Accounting problem : analyze transactions and compute net income

May 1   Stockholders invested $ 17,619 cash in the business in exchange for common stock. 2   Paid $ 705 for office rent for the month. 3   Purchased $ 587 of supplies on account. 5   Paid $ 176 to advertise in the County News. 9   Received $ 1,644 cash for services performed. 12   Paid $ 235 cash dividend. 15   Performed $ 4,933 of services on account. 17   Paid $ 2,937 for employee salaries. 20   Paid for the supplies purchased on account on May 3. 23   Received a cash payment of $ 1,410 for services performed on account on May 15. 26   Borrowed $ 5,873 from the bank on a note payable. 29   Purchased office equipment for $ 2,349 paying $ 235 in cash and the balance on account. 30  

Paid $ 211 for utilities.

 

 

 

 

1)Show the effects of the above transactions on the accounting equation using the following format. Assume the note payable is to be repaid within the year. (If a transaction causes a decrease in Assets, Liabilities or Stockholders’ Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See Illustration 3-3 for example.)  

 

2) Prepare an income statement for the month of May 2014.

3) Prepare a classified balance sheet at May 31, 2014. (List current assets in order of liquidity)







Calculate Your Essay Price
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more

Enjoy 10% OFF today with the coupon code: best10