(ACC100 -Accountng) Wk3 P3-35A p166

(ACC100 -Accountng) Wk3 P3-35A p166 - $4,500 Supplies $900...

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Festive Occasions Party Planners Income Statement Month Ended December 31 2008 Revenue Service Revenue $63,700 Expenses Depreciation Expense $5,300 Salary Expense $9,000 Utilities Expense $3,700 Insurance Expense $3,100 Supplies Expense $1,600 Total Expenses $22,700 Net Income $41,000
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Festive Occasions Party Planners Statement of Owner's Equity Month Ended December 31 2008 D. Brooks, capital, November 30, 2008 $10,000 Net income for the month $41,000 $51,000 Less: Withdrawal by owner $38,000 D. Brooks, capital, December 31 2007 $13,000
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Festive Occasions Party Planners Balance Sheet Month Ended December 31 2008 Assets Liabilities Cash $12,300 Accounts Payable $3,600 Accounts Receivable $10,400 Unearned Service Revenue
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Unformatted text preview: $4,500 Supplies $900 Salary Payable $900 Equipment $25,600 Note Payable $15,000 Less Accumulated Depreciation $12,200 Owner's Equity Marilyn Crone, capital $13,000 Total Assets $37,000 Total Liablilites and Owner's Equity $37,000 2a Which financial statement reports results of operations? Income Statement Were Operations Successful? They were successful because there was more revenue($63,700), than there was expenses($22,700). 2b Which statement reports the company's financial position? Balance Sheet Is the financial position strong or weak? I think it looks a little on the weak side because there is more money in non-cash than there is in capital, or in-hand assets....
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(ACC100 -Accountng) Wk3 P3-35A p166 - $4,500 Supplies $900...

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