assignment: week 2 acc ch. 3 and 4 assignment score: 25.00%€¦ · email instructor save exit...
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Assignment: Week 2 ACC Ch. 3 and 4 Assignment Score: 25.00%
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Transaction Analysis and Financial Statements
Expert Consulting Services Inc. was organized on March 1 by two former college roommates.
The corporation provides computer consulting services to small businesses. The following
transactions occurred during the first month of operations:
Required:
1. Complete the table below to summarize the preceding transactions as they affect the
accounting equation. If an account is unaffected by a transaction, enter "0". Use the minus
sign to indicate decreases.
Use the format in Exhibit 3-1
Assets
Date Cash Accounts Receivable Computer
Questions Question 3 of 8 003_Problem 3-03
1.
2.
3.
4.
5.
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8.
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March 2 $ $ $
March 7
Balance $ $ $
March 12
Balance $ $ $
March 19
Balance $ $ $
March 20
Balance $ $ $
March 22
Balance $ $ $
March 26
Balance $ $ $
March 29
Balance $ $ $
March 30
Balance $ $ $
March 31
Balance $ $ $
Total Assets: $ Total Liabilities and Stockholders' Equity:
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2. Prepare an income statement for the month of March.
Expert Consulting Services Inc.
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Income Statement
For the Month of March
Revenues:
$
$
Expenses:
$
Total Expenses
$
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3. Prepare a classified balance sheet at March 31.
Expert Consulting Services Inc.
Balance Sheet
March 31
Assets Current assets:
$
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Total current assets $
Property, plant, and equipment:
Total assets $
Liabilities and Stockholders' Equity Current liabilities:
$
Long-term debt:
Total liabilities $
$
Total stockholders' equity
Total liabilities and stockholders' equity $
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Question 3 of 8 003_Problem 3-03
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