Nature of Transactions Teri West operates her own catering service. Summary financial data for July are presented in equation form as follows. Each line designated by a number indicates the equation. Each increase and decrease in stockholders' equity, except transaction (5), affects net income. Assets Cash + Supplies + Land Bal. 28,000 3,600 70,000 1. +32,800 2. -14,000 3. -24,400 4. 5. -1,900 +1,400 +14,000 = Liabilities + Accounts Payable + Capital Stock + 7,600 +1,400 29,000 Retained Earnings 65,000 . Stockholders' Equity Dividends + Fees Earned -1,900 32,800 Expenses -24,400

Nature of Transactions Teri West operates her own catering service. Summary financial data for July are presented in equation form as follows. Each line designated by a number indicates the equation. Each increase and decrease in stockholders' equity, except transaction (5), affects net income. Assets Cash + Supplies + Land Bal. 28,000 3,600 70,000 1. +32,800 2. -14,000 3. -24,400 4. 5. -1,900 +1,400 +14,000 = Liabilities + Accounts Payable + Capital Stock + 7,600 +1,400 29,000 Retained Earnings 65,000 . Stockholders' Equity Dividends + Fees Earned -1,900 32,800 Expenses -24,400

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter5: Accounting For Retail Businesses

Section: Chapter Questions

Problem 5PB: Multiple-step income statement and balance sheet The following selected accounts and their current...

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