Question

The following T accounts show transactions that were recorded by Residential Relocators, a firm that specializes...

The following T accounts show transactions that were recorded by Residential Relocators, a firm that specializes in local Housing rentals.  

Cash
(a) 95,000 (b) 23,000
(d) 15,000 (e) 350
(g) 1,500 (h) 5,500
(i) 2,500
Equipment
(c) 40,000
Accounts Receivable
(f) 5,000 (g) 1,500
Accounts Payable
(c) 40,000
Supplies
(b) 23,000
Wade Wilson, Capital
(a) 95,000
Fees Income
(d) 15,000
(f) 5,000
Telephone Expense
(e) 350
Wade Wilson, Drawing
(i) 2,500
Salaries Expense
(h) 5,500


Required:
Prepare a statement of owner’s equity and a balance sheet for Residential Relocators as of December 31, 2019.

Complete this question by entering your answers in the tabs below.

  • Stmt of Owners Eqty
  • Balance Sheet

Prepare a statement of owner’s equity for Residential Relocators as of December 31, 2019.
RESIDENTIAL RELOCATORS
Statement of Owner's Equity
Month Ended December 31, 2019

Prepare a balance sheet for Residential Relocators as of December 31, 2019.
RESIDENTIAL RELOCATORS
Balance Sheet
December 31, 2019
Assets Liabilities
Owner's Equity
Total assets    Total liabilities and Owner's equity $0
  • S
Business   Accounting   
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Homework Answers

Answer #1

Working:

Fees income 20000
Less: Expenses
Telephone expense 350
Salaries expense 5500 5850
Net income $ 14150
RESIDENTIAL RELOCATORS
Statement of Owner's Equity
Month Ended December 31, 2019
Wade Wilson, Capital, Dec. 1, 2019 95000
Net income for December 14150
Less: Withdrawals for December 2500
Increase in capital 11650
Wade Wilson, Capital, Dec. 31, 2019 106650
RESIDENTIAL RELOCATORS
Balance Sheet
December 31, 2019
Assets Liabilities
Cash 80150 Accounts payable 40000
Accounts receivable 3500
Supplies 23000 Owner's Equity
Equipment 40000 Wade Wilson, Capital 106650
Total assets 146650 Total liabilities and Owner's equity 146650
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