War (2018 W.. Chapter 3 Analying Business T(6) J Cole & Kendrick Lamar tyo.. Cha

Question

War (2018 W.. Chapter 3 Analying Business T(6) J Cole & Kendrick Lamar tyo.. Chapter 3. Analy McGs Chapter 3 Homework The following T accounts show transactions that were recorded by Residential Relocators, a irm that specializes in local housing rentals (b 32,000 (d) 16.000 ie,8D0 2,600 9,600 3,600 (a) 176,000 ) 10.800 ) ,60D Required: Prepare a stabement of owner's equity and a balance sheet for Residential Relocators as of December 31, 2019 Complete this question by entering your answers in the tabs below. ns fty alance Sheet Prepare a tatement of owners as of December 31, 2019 20 8 2 4

Explanation / Answer

Residential Relocation Statement of Owner's Equity For the Month Ended December 31, 2019 Wade Wilson, Capital, at the Beginning $176,000.00 Net income(loss) $15,840.00 $191,840.00 Less withdrawals -$3,600.00 Wade Wilson ,Capital ,at the end $188,240.00 Income Statement Revenue = $16,000 + $10000 $26,000.00 Less: Telephone Expenses -$560.00 Salaries Expense -$9,600.00 Net Income $15,840.00 Residential Relocation Balance Sheet Dec.31, 2019 Assets LIabilities Cash $147,840.00 Accounts Payable $66,000.00 Account Receivables $8,400.00 Owner's Equity Supplies $32,000.00 Wade Wilson, Capital, at the Beginning $176,000.00 Equipment $66,000.00 Net income(loss) $15,840.00 Less withdrawals -$3,600.00 Wade Wilson ,Capital ,at the end $188,240.00 Total Assets $254,240.00 Total Liabilities and Owner Equity $254,240.00

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