Emelymichelle
Answered

Westonci.ca is your go-to source for answers, with a community ready to provide accurate and timely information. Join our Q&A platform and connect with professionals ready to provide precise answers to your questions in various areas. Connect with a community of professionals ready to provide precise solutions to your questions quickly and accurately.

P1-1A On April 1, Julie Spengel established Spengel's Travel Agency. The following trans-
actions were completed during the month.
1. Invested $15,000 cash to start the agency.
2. Paid $600 cash for April office rent.
3. Purchased equipment for $3,000 cash.
4. Incurred $700 of advertising costs in the Chicago Tribune, on account.
5. Paid $900 cash for office supplies.
6. Performed services worth $10,000: $3,000 cash is received from customers, and the
balance of $7,000 is billed to customers on account.
7. Withdrew $600 cash for personal use.
8. Paid Chicago Tribune $500 of the amount due in transaction (4).
9. Paid employees' salaries $2,500.
10. Received $4,000 in cash from customers who have previously been billed in transac-
tion (6).
Instructions
(a) Prepare a tabular analysis of the transactions using the following column headings:
Cash, Accounts Receivable, Supplies, Equipment, Accounts Payable, Owner's Capital,
Owner's Drawings, Revenues, and Expenses.
(b) From an analysis of the owner's equity columns, compute the net income or net loss
for April.

P11A On April 1 Julie Spengel Established Spengels Travel Agency The Following Trans Actions Were Completed During The Month 1 Invested 15000 Cash To Start The class=

Sagot :

anthougo

a) The preparation of a tabular analysis of the transactions for Spengel's Travel Agency using the following headings is as follows:

Assets

      Cash    Accounts  Supplies  Equipment  Accounts  Owner's   Owner's

                 Receivable                                       Payable    Capital   Drawings

                   

1. $15,000                                                                          $15,000

2.      (600)                                                                              (600)

3.   (3,000)                                      $3,000

4.                                                                         $700          (700)

5.      (900)                     $900

6.    3,000    $7,000                                                         10,000

7.      (600)                                                                                            (600)

8.      (500)                                                         (500)

9.  (2,500)                                                                         (2500)

10.  4,000    (4,000)

   $13,900  $3,000       $900      $3,000      $200    $21,200       ($600)

Tabular Columns continued:

         Revenues     Expenses

2.                               600

4.                               700

6.          10,000

9.                            2500

Total $10,000    $3,800

What is a tabular analysis?

A tabular analysis of transactions is an accounting-based analysis using tables.  A tabular analysis is a form of quantitative analysis.

b) Based on an analysis of the owner's equity columns, the net income is $6,200.

Net income = $6,200 ($10,000 - $3,800) or ($21,200 - $15,000)

Thus, the determination of the net income or net loss from the owner's equity columns is given as Ending equity + liabilities minus Beginning equity + liabilities (or revenue minus expenses).

Learn more about determining the net income at https://brainly.com/question/11110287

Your visit means a lot to us. Don't hesitate to return for more reliable answers to any questions you may have. Thanks for stopping by. We strive to provide the best answers for all your questions. See you again soon. Westonci.ca is committed to providing accurate answers. Come back soon for more trustworthy information.