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Presentation/PPT
27/08/2022
Question 1
An analysis of the transactions made by Arthur Cooper & Co., a certified public accounting firm, for the month of August is shown below. The expenses were $650 for rent, $4,900 for salaries and wages, and $700 for utilities.
Cash + Accounts
Receivable
+ Supplies + Equipment = Accounts
Payable
+ Owner’s
Capital
–Owner’s
Drawings
+ Revenues–Expenses1.$15,000$15,0002.-2,700$6,000$3,3003. -700$7004.4,900$4,300$9,2005.-1,000-1,0006.-2,500-$2,5007.-650-$6508.450-4509.-4,900-4,90010.700-700
Assume that August is the company’s first month of business.
income statement for August 31, 2017.
ARTHUR COOPER & CO.
Income Statement
For the Year Ended August 31, 2017August 31, 2017For the Month Ended August 31, 2017
DrawingsExpensesNet Income / (Loss)Owner’s Capital, August 1Owner’s Capital, August 31RevenuesTotal ExpensesTotal RevenuesInvestments
$
DrawingsExpensesNet Income / (Loss)Owner’s Capital, August 1Owner’s Capital, August 31RevenuesTotal ExpensesTotal RevenuesInvestments
$
Drawings Expenses Net Income / (Loss) Owner’s Capital, August 1 Owner’s Capital, August 31 Revenues Total Expenses Total Revenues Investments
DrawingsExpensesNet Income / (Loss)Owner’s Capital, August 1Owner’s Capital, August 31RevenuesTotal ExpensesTotal RevenuesInvestments
$
SHOW LIST OF ACCOUNTS
owner’s equity statement for August 31, 2017. (List items that increase owner’s equity first.)
ARTHUR COOPER & CO.
Owner’s Equity Statement
For the Month Ended August 31, 2017August 31, 2017For the Year Ended August 31, 2017
DrawingsExpensesNet IncomeOwner’s Capital, August 1Owner’s Capital, August 31RevenuesTotal ExpensesTotal RevenuesInvestments
$
AddLess
:
Drawings Expenses Net Income Owner’s Capital, August 1 Owner’s Capital, August 31 Revenues Total Expenses Total Revenues Investments
$
Drawings Expenses Net Income Owner’s Capital, August 1 Owner’s Capital, August 31 Revenues Total Expenses Total Revenues Investments
AddLess
: DrawingsExpensesNet IncomeOwner’s Capital, August 1Owner’s Capital, August 31RevenuesTotal ExpensesTotal RevenuesInvestments
DrawingsExpensesNet IncomeOwner’s Capital, August 1Owner’s Capital, August 31RevenuesTotal ExpensesTotal RevenuesInvestments
$
SHOW LIST OF ACCOUNTS
balance sheet at August 31, 2017. (List Assets in order of liquidity.)
ARTHUR COOPER & CO.
Balance Sheet
For the Year Ended August 31, 2017For the Month Ended August 31, 2017August 31, 2017
Assets
$
Current Assets Liabilities Intangible Assets Long-term Investments Long-term Liabilities Property, Plant and Equipment Owner’s Equity Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Owner’s Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Owner’s Equity
$
Liabilities and Owner’s Equity
Current AssetsLiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentOwner’s EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Owner’s EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Owner’s Equity
$
Current AssetsLiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentOwner’s EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Owner’s EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Owner’s Equity
Current Assets Liabilities Intangible Assets Long-term Investments Long-term Liabilities Property, Plant and Equipment Owner’s Equity Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Owner’s Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Owner’s Equity
$
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