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In: Accounting
The financial statements report the cumulative impact of all transactions recorded as of the financial statement...
The financial statements report the cumulative impact of all transactions recorded as of the financial statement date. Input the cumulative amount of a) Net Income (Loss), b) Total Assets, c) Total Liabilities, and d) Total Equity that would be reported on the financial statements immediately after each transaction is recorded. (Hint: You can check your work by selecting the date on the trial balance tab.) The first 2 transactions are completed for you! Show less Transaction: Net Income Total Assets Total Liabilities Total Equity Where can you go to find each of your answers? Income statement Balance sheet Balance sheet Balance sheet Jan. 1 - Edward Lee, owner, invested $106,750 cash in the company. $0 $106,750 $0 $106,750 Jan. 2 - The company purchased office supplies for $1,450 cash. 0 106,750 0 106,750 Jan. 3 - The company purchased $14,050 of office equipment on credit. 0 120,800 14,050 106,750 Jan. 4 - The company received $15,900 cash as fees for services provided to a customer. 15,900 14,050 Jan. 5 - The company paid $14,050 cash to settle the payable for the office equipment purchased on January 3. Jan. 6 - The company billed a customer $2,900 as fees for services provided. Jan. 7 - The company paid $1,425 cash for the monthly rent. Jan. 8 - The company collected $1,275 cash as partial payment for the account receivable created on January 6. Jan. 9 - Edward Lee withdrew $10,200 cash from the company for personal use.
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Expert Solution
| Date | Total assets | = | Total Liabilities | + | Total equity | Net income(loss) | |
| Bal | - | - | - | - | |||
| 1 | 1,06,750 | 1,06,750 | |||||
| Bal | 1,06,750 | - | 1,06,750 | - | |||
| 2 | - | - | - | - | |||
| Bal | 1,06,750 | - | 1,06,750 | - | |||
| 3 | 14,050 | 14,050 | |||||
| Bal | 1,20,800 | 14,050 | 1,06,750 | - | |||
| 4 | 15,900 | 15,900 | 15,900 | ||||
| Bal | 1,36,700 | 14,050 | 1,22,650 | 15,900 | |||
| 5 | -14,050 | -14,050 | - | - | |||
| Bal | 1,22,650 | - | 1,22,650 | 15,900 | |||
| 6 | 2,900 | - | 2,900 | 2,900 | |||
| Bal | 1,25,550 | - | 1,25,550 | 18,800 | |||
| 7 | -1,425 | -1,425 | -1,425 | ||||
| Bal | 1,24,125 | - | 1,24,125 | 17,375 | |||
| 8 | - | ||||||
| Bal | 1,24,125 | - | 1,24,125 | 17,375 | |||
| 9 | -10,200 | -10,200 | |||||
| Bal | 1,13,925 | - | 1,13,925 | 17,375 |
ekkarill92 answered 1 year agoRelated Solutions
The financial statements report the cumulative impact of all transactions recorded as of the financial statement...
The financial statements report the cumulative impact of all
transactions recorded as of the financial statement date. Input the
cumulative amount of a) Net Income (Loss), b)
Total Assets, c) Total Liabilities, and d) Total Equity that would
be reported on the financial statements immediately after each
transaction is recorded. (Hint: You
can check your work by selecting the date on the trial balance
tab.) The first 2 transactions
are completed for you!
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