Question

-4 Transactions for a Basic Business 5 You operate a sneaker store for 3 months from February to April out of your parents garage 26 Post the business's transactions by enteringether a positive or negative value in the appropriate yellow cells. Balance Sheet SC&A Account Payable Change in Assets - Change in Liabilities + Change in Equity Net Income Receivable Prepaid Rent - S - 28 Inputs: 9 You purchase secakers at $100 and after painting and bedazzling them you sell them for $200. 0 You pay no taxes and Net Income - Change in Equity. 1 Hints: #2 The sale of 4 pairs on 3/12/19 is posted as an example. 13 for each row the Change As hevad egual the Change in Liabilities plus the Change in Equity 14 Asbe sodbe Current lance cakalated bould equal the Ending Balance provided Income Statement Cost of Revenues Revenues 7 Transactions 8 1/25/19 Prepay $300 for Rental of Shelves (store 'Fixtures) 49 29/19 Purchase 10 pairs on credit dae 4/6 30 2/1/19 Receive February Shelf Rental Invoice 11 2/12/19 Sell l pair for cash 12 2/15/19 Pay Owners February Sulary of S30mth 13 3/1/19 Receive March Shelf Rental levoice 14 3/12/19 Sell 4 pairs on credit dae 4/15 15 3/15/19 Pay Owners March Salary of $10 16 4/1/19 Receive April Shelf Rental Invoice 17 4/619 Pay S1000 invoice for 29 merchandise purchase 18 4/15/19 Pay Owners April Salary of S30mth 19 4/20/19 Sell 3 pairs for cash 04/15/19 Receive cash payment for W12 sale 51 425/19 Sell 2 is at 20% discount for cash - S . S . nnnnnnnnnnnnn - S - S Touk Opening Balance Current Balance Ending Balance S 400 200 S 800 S (400) S 300 no IS $ 800 1.920 S $ 400 1.000 S S S $ S S $ 500S 900 S 1,030 $ - - - S S $ 500 900 1.030 -

Answer 1

Solution:

	Income Statement					Balance Sheet
	Revenues	Cost of Revenues	SG&A	Net Income		Cash	Accounts receivable	Inventory	Prepaid Rent	Accounts Payable	Change in Assets	Change in Liabilities	Change in Equity
25-Jan-19				0		-300			300		0	0	0
02-09-2019				0				1000		1000	1000	1000	0
02-01-2019			100	-100					-100		-100	0	-100
02-12-2019	200	100		100		200		-100			100	0	100
2/15/19			30	-30		-30					-30	0	-30
03-01-2019			100	-100					-100		-100	0	-100
03-12-2019	800	400		400			800	-400			400	0	400
3/15/19			30	-30		-30					-30	0	-30
04-01-2019			100	-100					-100		-100	0	-100
04-06-2019				0		-1000				-1000	-1000	-1000	0
4/15/19			30	-30		-30					-30	0	-30
4/20/19	600	300		300		600		-300			300	0	300
4/15/19				0		800	-800				0	0	0
4/25/19	320	200		120		320		-200			120	0	120
Totals
Opening Balance						500					500	0	500
Current Balance	1920	1000	390	530		530	0	0	0	0	530	0	530
Ending Balance	1920	1000	390	530	0	1030	0	0	0	0	1030	0	1030