Explore BrainMass

Explore BrainMass

    Financial statements for Sheri Alexander, Arrow Copying service

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    P4.) At the end of august 20xx, the sheri alexander, capital account had a balance of $74,600. After operating during Sept.,her Moon Valley Riding had the following account balances:

    Cash 17,400 Buildings 60,000 Accounts Receivable 2,400
    Horses 20,000 Supplies 2,000 Accounts Payable 35,600
    Land 42,000

    In addition, the following transactions affected owner's equity:

    Withdrawal by Sheri Alexander 6,400 Salaries expense 4,600
    Investment by Sheri Alexander 32,000 Feed expense 2,000
    Riding lessons 12,400 Utilities expense 1,200
    Locker rental expense 3,400

    Prepare an income statement, a statement of owner's equity, and a balance sheet for the Moon Valley Riding Club. (Hint: The final Balance for Sheri alexanders Capital is $108,200.

    P5.) Arrow Copying service began operations and engaged in the following transactions during August 200xx:

    a. Investment by owner $10,000
    b. paid current months rent 900
    c. purchased copier for cash 5,000
    d. paid cash for paper and other copier supplies 380
    e. copying job payments received in cash 1,780
    f. copying job billed to major customer 1,360
    g. paid wages to part-time employees 560
    h. purchased additional copier supplies on credit 280
    i. received partial payment from customer in transaction (f) 600
    j. paid current months utility bill 180
    k.made partial payment on transaction (h) 140
    l. withdrawal cash for personal use 1,400

    I must arrange the asset, liability, and owner's equity accounts in an equation , using these accounts titles: Cash, accounts payable, accounts receivable, supplies, copier and M. Lomax, Capital. Then I must show addition and subtraction signs and the new balances after each transaction, and identify each owners equity transactions and type. There should be an owners equity, income statement, a staement of cash flows, and a balance sheet for Arrow Copying Service.

    © BrainMass Inc. brainmass.com June 3, 2020, 7:06 pm ad1c9bdddf

    Solution Preview

    Your solution is provided in a separate excel file attached herewith in the following parts.
    I Question-4 on ...

    Solution Summary

    Your solution is provided in a separate excel file attached herewith in the following parts.
    I Question-4 on sheet 1 in the following parts:
    1 Trial Balance
    2 Income Statement
    3 Statement of owner's equity
    4 Balance sheet

    Please note that Locker rent is a revenue.

    Your solution includes Question-5 in the following parts:
    1Work sheet
    2 Owner's capital identification & analysis
    3 Income statement
    4 Statement of Owner's equity
    5 Balance sheet
    6 Cash flow statement