Ch02P7B - 25 Net income subtotal- - - - - - - Total- 28-...

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Problem 2-7B 1 and 2. Assets = Liabilities + Equity 3. Date Cash Accounts Payable Explanation B/F Jul-1 Cantu Excavating Co. 1 Income Statement subtotal - - - - - - - For Month Ended July 31, 2005 1 Revenues: subtotal - - - - - - - Excavating fees earned 6 Operating expenses: subtotal - - - - - - - Rent expense 8 Salary expense subtotal - - - - - - - Utility expense 10 Total operating expenses - subtotal - - - - - - - Net income $- 15 subtotal - - - - - - - Cantu Excavating Co. 17 Statement of Owner's Equity subtotal - - - - - - - For Month Ended July 31, 2005 23 Robert Cantu, capital, June 30 subtotal - - - - - - - Add: Investment by owner
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Unformatted text preview: 25 Net income subtotal- - - - - - - Total- 28- subtotal- - - - - - - Less: Withdrawals by owner 31 Robert Cantu, capital, July 31 $- subtotal- - - - - - - 31 Cantu Excavating Co. subtotal- - - - - - - Balance Sheet 31 July 31, 2005 total $- $- $- $- $- $- $- Assets $0 $0 Cash Accounts receivable Office supplies Office equipment Excavation equipment Total assets $- Liabilities Accounts payable Owner's Equity Robert Cantu, capital T'otal liabilities and owner's equity $- Accounts Receivable Office Supplies Office Equipment Excavation Equipment Robert Cantu, Capital...
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