Share
Explore BrainMass

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

Can you help me get started with this project?

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.

Solution Summary

You will find the answer to this puzzling assignment inside...

$2.19