Solved

From the Information Given Below,prepare a November Income Statement,a November

Question 294

Essay

From the information given below,prepare a November income statement,a November statement of retained earnings,and a November 30 balance sheet.On November 1 of the current year,Victoria Garza,the sole stockholder,began Garza Décor with an initial investment of $50,000 cash in exchange for common stock.On November 30,her records showed the following items and amounts.
 Accounts payable $12,000 Office furnishings . $40,000 Accounts receivable. 19,000 Rent expense 9,600 Cash. 21,200 Salaries expense 4,200 Dividends. 6,000 Telephone expense. 250 Fees earned. 34,000 Common stock 50,000 Notes payable 4,250\begin{array}{|l|c|l|c|}\hline \text { Accounts payable } & \$ 12,000 & \text { Office furnishings . } & \$ 40,000 \\\hline \text { Accounts receivable. } & 19,000 & \text { Rent expense } & 9,600 \\\hline \text { Cash. } & 21,200 & \text { Salaries expense } & 4,200 \\\hline \text { Dividends. } & 6,000 & \text { Telephone expense. } &250 \\\hline \text { Fees earned. } & 34,000 & \text { Common stock } & 50,000 \\\hline \text { Notes payable } & 4,250 \\\hline\end{array}

Correct Answer:

verifed

Verified

None...

View Answer

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents