Supplies on Account
    d) Received $5,500 Cash from Clients for revenue earned
    e) Performed services for a client on account $3,000
    f) Paid cash expenses - Rent $1,100; Employee Salaries $1,200; Utilities $400
    g) Paid $400 on the Account Payable created in transaction c.

    Prepare the Income Statement, Statement of Owner's Equity and Balance Sheet. Assume a zero beginning balance for Owner's Equity.

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    https://brainmass.com/business/balance-sheet/prepare-income-statement-statement-owners-equity-129262

    Solution Summary

    The expert prepares the income statement and statement of owner's equity. Account payables created in transactions are analyzed.

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