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I have copied and pasted my homework problem
Asked Aug 14, 2012, 05:26 PM
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1 Answer Kenisha Morgan owns and operates Morgan's Furniture Emporium, Inc. The balance sheet totals for assets, liabilities, and owners' equity at August 1, 2010, are as indicated. Described here are several transactions entered into by the company throughout the month of August. references 3. value: 5.00 points P2-16 Requirement 1-3 Requirement 1: Indicate the amount and effect (+ or -) of each transaction on total assets, total liabilities, and total owners' equity, and then compute the new totals for each category. The first transaction is provided as an illustration. (Amounts to be deducted should be indicated with minus sign. Leave no cells blank - be certain to enter "0" wherever required. Omit the "$" sign in your response.) Assets = Liabilities + Owner's Equity August 1, 2010, totals $ 700,000 $ 550,000 $ 150,000 August 3, borrowed $24,000 in cash from the bank +24,000 +24,000 0 New totals $ 724,000 $ 574,000 $ 150,000 August 7, bought merchandise inventory valued at $38,000 on account New totals $ $ $ August 10, paid $14,000 cash for operating expenses New totals $ $ $ August 14, received $100,000 in cash from sales of merchandise that had cost $66,000 New totals $ $ $ August 17, paid $28,000 owed on accounts payable New totals $ $ $ August 21, collected $34,000 of accounts receivable New totals $ $ $ August 24, repaid $20,000 to the bank plus $400 interest New totals $ $ $ August 29, paid Kenisha Morgan a cash dividend of $10,000 New totals $ = $ + $ -------------------------------------------------------------------------------- Requirement 2: (a) How much were total revenues and total expenses during August? (Omit the "$" sign in your response.) Total revenues $ Total expenses $ (b) What was the amount of net income (or loss) during August? (Omit the "$" sign in your response.) (Click to select)Net lossNet income $ Requirement 3: What were the net changes during the month of August in total assets, total liabilities, and total owner's equity? (Input all amounts as positive values. Omit the "$" sign in your response.) Net Change Total assets $ Total liabilities Total owner's equity -------------------------------------------------------------------------------- |
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