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P1-40A Using the accounting equation for transaction analysis Missy Mansion opened a public relations firm called Solid Gold on August 1, 2016. The following amounts summarize her business on August 31, 2016

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P1-40A Using the accounting equation for transaction analysis Missy Mansion opened a public relations firm called Solid Gold on August 1, 2016. The following amounts summarize her business on August 31, 2016:++=++OfficeSupplies$14,400$2,600++–EQUITYASSETSAdvertisingExpense$15,000–Mansion,Capital++Mansion,Withdrawals–RentExpenseServiceRevenue++Bal.$2,400AccountsReceivableLandCashLIABILITIESAccountsPayable$3,000$2,600$0Learning Objective 5Decrease in cash $9,300Learning Objective 6Learning Objective 4Cash $7,350
P1-43A Preparing financial statementsClick a Pix Photography works weddings and prom-type parties. The balance of Adams, Capital was $26,000 at December 31, 2015. At December 31, 2016, the business’s accounting records show these balances:Insurance Expense$ 11,000Accounts Receivable$ 12,000Cash40,000Notes Payable9,000Accounts Payable6,000Adams, Capital, Dec. 31, 2016?Advertising Expense3,200Salaries Expense20,000Service Revenue95,000Equipment73,800Adams, Withdrawals10,000Owner contribution34,000Prepare the following financial statements for Click a Pix Photography for the year ended December 31, 2016:a. Income statement.b. Statement of owner’s equity.c. Balance sheet.Learning Objective 51. Net Income $97,800Learning Objective 5b. Ending Capital $110,800

Continuing ProblemProblem P1-54 is the first problem in a sequence that begins an accounting cycle. The cycle is continued in Chapter 2 and completed in Chapter 5.P1-54 Using the accounting equation for transaction analysis, preparing financial statements, and calculating return on assets (ROA)Daniels Consulting began operations and completed the following transactions during December 2016:Dec. 2Daniels contributed $20,000 cash in exchange for capital.2Paid monthly office rent, $2,000.3Paid cash for a computer, $3,600. This equipment is expected to remain in service for five years.4Purchased office furniture on account, $3,000. The furniture should last for five years.5Purchased office supplies on account, $800.9Performed consulting service for a client on account, $2,500.12Paid utilities expenses, $150.18Performed service for a client and received cash of $2,100.21Received $2,400 in advance for client service to be performed in the future. (This increases the Unearned Revenue account, which is a liability. This account will be explained in more detail in Chapter 2.)21Hired an administrative assistant to be paid $2,055 on the 20th day of each month. The secretary begins work immediately.26Paid $200 on account.28Collected $400 on account.30Daniels withdrew $1,000.Requirements1. Analyze the effects of Daniels Consulting’s transactions on the accounting equation. Use the format of Exhibit 1-5, and include these headings: Cash; Accounts Receivable; Office Supplies; Equipment; Furniture; Accounts Payable; Unearned Revenue; Daniels, Capital; Daniels, Withdrawals; Service Revenue; Rent Expense; and Utilities Expense.2. Prepare the income statement of Daniels Consulting for the month ended December 31, 2016.3. Prepare the statement of owner’s equity for the month ended December 31, 2016.4. Prepare the balance sheet as of December 31, 2016.5. Calculate the return on assets for Daniels Consulting for December, 2016.>

 

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