Curtis Hamilton started a new business and completed these transactions during December. Dec.

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 $ =

8 Bal. 15 Bal. 18 Bal. 20 Bal. 24 Bal. 28 Bal. 29 Bal. 30 Bal. 31 Bal. $ $ $ $ $

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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

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10 points
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3.1 Prepare an income statement for the current month. (Input all amounts as positive values. Omit the "$" sign in your response.)

HAMILTON ELECTRIC Income Statement For Month Ended December 31 Revenues:

(Click to select)

$ $
2

Expenses:

Total expenses
(Click to select)

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
(Click to select) (Click to select)
(Click to select)

(Click to select) (Click to select)

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:
(Click to select)

(Click to select)
(Click to select)

(Click to select)

(Click to select) (Click to select)

Net cash operating activities Cash flows from investing activities:

(Click to select) (Click to select) (Click to select)

Net cash investing activities Cash flows from financing activities:

(Click to select)
(Click to select) (Click to select)

Net cash

financing activities $

(Click to select) (Click to select)

(Click to select)

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
(Click to select) (Click to select)

Total Assets

Liabilities
(Click to select)

Equity
(Click to select)

Total Liabilities & Equity

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