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Homework answers / question archive / Financial Statement Maisie Taft started her own consulting firm, Maisic Consult- ing, on May 1, 2020
Financial Statement Maisie Taft started her own consulting firm, Maisic Consult- ing, on May 1, 2020. The following transactions occurred during the month of May. May 1 Maisie invested $7,000 cash in the business. 2 Paid $900 for office rent for the month. Purchased $800 of supplies on account. 5 Paid $125 to advertise in the County News. Received $4,000 cash for services performed. 12 Withdrew $1,000 cash for personal use. 15 Performed $6,400 of services on account. 17 Paid $2,500 for employee salaries. 20 Made a partial payment of $600 for the supplies purchased on account on May 3. 23 Received a cash payment of $4,000 for services performed on account on May 15. 26 Borrowed $5,000 from the bank on a note payable. 29 Purchased equipment for $4,200 on account, 30 Paid $275 for utilities. Instructions a. Show the effects of the previous transactions on the accounting equation using the following format. a. Total assets $22,000 Assets Liabilities Accounts Notes Accounts Owner's Date Cash + Receivable + Supplies + Equipment = Payable + Payable + Capital Owner's Equity Owner's Drawings + Revenues - Expenses b. Prepare an income statement for the month of May. c. Prepare a balance sheet at May 31, 2020. b. Net income $6,600 C. Cash $14,600
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