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Category > Accounting Posted 26 Sep 2017 My Price 10.00

Heidi Fritz

PR 1-3A Financial statements

Heidi Fritz established Freedom Financial Services on March 1, 2012. Freedom Financial Services offers financial planning advice to its clients. The effect of each transaction and the balances after each transaction for March are shown below.

   

Assets

  

= Liabilities +

    

Owner’s Equity

      
         

Heidi

Heidi

            
   

Accounts

  

Accounts

Fritz,

Fritz,

Fees

Salaries

Rent

Auto

Supplies

  
 

Cash

+ Receivable

+ Supplies

Payable

+ Capital

- Drawing

+ Earned

- Expense

- Expense

- Expense

- Expense

- Expense
a.

+ 45,000

      

+ 45,000

              
b.    

+ 6,540

+ 6,540

                
Bal.

45,000

  

6,540

6,540

45,000

              
c.

–1,800

    

- 1,800

                
Bal.

43,200

  

6,540

4,740

45,000

              
d.

+ 84,000

          

+ 84,000

          
Bal.

127,200

  

6,540

4,740

45,000

84,000

          
e.

–22,500

              

–22,500

      
Bal.

104,700

  

6,540

4,740

45,000

84,000

–22,500

      
f.

-17,100

                

–13,500

  

–3,600
Bal.

87,600

  

6,540

4,740

45,000

84,000

–22,500

–13,500

  

–3,600
g.

-48,000

            

-48,000

        
Bal.

39,600

  

6,540

4,740

45,000

  

84,000

-48,000

–22,500

–13,500

  

–3,600
h.    

–4,500

              

–4,500

  
Bal.

39,600

  

2,040

4,740

45,000

  

84,000

-48,000

–22,500

–13,500

–4,500

–3,600
i.  

+ 34,500

        

+ 34,500

          
Bal.

39,600

34,500

2,040

4,740

45,000

118,500

-48,000

–22,500

–13,500

–4,500

–3,600
j.

–15,000

        

–15,000

            
Bal.

24,600

34,500

2,040

4,740

45,000

–15,000

118,500

-48,000

–22,500

–13,500

–4,500

–3,600

Instructions

1. Prepare an income statement for the month ended March 31, 2012.

2. Prepare a statement of owner’s equity for the month ended March 31, 2012.

3. Prepare a balance sheet as of March 31, 2012.

4. (Optional). Prepare a statement of cash flows for the month ending March 31, 2012.

Answers

Maurice Tutor
(5)
Status NEW Posted 26 Sep 2017 02:09 PM My Price 10.00

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