Show Me How Calculator Printem Statement of Owners Equity Financial Information related to Udder Products Company, a proprietorship for the month ended April 30, 2019, is as follows: Net Income for April $166,000 Mark Komiksys withdrawals during April Mark Kominksys capital, April 1, 2019 25,000 384,500 a. Prepare a statement of owners equity for the month ended April 30, 2019 Udder Products Company Statement of Owners Equity For the Month Ended April 30, 2019 Mark Kominksy, capital, April 1, 2019 384.500 Net Income for April 166.000 Withdrawals 25.000 b. Why is the statement of owners equity prepared before the April 30 2019. balance sheet? The statement of owners equity is prepared before the April 30, 2019. balance sheet because the balance sheet account balance is needed for the Transactions Amy Austin established an insurance agency on March 1 of the current year and completed the following transactions during March: a. Opened a business bank account with a deposit of $50,000 from personal funds. b. Purchased supplies on account, $4,000. c. Paid creditors on account, $2,300. d. Received cash from fees earned on insurance commissions, $13,800. e. Paid rent on office and equipment for the month, $5,000. f. Paid automobile expenses for the month, $1,150, and miscellaneous expenses, $300. g. Paid office salaries, $2,500. h. Determined that the cost of supplies on hand was $2,700; therefore, the cost of supplies used was $1,300. i. Billed insurance companies for sales commissions earned, $12,500. j. Withdrew cash for personal use, $3,900. Required: 1. Indicate the effect of each transaction and the balances after each transaction. For those boxes in which no entry is required, leave the box blank. For those boxes in which you must enter subtractive or negative numbers use a minus sign. (Example: -300) Chunars Fun
Show Me How Calculator Printem Statement of Owners Equity Financial I
Show Me How Calculator Printem Statement of Owners Equity Financial Information related to Udder Products Company, a proprietorship for the month ended April 30, 2019, is as follows: Net Income for April $166,000 Mark Komiksys withdrawals during April Mark Kominksys capital, April 1, 2019 25,000 384,500 a. Prepare a statement of owners equity for the month ended April 30, 2019 Udder Products Company Statement of Owners Equity For the Month Ended April 30, 2019 Mark Kominksy, capital, April 1, 2019 384.500 Net Income for April 166.000 Withdrawals 25.000 b. Why is the statement of owners equity prepared before the April 30 2019. balance sheet? The statement of owners equity is prepared before the April 30, 2019. balance sheet because the balance sheet account balance is needed for the Transactions Amy Austin established an insurance agency on March 1 of the current year and completed the following transactions during March: a. Opened a business bank account with a deposit of $50,000 from personal funds. b. Purchased supplies on account, $4,000. c. Paid creditors on account, $2,300. d. Received cash from fees earned on insurance commissions, $13,800. e. Paid rent on office and equipment for the month, $5,000. f. Paid automobile expenses for the month, $1,150, and miscellaneous expenses, $300. g. Paid office salaries, $2,500. h. Determined that the cost of supplies on hand was $2,700; therefore, the cost of supplies used was $1,300. i. Billed insurance companies for sales commissions earned, $12,500. j. Withdrew cash for personal use, $3,900. Required: 1. Indicate the effect of each transaction and the balances after each transaction. For those boxes in which no entry is required, leave the box blank. For those boxes in which you must enter subtractive or negative numbers use a minus sign. (Example: -300) Chunars Fun
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