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    Sundaramani Saran
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    The document provides accounting information for Carl Nicholson's certified public accounting business for the month of April 2016. It includes account balances, an income statement, statement of owner's equity, and balance sheet. It is determined that the net change in owner's equity for the month was a decrease of $1,490. This was calculated by taking the beginning capital balance of $51,290, adding net income of $5,310, and subtracting withdrawals of $6,800.

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    The document provides accounting information for Carl Nicholson's certified public accounting business for the month of April 2016. It includes account balances, an income statement, statement of owner's equity, and balance sheet. It is determined that the net change in owner's equity for the month was a decrease of $1,490. This was calculated by taking the beginning capital balance of $51,290, adding net income of $5,310, and subtracting withdrawals of $6,800.

    Copyright:

    © All Rights Reserved
    Als PDF, TXT herunterladen oder online auf Scribd lesen
    Markieren Sie unangemessene Inhalte
    1K Ansichten4 Seiten

    Q8

    Hochgeladen von

    Sundaramani Saran
    The document provides accounting information for Carl Nicholson's certified public accounting business for the month of April 2016. It includes account balances, an income statement, statement of owner's equity, and balance sheet. It is determined that the net change in owner's equity for the month was a decrease of $1,490. This was calculated by taking the beginning capital balance of $51,290, adding net income of $5,310, and subtracting withdrawals of $6,800.

    Copyright:

    © All Rights Reserved
    Als PDF, TXT herunterladen oder online auf Scribd lesen
    Markieren Sie unangemessene Inhalte
    von 4

    9/8/2015

    8.

    AssignmentPrintView

    Award: 6 out of 6.00 points

    Critical Thinking Problem 2.1 Financial Statements


    ThefollowingaccountbalancesareforCarlNicholson,CertifiedPublicAccountant,asofApril30,2016.

    Cash
    AccountsReceivable
    MaintenanceExpense
    AdvertisingExpense
    FeesEarned
    CarlNicholson,Capital,April1
    SalariesExpense
    Machinery
    AccountsPayable
    CarlNicholson,Drawing

    30,000
    12,000
    4,600
    3,890
    26,800
    ?
    13,000
    21,000
    13,200
    6,800

    DeterminethebalanceforCarlNicholson,Capital,April1,2016.

    $
    51,290
    CarlNicholson,Capital,April1,2016

    PrepareanincomestatementforthemonthofApril2016.

    CARLNICHOLSON,CERTIFIEDPUBLICACCOUNTANT
    IncomeStatement
    MonthEndedApril30,2016
    Revenue
    Feesearned

    26,800

    Expenses
    Salariesexpense

    13,000

    Maintenanceexpense

    4,600

    Advertisingexpense

    3,890

    Totalexpenses
    Netincome

    21,490

    5,310

    PrepareastatementofownersequityforthemonthofApril2016.

    CARLNICHOLSON,CERTIFIEDPUBLICACCOUNTANT
    StatementofOwnersEquity
    MonthEndedApril30,2016
    CarlNicholson,Capital,April1,2016

    51,290

    Decreaseincapital

    (1,490)

    CarlNicholson,Capital,April30,2016

    49,800

    NetincomeforApril
    Less:WithdrawalsforApril

    5,310
    6,800

    PrepareabalancesheetforCarlNicholson,CertifiedPublicAccountant,asofApril30,2016.

    http://ezto.mheducation.com/hm_accounting.tpx?todo=printviewSingle

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    AssignmentPrintView

    CARLNICHOLSON,CERTIFIEDPUBLICACCOUNTANT
    BalanceSheet
    April30,2016
    Assets

    Liabilities

    Cash

    30,000

    Equipment

    21,000

    Accountsreceivable

    12,000

    Totalassets

    63,000

    Accountspayable

    13,200

    CarlNicholson,Capital

    49,800

    TotalliabilitiesandOwner'sequity

    Owner'sEquity

    63,000

    Analyze:
    What net change in owners equity occurred during the month of April? (Negative amount should be
    indicatedbyaminussign.)

    $
    (1,490)
    Netchangeinowner'sequity

    References
    Worksheet

    LearningObjective:0203
    Analyzetheeffectsof
    businesstransactionsona
    firmsassets,liabilities,and
    ownersequityandrecord
    theseeffectsinaccounting
    equationform.

    CriticalThinking
    Problem2.1
    Financial
    Statements

    LearningObjective:0204
    Prepareanincome
    statement.

    Critical Thinking Problem 2.1 Financial Statements


    ThefollowingaccountbalancesareforCarlNicholson,CertifiedPublicAccountant,asofApril30,2016.

    Cash
    AccountsReceivable
    MaintenanceExpense
    AdvertisingExpense
    FeesEarned
    CarlNicholson,Capital,April1
    SalariesExpense
    Machinery
    AccountsPayable
    CarlNicholson,Drawing

    30,000
    12,000
    4,600
    3,890
    26,800
    ?
    13,000
    21,000
    13,200
    6,800

    DeterminethebalanceforCarlNicholson,Capital,April1,2016.

    CarlNicholson,Capital,April1,2016
    $
    51,290

    http://ezto.mheducation.com/hm_accounting.tpx?todo=printviewSingle

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    AssignmentPrintView

    PrepareanincomestatementforthemonthofApril2016.

    CARLNICHOLSON,CERTIFIEDPUBLICACCOUNTANT
    IncomeStatement
    MonthEndedApril30,2016
    Revenue
    Feesearned

    26,800

    Expenses
    Advertisingexpense

    3,890

    Maintenanceexpense

    4,600

    Salariesexpense

    13,000

    Totalexpenses
    Netincome

    21,490

    5,310

    PrepareastatementofownersequityforthemonthofApril2016.

    CARLNICHOLSON,CERTIFIEDPUBLICACCOUNTANT
    StatementofOwnersEquity
    MonthEndedApril30,2016
    CarlNicholson,Capital,April1,2016

    NetincomeforApril

    5,310

    51,290

    Less:WithdrawalsforApril

    6,800

    Decreaseincapital

    (1,490)

    CarlNicholson,Capital,April30,2016

    49,800

    PrepareabalancesheetforCarlNicholson,CertifiedPublicAccountant,asofApril30,2016.

    CARLNICHOLSON,CERTIFIEDPUBLICACCOUNTANT
    BalanceSheet
    April30,2016
    Assets

    Liabilities

    Cash

    30,000

    Accountsreceivable

    12,000

    Equipment

    21,000

    Accountspayable
    Owner'sEquity

    Totalassets

    13,200

    CarlNicholson,Capital

    49,800

    63,000

    TotalliabilitiesandOwner'sequity

    63,000

    Analyze:
    What net change in owners equity occurred during the month of April? (Negative amount should be
    indicatedbyaminussign.)

    Netchangeinowner'sequity
    $
    (1,490)

    http://ezto.mheducation.com/hm_accounting.tpx?todo=printviewSingle

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    AssignmentPrintView

    Explanation:
    DeterminethebalanceforCarlNicholson,Capital,April30,2016.
    Assets
    =
    Liabilities
    +
    Owner'sEquity
    Accounts
    Accounts
    Cash
    +
    + Machinery =
    + C.NicholsonCapital C.NicholsonDrawing + Revenue Expenses
    Receivable
    Payable
    $30,000 +
    $12,000
    +
    $21,000
    =
    $13,200
    +
    ?

    $6,800
    + $26,800 $21,490
    LetCarlNicholson,Capital=X.
    SolvingforX:
    $63,000(TotalAssets)=$13,200(AccountsPayable)$6,800(Drawing)+$26,800(Revenue)$21,490
    (Expenses)+X

    $63,000 = $11,710 +
    X

    $63,000 $11,710 = $11,710 $11,710 + X

    $51,290 = X


    CarlNicholson,Capital,April1,2016=$51,290

    AdvertisingExpense
    MaintenanceExpense
    SalariesExpense

    TotalExpenses

    $ 3,890
    4,600
    13,000
    $ 21,490

    Analyze:
    Thedecreaseinowner'sequitywas$1,490.

    http://ezto.mheducation.com/hm_accounting.tpx?todo=printviewSingle

    5/5

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