Fundamental Accounting Principles Study Set 5
Quiz 1: Accounting in Business
Data for Madison Realty Are as Follows
Data for Madison Realty are as follows: The owner, Mary Madison, withdrew a total of $30,000 for personal use during the year. Using the above data, prepare Madison Realty's Statement of changes in equity for the year ended December 31.
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FastForward has the following beginning cash balance and cash transactions for the month of January. Using this information prepare a statement of cash flows.
The records of Skymaster Airplane Rentals show the following information as of December 31. Skymaster withdrew $52,000 during the year for personal expenses. Prepare a December income statement, a December statement of changes in equity, and a December 30 balance sheet.
Graham Roofing Company, owned by R. Graham, began operations in May and completed the following transactions during that first month of operations. Show the effects of the transactions on the accounts of the accounting equation by recording increases and decreases in the appropriate columns in the table below. Do not determine new account balances after each transaction. Determine the final total for each account and verify that the equation is in balance.
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