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Question 2: Yankee Hotel Foxtrot initiated operations on July 1, 2014. To manage the company officers...

Question 2: Yankee Hotel Foxtrot initiated operations on July 1, 2014. To manage the company officers and managers have requested monthly financial statements starting July 31, 2014. The adjusted trial balance amounts at July 31 are shown below.

Debits Credits
Cash $7,680 Accumulated Depreciation-
Equipment $840
Accounts Receivable 810 Notes Payable 6,000
Prepaid Rent 1,965 Accounts Payable 2,140
Supplies 1,160 Salaries and Wages Payable 360
Equipment 11,400 Interest Payable 40
Owner's Drawings 800 Unearned Service Revenue 580
Salaries and Wages Expense 7,145 Owner's Capital 10,640
Rent Expense 2,740 Service Revenue 14,390
Depreciation Expense 665
Supplies Expense 580
Interest Expense 45
Total debits $34990 Total Credits $34990

Instructions

(A) Determine the net income for the month of July

(B) Determine the amount for Owner’s, Capital at July 31, 2014

(C) Determine the Balance Sheet at July 31, 2014 for

Solutions

Expert Solution

ekkarill92 answered 2 years ago
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