Business, 14.07.2020 01:01 briannaleiigh

The accountt balances from the December 31, 2019, trial balance for Haman Accounting Services a Haman Accounting
Trial Balance
December 31, 2019
Account Naame Debit Credit
Cash 6, 700
Accounts Receivable 2,700
Supplies 1,700
Prepaid Rent 19,000
Equipment 18,000
Accounts Payable 8,800
Erik Haman, Capital 24,500
Erik Haman, Drawing 3,700
Fees Income 24,000
Salaries Expense 3,700
Utilities Expense 1 ,800
Totals 57,300 57,300
1. Prepare an income statement for the Haman Accounting Services for the month ended December 31, 2019.
2. Prepare a statement of owner’s equity for Haman Accounting Services for the month ended December 31, 2019.
3. Prepare a balance sheet for Haman Accounting Services as of December 31, 2019.

Answers: 3

Show answers

Answers

Answer from: triggercell

Answer and Explanation:

The preparation of income statement is shown below:-

Haman accounting services

Income Statement

For the year ended December 31, 2019

Particulars Amount

Fees income $24,000

Total revenue $24,000

Less: Operating expenses

Salaries expenses ($3,700)

Utilities expenses ($1,800)

Total operating expenses ($5,500)

Net operating income $18,500

2. The Preparation of Statement of changes in owners equity is shown below:-

Haman accounting services

Statement of changes in owners equity

For the year ended December 31, 2019

Particulars Amount

Erik Haman' capital as on

1st Jan 2019 $24,500

Add: Earned net income $18,500

Total $43,000

Less: Erik Haman's Drawings $3,700

Wilson' capital as on 31

December 2019 $39,300

3. The Preparation of balance sheet is prepared below:-

Haman accounting services

Balance sheet

For the year ended December 31, 2019

Particulars Amount

Assets

Current Assets

Cash $6,700

Accounts receivable $2,700

Supplies $1,700

Prepaid Rent $19,000

Total current assets $30,100

Fixed (Long-Term) Assets

Equipment $18,000

Total fixed assets $18,000

Total assets $48,100

Liabilities and Owner's Equity

Current Liabilities

Accounts payable $8,800

Total current liabilities $8,800

Long-Term Liabilities

Total long-term liabilities $0

Owner's Equity

Erik Haman's Capital $39,300

Total owner's equity $39,300

Total Liabilities and Owner's Equity $48,100

Answer from: Quest

Technicians are. they a lot

Answer from: Quest

The answer would be

Another question on Business

Business, 21.06.2019 17:10

Acompany manufactures hair dryers. it buys some of the components, but it makes the heating element, which it can produce at the rate of 920 per day. hair dryers are assembled daily, 250 days a year, at a rate of 360 per day. because of the disparity between the production and usage rates, the heating elements are periodically produced in batches of 2,300 units. a. approximately how many batches of heating elements are produced annually? b. if production on a batch begins when there is no inventory of heating elements on hand, how much inventory will be on hand 4 days later? c. what is the average inventory of elements, assuming each production cycle begins when there are none on hand?

Answers: 1

Answer

Business, 22.06.2019 11:30

Buyer henry is going to accept seller shannon's $282,500 counteroffer. when will this counteroffer become a contract. a. counteroffers cannot become contracts b. when henry gives shannon notice of the acceptance c. when henry signs the counteroffer d. when shannon first made the counteroffer

Answers: 3

Answer

Business, 22.06.2019 12:50

There is a small, family-owned store that sells food and household goods in a small town. the owners have good relations with the community, especially with local farmers who supply much of the food. the farmers aren't organized into a cooperative or union, and the store deals with each individually. suppose the store wanted to buy some farms to control the supply of certain vegetables. how would you classify this strategic move? select one: a. horizontal integration b. forward integration c. backward integration d. concentric integration

Answers: 2

Answer

Business, 22.06.2019 14:30

The state in which the manufacturing company you work for is located regulates the presence of a particular substance in the environment to concentrations ≤ x. recently-released, reliable research endorsed by the responsible federal agency conclusively demonstrates that the substance poses no risks at concentrations up to 5x. your company has asked you to consider designing a new process with a waste discharge stream containing up to 2x of the substance. based on the stated conditions, describe this possible.

Answers: 2

Answer

You know the right answer?

The accountt balances from the December 31, 2019, trial balance for Haman Accounting Services a Ham...

Questions