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    Argon Dry Cleaners Is Owned and Operated by Kerry Ulman

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    M Bilal Saleem
    Argon Dry Cleaners is owned and operated by Kerry Ulman. As of July 1, 2008, the business had assets of $25,100 including cash, accounts receivable, supplies, and land. Liabilities were $5,200 in accounts payable. Kerry Ulman invested additional cash of $30,000 in July and purchased land for $22,000. Various expenses were paid and income was received throughout the month from dry cleaning sales and payments from customers. Financial statements including an income statement, statement of owner's equity, and balance sheet as of July 31 were prepared based on the July transactions.

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    Argon Dry Cleaners Is Owned and Operated by Kerry Ulman

    Uploaded by

    M Bilal Saleem
    74 views1 page
    Argon Dry Cleaners is owned and operated by Kerry Ulman. As of July 1, 2008, the business had assets of $25,100 including cash, accounts receivable, supplies, and land. Liabilities were $5,200 in accounts payable. Kerry Ulman invested additional cash of $30,000 in July and purchased land for $22,000. Various expenses were paid and income was received throughout the month from dry cleaning sales and payments from customers. Financial statements including an income statement, statement of owner's equity, and balance sheet as of July 31 were prepared based on the July transactions.

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    Argon Dry Cleaners is Owned and Operated by Kerry Ulman

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    Argon Dry Cleaners is owned and operated by Kerry Ulman. As of July 1, 2008, the business had assets of $25,100 including cash, accounts receivable, supplies, and land. Liabilities were $5,200 in accounts payable. Kerry Ulman invested additional cash of $30,000 in July and purchased land for $22,000. Various expenses were paid and income was received throughout the month from dry cleaning sales and payments from customers. Financial statements including an income statement, statement of owner's equity, and balance sheet as of July 31 were prepared based on the July transactions.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    74 views1 page

    Argon Dry Cleaners Is Owned and Operated by Kerry Ulman

    Uploaded by

    M Bilal Saleem
    Argon Dry Cleaners is owned and operated by Kerry Ulman. As of July 1, 2008, the business had assets of $25,100 including cash, accounts receivable, supplies, and land. Liabilities were $5,200 in accounts payable. Kerry Ulman invested additional cash of $30,000 in July and purchased land for $22,000. Various expenses were paid and income was received throughout the month from dry cleaning sales and payments from customers. Financial statements including an income statement, statement of owner's equity, and balance sheet as of July 31 were prepared based on the July transactions.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 1

    Argon Dry Cleaners is owned and operated by Kerry Ulman

    Argon Dry Cleaners is owned and operated by Kerry Ulman. A building and equipment are
    currently being rented, pending expansion to new facilities. The actual work of dry cleaning is
    done by another company at wholesale rates. The assets and the liabilities of the business on
    July 1, 2008, are as follows: Cash, $8,500; Accounts Receivable, $15,500; Supplies, $1,600;
    Land, $18,000; Accounts Payable, $5,200. Business transactions during July are summarized
    as follows:a. Kerry Ulman invested additional cash in the business with a deposit of $30,000 in
    the business bank account.b. Paid $22,000 for the purchase of land as a future building site.c.
    Received cash from cash customers for dry cleaning sales, $17,900.d. Paid rent for the month,
    $3,000.e. Purchased supplies on account, $1,550.f. Paid creditors on account, $4,950.g.
    Charged customers for dry cleaning sales on account, $12,350.h. Received monthly invoice for
    dry cleaning expense for July (to be paid on August 10), $7,880.i. Paid the following: wages
    expense, $5,100; truck expense, $1,200; utilities expense, $800; miscellaneous expense,
    $950.j. Received cash from customers on account, $13,200.k. Determined that the cost of
    supplies on hand was $1,275; therefore, the cost of supplies used during the month was
    $1,875.l. Withdrew $5,000 cash for personal use.Instructions1. Determine the amount of Kerry
    Ulman's capital as of July 1 of the current year.2. State the assets, liabilities, and owner's equity
    as of July 1 in equation form similar to that shown in this chapter. In tabular form below the
    equation, indicate increases and decreases resulting from each transaction and the new
    balances after each transaction.3. Prepare an income statement for July, a statement of owner's
    equity for July, and a balance sheet as of July 31.4. (Optional). Prepare a statement of cash
    flows for July.View Solution:
    Argon Dry Cleaners is owned and operated by Kerry Ulman
    SOLUTION-- http://expertanswer.online/downloads/argon-dry-cleaners-is-owned-and-operated-
    by-kerry-ulman/

    See Answer here expertanswer.online


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