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Expertise:

Algebra,Applied Sciences See all

Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all

Teaching Since:	May 2017
Last Sign in:	402 Weeks Ago, 2 Days Ago
Questions Answered:	66690
Tutorials Posted:	66688

Education

MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011

Experience

Professor
Phoniex University
Oct-2001 - Nov-2016

Category > Accounting Posted 19 Aug 2017 My Price 12.00

Omar Farah.

We-Sell Realty, organized August 1, 2016, is owned and operated by Omar Farah. How many errors can you find in the following statements for We-Sell Realty, prepared after its first month of operations?

we-Sell Realty Income Statement August 31, 2016

Sales commissions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		$140,000
Expenses:
Office salaries expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$87,000
Rent expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	18,000
Automobile expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	7,500
Miscellaneous expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	2,200
Supplies expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	1,150
Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		115,850
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		$ 25,000

omar Farah Retained Earnings Statement

August 31, 2015

Retained earnings, August 1, 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$ 0
Less dividends during August . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	10,000
	$(10,000)
Issued additional common stock August 1, 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	15,000
	$ 5,000
Net income for August. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	25,000
Retained earnings, August 31, 2016. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$ 30,000

Balance Sheet

For the Month Ended August 31, 2016

Assets Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	$ 8,900	Liabilities Accounts receivable . . . . . . . . . . . . . . . . . . . . .	$38,600
Accounts payable . . . . . . . . . . . . . . . . .	22,350	Supplies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Stockholders’ Equity	4,000
		Retained earnings . . . . . . . . . . . . . . . . . . . . . . .	30,000
Total assets . . . . . . . . . . . . . . . . . . . . . . .	$31,250	Total liabilities and stockholders’ equity . . .

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Maurice Tutor

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Status NEW Posted 19 Aug 2017 07:08 PM My Price 12.00

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