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    PR 1-5A Chapter 1

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    Naufal I L
    The balance sheet from July 1 shows total assets of $220,000, consisting of cash, accounts receivable, and land. Total liabilities and equity are also $220,000, with $40,000 in accounts payable and $180,000 in Joel Palk's equity. The documents provide additional financial information through July 31, including revenue, expenses and cash flows that resulted in total equity of $266,775.

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    PR 1-5A Chapter 1

    Uploaded by

    Naufal I L
    69 views5 pages
    The balance sheet from July 1 shows total assets of $220,000, consisting of cash, accounts receivable, and land. Total liabilities and equity are also $220,000, with $40,000 in accounts payable and $180,000 in Joel Palk's equity. The documents provide additional financial information through July 31, including revenue, expenses and cash flows that resulted in total equity of $266,775.

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    PR 1-5A chapter 1

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    The balance sheet from July 1 shows total assets of $220,000, consisting of cash, accounts receivable, and land. Total liabilities and equity are also $220,000, with $40,000 in accounts payable and $180,000 in Joel Palk's equity. The documents provide additional financial information through July 31, including revenue, expenses and cash flows that resulted in total equity of $266,775.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    69 views5 pages

    PR 1-5A Chapter 1

    Uploaded by

    Naufal I L
    The balance sheet from July 1 shows total assets of $220,000, consisting of cash, accounts receivable, and land. Total liabilities and equity are also $220,000, with $40,000 in accounts payable and $180,000 in Joel Palk's equity. The documents provide additional financial information through July 31, including revenue, expenses and cash flows that resulted in total equity of $266,775.

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    © All Rights Reserved
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    Balance Sheet

    Jul-01
    Asset Liabilities + Joel Palk's Equity
    Cash 45,000 Accounts Payable 40,000
    Account Receivable 93,000 Joel Palk's Equity 180,000
    Supplies 7,000
    Land 75,000

    Total Asset 220,000 Total Liablities + Joel Palk's Equity 220,000


    Balance Sheet

    Asset Liabilities + Joel Palk's Equity


    Cash 45,000 Accounts Payable
    a. Deposit 35,000 f. Paid Creditors
    b. Paid for the purchase of land - 50,000 h. Invoice
    c. Received cash 32,125
    d. Paid rent - 6,000
    e. Purchased supplies - 2,500
    f. Paid Creditors - 22,800
    i. Wages Expense - 7,500
    i. Truck expense - 2,500
    i. Utilities expense - 1,300
    i. Misc. Expense - 2,700
    j. Received Cash 88,000
    l. withdraw - 12,000
    Account Receivable 93,000 Joel Palk's Equity
    j. Receive cash - 88,000 a. Additional Capital
    g. Revenue Dry cleaning 84,750 l. withdraw
    Net Income
    Supplies
    Supplies 7,000
    e. Purchased Supplies 2,500
    k. Supplies Used - 3,600 5,900
    Land 75,000
    Purchase land 50,000

    Total Asset 313,475 Total Liablities + Joel Palk's Equity


    Income Statement
    c. Dry Cleaning Revenue 32,125
    g. Dry Cleaning Revenue 84,750
    40,000
    - 22,800 k. Supplies Expense - 3,600
    29,500

    d. Rent Expense - 6,000


    h. Dry Cleaning Expense - 29,500
    i. Wages Expense - 7,500
    i. Truck expense - 2,500
    i. Utilities expense - 1,300
    I. Misc. Expense - 2,700

    63,775

    180,000
    35,000
    - 12,000
    63,775

    313,475
    Cash Flow

    Cash 45,000
    Deposit 35,000
    Paid for the purchase of land - 50,000
    Received cash 32,125
    Paid rent - 6,000
    Purchased supplies - 2,500
    Paid Creditors - 22,800
    Wages Expense - 7,500
    Truck expense - 2,500
    Utilities expense - 1,300
    Misc. Expense - 2,700
    Received Cash 88,000
    withdraw - 12,000
    Cash per July 31 92,825
    Owner Equity

    Joel Palk's Equity 180,000


    Additional Capital 35,000
    withdraw - 12,000
    Net Income 63,775

    Total Equity 266,775

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