Larry Power started a new business in the name of Power Electrical on October 1, 2023. During October, a number of activities occurred and the following totals resulted at October 31, 2023 (shown in accounting equation format): Cash $31,000+ Accounts + Receivable $7,100 + Assets Office + Supplies + $2,000 Office Equip. + $29,000 + Electrical Equip. Liabilities + Accounts Payable + $14,500 $19,000 + Equity Larry Power, Capital $64,600 During November, the following occurred: Nov. 1 Rented office space and paid cash for the month's rent of $7,300. 3 Purchased electrical equipment for $19,000 from an electrician who was going out of business, by using $10,500 in personal funds and agreeing to pay the balance in 30 days. 5 Purchased office supplies by paying $1,900 cash. 6 Completed electrical work and immediately collected $2,100 for doing the work. 8 Purchased $5,300 of office equipment on credit. 15 Completed electrical work on credit in the amount of $6,100. 16 Interviewed and hired a part-time electrician who will be paid $5,400 each month. He will begin work in three weeks. 18 Purchased $1,100 of office supplies on credit. 20 Paid for the office equipment purchased on November 8. 24 Billed a client $4,850 for electrical work; the balance is due in 30 days. 28 Received $6,100 for the work completed on November 15. 30 Paid the office assistant's salary of $4,500. 30 Paid the monthly utility bills of $3,700. 38 Power withdrew $1,500 from the business for personal use. The following table shows the effects of each November activity on the items in the equation. Accounts Cash Accounts Receivable Bal. Oct. 31 $31,000 Office Supplies $ 7,100 $ 2,000 Office Equip. $29,000 Nov. 1 Electrical Equip. $14,500 Payable 7,300 $19,000 3 +10,500 3 Larry Power, Capital $64,600 - 7,300 +10,500 - 10,500 +$19,000 5 1,900 +$ 8,500 Explanation of Equity Transaction Rent expense Investment by owner 1,900 6 +2,100 8 5,300 + 5,300 15 + 6,100 16 +2,100 + 6,100 Electrical fees earned Electrical fees earned 18 1,100 20 5,300 1,100 5,300 24 28 + 6,100 4,850 6,100 + 4,850 Electrical fees earned 30 - 4,500 30 3,700 30 1,500 $15,000 $ 11,950 $ 5,000 $99,750 $ 34,300 $33,500 $ 28,600 4,500 3,700 - 1,500 $71,150 Salaries expense Utilities expense Withdrawal by owner $ 99,750 Required: 1. Using the above information, prepare an income statement

Larry Power started a new business in the name of Power Electrical on October 1, 2023. During October, a number of activities occurred and the following totals resulted at October 31, 2023 (shown in accounting equation format): Assets = Liabilities + Equity Cash + Accounts Receivable + Office Supplies + Office Equip. + Electrical Equip. = Accounts Payable + Larry Power, Capital $35,000 + $7,500 + $2,400 + $33,000 + $16,500 = $23,000 + $71,400   During November, the following occurred: Nov. 1 Rented office space and paid cash for the month’s rent of $7,700.   3 Purchased electrical equipment for $23,000 from an electrician who was going out of business, by using $12,500 in personal funds and agreeing to pay the balance in 30 days.   5 Purchased office supplies by paying $2,300 cash.   6 Completed electrical work and immediately collected $2,500 for doing the work.   8 Purchased $5,700 of office equipment on credit.   15 Completed electrical work on credit in the…

Natale Gold is the owner of the marketing agency Vivid Voice. The company focuses on online consulting services, such as online marketing campaigns and blog services. The June transactions for VIvid Voice resulted In totals at June 30, 2020, as shown In the following accounting equation format: Assets = Liabilities Equity Accounts Accounts Natalie Explanation of Equity + Supplies $1,900 + Equipment= $6,500 Payable $4,e00 Cash Receivable Gold, Capital $11,600 Transaction $6,000 + $1, 200 + During July, the following occurred: a. Collected $800 from a credit customer. b. Pald $2,500 for equipment purchased on account In June. c. Did work for a client and collected cash; $1,100. d. Pald a part-time consultant's wages; $950. e. Pald the July rent; $1,200. f. Pald the July utlitles; $600. g. Performed services for a customer on credit; $1,600. h. Called an Information technology consultant to fix the agency's photo editing software in August; It will cost $350. Show the effects of the…

Use the following information to complete the balance sheet of Adelphi Construction as of December 31, 2018. (1) The company was organized on January 1, 2018 and has operated for the full year 2018. (2) Earnings were $275,000 and dividends of $70,000 were paid to stockholders. (3) Cash and accounts receivable together amount to one and one-half times as much as notes payable. Adelphi Construction Balance Sheet December 31, 2018 Assets Liabilities & Owners' Equity Cash Liabilities: Accounts receivable 85,000 96,000 250,000 184,000 Notes payable Accounts payable Income taxes payable Total liabilities Owners' equity: Capital stock Retained earnings Total liabilities and owners' equity 2$ Equipment Building Land $ 40,000 $215,000 %24 Total assets $620.000