On October 1, Natalie King organized Real Solutions, a new consulting firm. On O

Question

On October 1, Natalie King organized Real Solutions, a new consulting firm. On October 31, the company's records show the following items and amounts Accounts receivable Office supplies Land Office equipment Accounts payable Owner investments S 2,000 Cash withdrawals by owner S 3,360 15,000 2,550 6,000 660 680 13,000 Consulting fees earned ,250 Rent expense 36,000 Salaries expense 28,000 Telephone expense 7,500 Miscellaneous expenses 74,000 Using the above information prepare an October 31 statement of financial position for Real Solutions. (Be sure to list the assets and liabilities in order of their liquidity. Omit the "$" sign in your response.) REAL SOLUTIONS statement of financial position October 31 Assets (Click to select) Accounts receivable Office supplies Cash Accounts payable Office equipment Total Assets Liabilities (Click to select) Ul Click to select) Total Liabilities and Equity

Explanation / Answer

N. Capital = Owner's Investments - Cash Withdrawal by Owner + Consulting Fees Earned - Rent Expense - Salaries Expense - Telephone Expense - Miscellaneous Expense.

Real Solutions Statement of Financial Position Oct 31 Assets $ Cash 2,000 Accounts Receivable 13,000 Office Supplies 4,250 Office Equipment 28,000 Land 36,000 Total Assets 83,250 Liabilities Accounts Payable 7,500 Equity N.King , Capital 75,750 Total Liabilities and Equity 83,250

Related Questions

Navigate

• Browse (All)
• Browse O
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.