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1Curtis Hamilton transferred $56,000 cash from a personal savings account to a checking account in the name of Hamilton Electric. 2The company rented office space and paid $800 cash for the December rent. 3The company purchased $14,000 of electrical equipment by paying $3,200 cash and agreeing to pay the $10,800 balance in 30 days. 5The company purchased office supplies by paying $900 cash. 6The company completed electrical work and immediately collected $1,000 cash for these services. 8The company purchased $3,800 of office equipment on credit. 15The company completed electrical work on credit in the amount of $4,000. 18The company purchased $500 of office supplies on credit. 20The company paid $3,800 cash for the office equipment purchased on December 8. 24The company billed a client $600 for electrical work completed; the balance is due in 30 days. 28The company received $4,000 cash for the work completed on December 15. 29The company paid the assistants salary of $1,200 cash for this month. 30The company paid $440 cash for this months utility bill. 31C. Hamilton withdrew $700 cash from the company for personal use.
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3.
value:
7 points
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Required: 2. Enter the amount of each transaction on individual items of the accounting equation. Show new balances after each transaction. (Leave no cells blank - be certain to enter "0" wherever required. Amounts to be deducted, withdrawals and expenses should be indicated with a minus sign. Omit the "$" sign in your response.) Assets Date Oct. 1 2 Bal. 3 Bal. 5 Bal. 6 Bal. Cash $ + Accounts Receivable $ + Office Supplies $ + Office Equipment $ + Electrical Equipment $ =
Worksheet
Learning Objective: 01-C4 Explain generally accepted accounting principles and define and apply several accounting principles. Learning Objective: 01-P1 Analyze business transactions using the accounting equation.
Learning Objective: 01-P2 Identify and prepare basic financial statements and explain how they interrelate.
Difficulty: Hard
4.
value:
10 points
-2-2 http://ezto.mhhm.
3.1 Prepare an income statement for the current month. (Input all amounts as positive values. Omit the "$" sign in your response.)
$ $
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Expenses:
Total expenses
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3.2 Prepare a statement of owner's equity for the current month. (Input all amounts as positive values. Leave no cells blank - be certain to enter "0" wherever required. Omit the "$" sign in your response.) HAMILTON ELECTRIC Statement of Owner's Equity For Month Ended December 31
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3.3 Prepare a statement of cash flows for the current month. (Leave no cells blank - be certain to enter "0" wherever required. Negative amounts should be indicated by a minus sign. Omit the "$" sign in your response.) HAMILTON ELECTRIC Statement of Cash Flows For Month Ended December 31 Cash flows from operating activities:
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Net cash
financing activities $
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3.4 Prepare a balance sheet as of the end of the month. (Be sure to list the assets and liabilities in order of their liquidity. Omit the "$" sign in your response.) HAMILTON ELECTRIC Balance Sheet December 31 Assets
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Total Assets
Liabilities
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Equity
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