From the Information Given Below, Prepare a November Income Statement

question 149

Essay

From the information given below, prepare a November income statement, a November statement ^{of owner's equity, and a November 30 balance sheet}. ^{On November 1 of the current year, Victoria} Garza began Garza Décor with an initial investment of $50,000 cash. On November 30, her records showed the following (alphabetically arranged) items and amounts.
$\begin{array}{|l|c|l|}\hline \text { Accounts payable. } & \$ 12,000 &\text { Oftice furnishings. } & \$ 40,000 \\\hline \text { Accounts receivable. } & 19,000 &\text { Owner's withdrawals} & 6,000 \\\hline \text { Cash } & 21,200 &\text { Rent expense} & 9,600 \\\hline \text { Fees earned. } & 34,000& \text { Salaries expense. } & 4,200 \\\hline \text { Notes payable} & 4,250 & \text { Telephone expense } & 250 \\\hline\end{array}$

Understand the concept of career stress and its effects on job satisfaction.

Recognize different problem-solving styles and coping strategies.

Identify characteristics of authoritarian individuals and their impact on ethical behavior.

Understand the role of emotions in problem-solving.

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Definitions:

Accruals

Adjustments in accounting for income that has been generated but not yet documented, and for costs that have been accrued but not yet documented.

Working Capital Needs

The funds required to finance the day-to-day operations of a business, including managing its short-term assets and liabilities.

Explicit Interest

The stated interest rate on a loan or financial instrument, not including the effects of compounding or any hidden charges.

Factoring

Financing method where a firm sells its accounts receivables, usually to a specialized financing company, at a discount to their full value.