Prepare the Financial Statements for H

question 11

Essay

Prepare the financial statements for H.Logan of Logan Motorcycles from the following account balances: 1)an income statement,2)a statement of owner's equity,and 3)a balance sheet for the month ended October 31,200x.You will need to calculate the value of the Accounts Payable account (note: remember the basic accounting equation).
$$\begin{array} { l r } \text { Cash } & \$ 1,300 \\\text { Accounts Receivable } & 500 \\\text { Equipment } & 2,000 \\\text { Accounts Payable } & ? ? ? \\\text { Travis, Capital } & 3,000 \\\text { Revenue } & 1,000 \\\text { Expenses } & 700 \\\text { Travis, Withdrawal } & 100\end{array}$$

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Definitions:

Unintentionally

Performing actions or making decisions without conscious planning or purpose.

Ethnocentric

Holding the belief that one's own culture, nation, or ethnicity is superior to others.

Apathetic

Showing or feeling no interest, enthusiasm, or concern; a lack of emotion or passion.

Double-Checking

The practice of verifying accuracy or completeness of information, work, or calculations more than once to ensure correctness.