FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Concept explainers

Reporting Cash Flows
Reporting of cash flows means a statement of cash flow which is a financial statement. A cash flow statement is prepared by gathering all the data regarding inflows and outflows of a company. The cash flow statement includes cash inflows and outflows fro…
Balance Sheet
A balance sheet is an integral part of the set of financial statements of an organization that reports the assets, liabilities, equity (shareholding) capital, other short and long-term debts, along with other related items. A balance sheet is one of the …
Financial Statements
Financial statements are written records of an organization which provide a true and real picture of business activities. It shows the financial position and the operating performance of the company. It is prepared at the end of every financial cycle. It…
Owner's Capital
Before we begin to understand what Owner’s capital is and what Equity financing is to an organization, it is important to understand some basic accounting terminologies. A double-entry bookkeeping system Normal account balances are those which are expect…
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PROBLEM: - Making an Accounting Equation Table and Financial Statements At the beginning of April, Haron Kadir launched a custom computer solutions company called Softworks. The company had the following transactions during April. 1. Haron Kadir invested $65,000 cash, office equipment with a value of $5,750, and $30,000 of computer equipment in the company. The company purchased land worth $22,000 for an office by paying $5,000 cash and signing a long-term note payable for $17,000. 3. The company purchased a portable building with $34,500 cash and moved it onto the land acquired in b. 2. 4. The company paid $5,000 cash for the premium on a two-year insurance policy. 5. The company provided services to a client and immediately collected $4,600 cash. The company purchased $4,500 of additional computer equipment by paying $800 cash and signing a long-term note payable for $3,700. 7. The company completed $4,250 of services for a client. This amount is to be received within 30 days. 8. The company purchased $950 of additional office equipment on credit. 6. 9. The company completed client services for $10,200 on credit. 10. The company received a bill for rent of a computer testing device that was used on a recently completed job. The $320 rent cost must be paid within 30 days. 11. The company collected $5,100 cash in partial payment from the client described in transaction į. 12. The company paid $1,800 cash for wages to an assistant. 13. The company paid $950 cash to settle the payable created in transaction h. 14. The company paid $608 cash for minor maintenance of the company's computer equipment. 15. H. Kadir withdrew $6,230 cash from the company for personal use. 16. The company paid $1,800 cash for wages to an assistant. 17. The company paid $750 cash for advertisements on the web during April. Required 3. Prepare statement of owner's equity
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Transcribed Image Text:PROBLEM: - Making an Accounting Equation Table and Financial Statements At the beginning of April, Haron Kadir launched a custom computer solutions company called Softworks. The company had the following transactions during April. 1. Haron Kadir invested $65,000 cash, office equipment with a value of $5,750, and $30,000 of computer equipment in the company. The company purchased land worth $22,000 for an office by paying $5,000 cash and signing a long-term note payable for $17,000. 3. The company purchased a portable building with $34,500 cash and moved it onto the land acquired in b. 2. 4. The company paid $5,000 cash for the premium on a two-year insurance policy. 5. The company provided services to a client and immediately collected $4,600 cash. The company purchased $4,500 of additional computer equipment by paying $800 cash and signing a long-term note payable for $3,700. 7. The company completed $4,250 of services for a client. This amount is to be received within 30 days. 8. The company purchased $950 of additional office equipment on credit. 6. 9. The company completed client services for $10,200 on credit. 10. The company received a bill for rent of a computer testing device that was used on a recently completed job. The $320 rent cost must be paid within 30 days. 11. The company collected $5,100 cash in partial payment from the client described in transaction į. 12. The company paid $1,800 cash for wages to an assistant. 13. The company paid $950 cash to settle the payable created in transaction h. 14. The company paid $608 cash for minor maintenance of the company's computer equipment. 15. H. Kadir withdrew $6,230 cash from the company for personal use. 16. The company paid $1,800 cash for wages to an assistant. 17. The company paid $750 cash for advertisements on the web during April. Required 3. Prepare statement of owner's equity
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