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
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