On October 1, Natalie King organized Real Solutions, a new consulting firm. On O

Question

On October 1, Natalie King organized Real Solutions, a new consulting firm. On October 31, the company's records show the following items and amounts.





















Cash

$

11,200



Cash withdrawals by owner

$

2,000



Accounts receivable



20,000



Consulting fees earned



22,000



Office supplies



23,800



Rent expense



3,960



Land



36,000



Salaries expense



8,800



Office equipment



18,000



Telephone expense



760



Accounts payable



42,000



Miscellaneous expenses



580



Owner investments



61,100












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Using the above information prepare an October statement of owner's equity for Real Solutions. (Leave no cells blank - be certain to enter "0" wherever required. Input all amounts as positive values. Omit the "$" sign in your response.)





REAL SOLUTIONS
Statement of Owner's Equity
For Month Ended October 31



(Click to select)Accounts payableN. King, Capital, Oct. 1Consulting fees earnedN. King, Capital, Oct. 31Cash

$





(Click to select)Less: Investments by ownerLess: Withdrawals by ownerCashAdd: Withdrawals by ownerAdd: Investments by owner







(Click to select)Less: Net lossAdd: Net income










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(Click to select)CashLess: Withdrawals by ownerAdd: Withdrawals by ownerLess: Investments by ownerAdd: Investments by owner










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(Click to select)CashAccounts payableN. King, Capital, Oct. 1Consulting fees earnedN. King, Capital, Oct. 31

$








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Explanation / Answer

Assets: Cash 2,000 Accounts Receivable 12,000 Office Supplies 4,250 Office equipment 28,000 Land 36,000 Total assets 82,250 Liabilities: Accounts Payable 7,500 Equity: Owner’s equity 74,750 Total Liabilities and equity 82,250

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