Question 1 An analysis of the transactions made by Arthur Cooper amp; Co., a certified public accounting firm, for the month of August is shown…

Question 1

An analysis of the transactions made by Arthur Cooper & Co., a certified public accounting firm, for the month of August is shown below. The expenses were $650 for rent, $4,900 for salaries and wages, and $700 for utilities.

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Cash + Accounts

Receivable

 + Supplies + Equipment = Accounts

Payable

 + Owner’s

Capital

-Owner’s

Drawings

 + Revenues-Expenses1.$15,000$15,0002.-2,700$6,000$3,3003. -700$7004.4,900$4,300$9,2005.-1,000-1,0006.-2,500-$2,5007.-650-$6508.450-4509.-4,900-4,90010.700-700

Assume that August is the company’s first month of business.

income statement for August 31, 2017.

ARTHUR COOPER & CO.

Income Statement

 For the Year Ended August 31, 2017August 31, 2017For the Month Ended August 31, 2017

 DrawingsExpensesNet Income / (Loss)Owner’s Capital, August 1Owner’s Capital, August 31RevenuesTotal ExpensesTotal RevenuesInvestments

$

 DrawingsExpensesNet Income / (Loss)Owner’s Capital, August 1Owner’s Capital, August 31RevenuesTotal ExpensesTotal RevenuesInvestments

$

    Drawings    Expenses    Net Income / (Loss)    Owner’s Capital, August 1    Owner’s Capital, August 31    Revenues    Total Expenses    Total Revenues    Investments    

 DrawingsExpensesNet Income / (Loss)Owner’s Capital, August 1Owner’s Capital, August 31RevenuesTotal ExpensesTotal RevenuesInvestments

$

SHOW LIST OF ACCOUNTS

owner’s equity statement for August 31, 2017. (List items that increase owner’s equity first.)

ARTHUR COOPER & CO.

Owner’s Equity Statement

 For the Month Ended August 31, 2017August 31, 2017For the Year Ended August 31, 2017

 DrawingsExpensesNet IncomeOwner’s Capital, August 1Owner’s Capital, August 31RevenuesTotal ExpensesTotal RevenuesInvestments

$

 AddLess

    Drawings    Expenses    Net Income    Owner’s Capital, August 1    Owner’s Capital, August 31    Revenues    Total Expenses    Total Revenues    Investments    

$

    Drawings    Expenses    Net Income    Owner’s Capital, August 1    Owner’s Capital, August 31    Revenues    Total Expenses    Total Revenues    Investments    

 AddLess

:  DrawingsExpensesNet IncomeOwner’s Capital, August 1Owner’s Capital, August 31RevenuesTotal ExpensesTotal RevenuesInvestments

 DrawingsExpensesNet IncomeOwner’s Capital, August 1Owner’s Capital, August 31RevenuesTotal ExpensesTotal RevenuesInvestments

$

SHOW LIST OF ACCOUNTS

balance sheet at August 31, 2017. (List Assets in order of liquidity.)

ARTHUR COOPER & CO.

Balance Sheet

 For the Year Ended August 31, 2017For the Month Ended August 31, 2017August 31, 2017

Assets

$

    Current Assets    Liabilities    Intangible Assets    Long-term Investments    Long-term Liabilities    Property, Plant and Equipment    Owner’s Equity    Total Assets    Total Current Assets    Total Current Liabilities    Total Intangible Assets    Total Liabilities    Total Liabilities and Owner’s Equity    Total Long-term Investments    Total Long-term Liabilities    Total Property, Plant and Equipment    Total Owner’s Equity    

$

Liabilities and Owner’s Equity

 Current AssetsLiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentOwner’s EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Owner’s EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Owner’s Equity

$

 Current AssetsLiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentOwner’s EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Owner’s EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Owner’s Equity

    Current Assets    Liabilities    Intangible Assets    Long-term Investments    Long-term Liabilities    Property, Plant and Equipment    Owner’s Equity    Total Assets    Total Current Assets    Total Current Liabilities    Total Intangible Assets    Total Liabilities    Total Liabilities and Owner’s Equity    Total Long-term Investments    Total Long-term Liabilities    Total Property, Plant and Equipment    Total Owner’s Equity    

$

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