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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 ago
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