Finance and accounting Topic: FINANCIAL STATEMENTS

Number of pages: 1 page = 275 words
Sources: 2
Level: College
Formatting style: APA
Language Style: English (U.S.)
Grade: High Quality (Normal Charge)
Time zone:(GMT -4.00)

The following cash transactions took place during March, the first month of business for Cats and Dogs Company:

D.C. Dawg started a business, Cats and Dogs Company, by contributing $6,000.
The Cats and Dogs Company borrowed $2,000 from the bank on March 1. The note is a 1-year, 12% note, with both principal and interest to be repaid on February 28 of next year.
The company earned $900 in revenue.
Expenses amounted to $650.
Distributions to owners amounted to $25.
You are to complete the following tasks:

1. Show how each cash transaction affects the accounting equation.

2.Give one additional piece of information related to the transaction that could be recorded in an information system for a purpose other than the financial statements.
3. Prepare the four basic financial statements for the month of March.

Click Here to Leave a Comment Below 0 comments

Leave a Reply: