Note fix number B Purchased Office suite and equipment Please prepare 1- income

Question

Note fix number B

Purchased Office suite and equipment

Please prepare

1- income statement,

2-retained earnings statement,

3- a balance sheet

ACCT 1100- Accounting Unit 1 Review- Chapters 1 & 2 Chapter 1 Problem: ta Lopez started Biz Consulting, a new business, and completed the following transactions during its first year of operations, the year ended December 31, 2017 a. Lita Lopez invested $69,000 cash and office equipment valued at $37,000 in the comgany in exchange for its common stock. b. The company purchased an office suite for $46,000 cash.an c. The company purchased office equipment for $5,100 cash d. The company purchased $3,700 of office supplies and $1,100 of office equipment on credit y paid a local newspaper $820 cash for printing an announcement of the office's opening. f. The company completed a financial plan for a client and billed that client $4,900 for the service. 8. The company designed a financial plan for another client and i h. The company paid $1,400 cash in dividends to the owner (sole shareholder). i. The company received $3,900 cash as partial payment from the client described in transaction f j. The company made a partial payment of $550 cash on the equipment purchased in transaction d k. The company paid $2,000 cash for the office secretary's wages for this period mmediately collected a $8,500 cash fee Equity Liabilities Accounts Payable Assets Accounts ReceivableSupplies Equipment Common Stock Office Dividends Revenues Expenses Notes Cash C. Totals Requirements 1) Complete the above table to analyze the transactions. Determine the final total for each account, and verify that the equation is in balance. 2) On a separate sheet of paper, prepare the income statement and statement of retained earnings in good form for the year ended December 31, 017.

Explanation / Answer

Accounts Office Office Accounts Notes Common Cash + Receivables + Supplies + Equipment + Building = Payable + Payable + Stock - Dividends + Revenues - Expenses a $69,000.00 $37,000.00 $106,000.00 b ($46,000.00) ($46,000.00) Bal $23,000.00 $37,000.00 $106,000.00 c ($5,100.00) $5,100.00 Bal $17,900.00 $5,100.00 $106,000.00 d $3,700.00 $1,100.00 $4,800.00 Bal $17,900.00 $40,700.00 $6,200.00 $4,800.00 $106,000.00 e ($820.00) ($820.00) Bal $17,080.00 $40,700.00 $6,200.00 $4,800.00 $106,000.00 ($46,820.00) f $4,900.00 $4,900.00 Bal $17,080.00 $4,900.00 $40,700.00 $6,200.00 $4,800.00 $106,000.00 $4,900.00 ($46,820.00) g $8,500.00 $8,500.00 Bal $25,580.00 $4,900.00 $40,700.00 $6,200.00 $4,800.00 $106,000.00 $13,400.00 ($46,820.00) h ($1,400.00) ($1,400.00) Bal $24,180.00 $4,900.00 $40,700.00 $6,200.00 $4,800.00 $106,000.00 ($1,400.00) $13,400.00 ($46,820.00) i $3,900.00 ($3,900.00) Bal $28,080.00 $1,000.00 $40,700.00 $6,200.00 $4,800.00 $106,000.00 ($1,400.00) $13,400.00 ($46,820.00) j ($550.00) $550.00 Bal $27,530.00 $1,000.00 $40,700.00 $6,750.00 $106,000.00 ($1,400.00) $13,400.00 ($46,820.00) k ($2,000.00) ($2,000.00) Bal $25,530.00 $1,000.00 $40,700.00 $6,750.00 $4,800.00 $106,000.00 ($1,400.00) $13,400.00 ($48,820.00) $73,980.00 = $73,980.00

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