P2-61A (similar to E,E Question Help The following amounts summarize the financi
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P2-61A (similar to E,E Question Help The following amounts summarize the financial position of Willis Computing. Inc, on September 30, 2016 ?(Click the icon to vew the September 30, 2016 financial position.) During October 2016, Willils Computing completed these transactions: (Click the lcon to view the transactions.) Read the requirements Requirement 1. Analyze the efects of the tansactions on the accounting equation of Wilis Computing, Inc. Enter the transactions i"?? aco urting equation, beginning with ransaction a. For transactions that afect stockholders' o ult. too t ho t pe o equity ransaction. For ransac on "tor ho amounts into the accounting equation as one transaction. Ater all transactions have been entered, caloulate the ending balance of each account, total assets, and total labilities and stockholders equty. (Use parentheses or a minus sign when decreasing accounts If a box is not used in the table leave the box empty, do not enter a zero Assets LiabilitiesStookholdere' Equilty Accounts Accounts Common Retained Type of Equity Cash Receivatle +SuppliesEquipment Payabie StockEarnings Trarsaction Bal 2,350 3,200 11 ,600 8,000 6,000 3,150Explanation / Answer
Assets
Liabilities
Equity
Cash
Receivables
Supplies
Equipment
Accounts Payable
Common Stock
Retained earnings
.September 30th
$ 2,350.00
$ 3,200.00
$ 11,600.00
$ 8,000.00
$ 6,000.00
$ 3,150.00
a
$ 4,500.00
$ 4,500.00
Balance
$ 6,850.00
$ 3,200.00
$ -
$ 11,600.00
$ 8,000.00
$ 10,500.00
$ 3,150.00
b
$ 6,400.00
$ 6,400.00
Balance
$ 13,250.00
$ 3,200.00
$ -
$ 11,600.00
$ 8,000.00
$ 10,500.00
$ 9,550.00
c
$ (4,700.00)
$(4,700.00)
Balance
$ 8,550.00
$ 3,200.00
$ -
$ 11,600.00
$ 3,300.00
$ 10,500.00
$ 9,550.00
d
$ 1,300.00
$ 1,300.00
Balance
$ 8,550.00
$ 3,200.00
$ 1,300.00
$ 11,600.00
$ 4,600.00
$ 10,500.00
$ 9,550.00
e
$ 1,500.00
$ (1,500.00)
Balance
$ 10,050.00
$ 1,700.00
$ 1,300.00
$ 11,600.00
$ 4,600.00
$ 10,500.00
$ 9,550.00
f
$ 4,700.00
$ 4,700.00
Balance
$ 10,050.00
$ 6,400.00
$ 1,300.00
$ 11,600.00
$ 4,600.00
$ 10,500.00
$ 14,250.00
g
$ (1,850.00)
$ (1,850.00)
Balance
$ 8,200.00
$ 6,400.00
$ 1,300.00
$ 11,600.00
$ 4,600.00
$ 10,500.00
$ 12,400.00
h
$ (3,300.00)
$ (3,300.00)
Balance
$ 4,900.00
$ 6,400.00
$ 1,300.00
$ 11,600.00
$ 4,600.00
$ 10,500.00
$ 9,100.00
Willis Computing Inc
Income Statement
For the Month ended October 31 2016
Service Revenue
$ 11,100.00
Operating Expenses
Rent Expense
$ 1,000.00
Advertising Expense
$ 850.00
Net Income
$ 9,250.00
Willis Computing Inc
Statement of Retained Earning
For the Month ended October 31 2016
Retained Earnings on September 30 2016
$ 3,150.00
Add: Profit During Current Month
$ 9,250.00
Less: Dividends
$ (3,300.00)
Retained Earnings on October 31 2016
$ 9,100.00
Willis Computing Inc
Balance Sheet
As at October 31 2016
Assets
Current Assets
Cash
$ 4,900.00
Accounts Receivables
$ 6,400.00
Supplies
$ 1,300.00
Total Current Assets
$ 12,600.00
Equipment
$ 11,600.00
Total Assets
$ 24,200.00
Liabilities
Current Liabilities
Accounts Payable
$ 4,600.00
Total Current Liabilities
$ 4,600.00
Shareholder's Equity
Common Stock
$ 10,500.00
Retained earnings
$ 9,100.00
Total Shareholder's Equity
$ 19,600.00
Total Liabilities and Shareholder's Equity
$ 24,200.00
Assets
Liabilities
Equity
Cash
Receivables
Supplies
Equipment
Accounts Payable
Common Stock
Retained earnings
.September 30th
$ 2,350.00
$ 3,200.00
$ 11,600.00
$ 8,000.00
$ 6,000.00
$ 3,150.00
a
$ 4,500.00
$ 4,500.00
Balance
$ 6,850.00
$ 3,200.00
$ -
$ 11,600.00
$ 8,000.00
$ 10,500.00
$ 3,150.00
b
$ 6,400.00
$ 6,400.00
Balance
$ 13,250.00
$ 3,200.00
$ -
$ 11,600.00
$ 8,000.00
$ 10,500.00
$ 9,550.00
c
$ (4,700.00)
$(4,700.00)
Balance
$ 8,550.00
$ 3,200.00
$ -
$ 11,600.00
$ 3,300.00
$ 10,500.00
$ 9,550.00
d
$ 1,300.00
$ 1,300.00
Balance
$ 8,550.00
$ 3,200.00
$ 1,300.00
$ 11,600.00
$ 4,600.00
$ 10,500.00
$ 9,550.00
e
$ 1,500.00
$ (1,500.00)
Balance
$ 10,050.00
$ 1,700.00
$ 1,300.00
$ 11,600.00
$ 4,600.00
$ 10,500.00
$ 9,550.00
f
$ 4,700.00
$ 4,700.00
Balance
$ 10,050.00
$ 6,400.00
$ 1,300.00
$ 11,600.00
$ 4,600.00
$ 10,500.00
$ 14,250.00
g
$ (1,850.00)
$ (1,850.00)
Balance
$ 8,200.00
$ 6,400.00
$ 1,300.00
$ 11,600.00
$ 4,600.00
$ 10,500.00
$ 12,400.00
h
$ (3,300.00)
$ (3,300.00)
Balance
$ 4,900.00
$ 6,400.00
$ 1,300.00
$ 11,600.00
$ 4,600.00
$ 10,500.00
$ 9,100.00
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