Analyse transactions and prepare income statement, retained earnings statement, and statement of financial position P1.2 (LO 4,5) Ai Fang Co. opened on July 1, 2020. On July 31, the statement of financial position showed Cash 75,000, Accounts Receivable Y1.500, Supplies 7500, Equipment 76,000, Accounts Payable 74.200, Share Capital-Ordinary 14,000, and Retained Earning of Y4,800 (amounts in thousands). During August, the following transactions occurred. 1. Collected V1.200 of accounts receivable. 2. Paid V2.800 cash on accounts payable.
3. Recognized revenue of 47.500 of which Y4.000 is collected in cash and the balance is due in September. 4. Purchased additional equipment for V2,000, paying Y400 in cash and the balance on account. 5. Paid salaries 42,800, rent for August 1900, and advertising expenses Y400. 6. Declared and paid Y700 dividend. 7. Received Y2,000 from Standard Bank-money borrowed on a note payable.
8. Incurred utility expenses for month on account Y270. Instructions a. Prepare a tabular analysis of the August transactions beginning with July 31 balances. The column headings should be as follows: Cash + Accounts Receivable + Supplies + Equipment = Notes Pay- able + Accounts Payable + Share Capital-Ordinary + Revenues – Expenses – Dividends. b. Prepare an income statement for August, a retained earnings statement for August, and a statement of financial position at August 31. a. Total assets V16,500 b. Net income 47,230 Ending retained earnings ¥11,230 Get Accounting Homework Help today
Why Choose Us
At Myhomeworkwriters.com, we always aim at 100% customer satisfaction. As such, we never compromise o the quality of our homework services. Our homework helpers ensure that they craft each paper carefully to match the requirements of the instruction form.
Professional Academic Writers
With Myhomeworkwriters.com, every student is guaranteed high-quality, professionally written papers. We ensure that we hire individuals with high academic qualifications who can maintain our quality policy. These writers undergo further training to sharpen their writing skills, making them more competent in writing academic papers.
Our company maintains a fair pricing system for all academic writing services to ensure affordability. Our pricing system generates quotations based on the properties of individual papers.
My Homework Writers guarantees all students of swift delivery of papers. We understand that time is an essential factor in the academic world. Therefore, we ensure that we deliver the paper on or before the agreed date to give students ample time for reviewing.
Myhomeworkwriters.com maintains a zero-plagiarism policy in all papers. As such, My Homework Writers professional academic writers ensure that they use the students’ instructions to deliver plagiarism-free papers. We are very keen on avoiding any chance of similarities with previous papers.
Customer Support 24/7
Our customer support works around the clock to provide students with assistance or guidance at any time of the day. Students can always communicate with us through our live chat system or our email and receive instant responses. Feel free to contact us via the Chat window or support email: email@example.com.
Try it now!
How it works?
Follow these simple steps to get your paper done
Place your order
Fill in the order form and provide all details of your assignment.
Proceed with the payment
Choose the payment system that suits you most.
Receive the final file
Once your paper is ready, we will email it to you.
Our writers complete papers strictly according to your instructions and needs, no matter what university, college, or high school you study in.
Our Homework Writing Services
My Homework Writers holds a reputation for being a platform that provides high-quality homework writing services. All you need to do is provide us with all the necessary requirements of the paper and wait for quality results.
At My Homework Writers, we have highly qualified academic gurus who will offer great assistance towards completing your essays. Our homework writing service providers are well-versed with all the aspects of developing high-quality and relevant essays.
Admission and Business Papers
With Myhomeworkwriters.com, we will help you secure a position at your desired institution. Our essay writing services include the crafting of admissions papers. We will still help you climb your career ladder by helping you write the official papers that will help you secure a job. We will guide you on how to write an outstanding portfolio or resume.
Editing and Proofreading
Myhomeworkwriters.com has a professional editorial team that will help you organize your paper, paraphrase it, and eliminate any possible mistakes. Also, we will help you check on plagiarism to ensure that your final paper posses quality and originality.
My Homework Writers harbors professional academic writers from diverse academic disciplines. As such, we can develop homework writing services in all academic areas. The simplicity or complexity of the paper does not affect the quality of homework writing services.