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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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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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