The Accounts and Balances for Paw Prints Pet Sitters on November

question 92

Essay

The accounts and balances for Paw Prints Pet Sitters on November 1 are provided below. $$\begin{array} { l r l } \text { Cash } & 19,450 & \text { Fees Income } &-0-\\\text { Accounts Receivable } & 890 & \text { Rent Expense } &-0-\\\text { Office Equipment } & 2,300 & \text { Utilities Expense }&-0- \\\text { Supplies } & 250 & \text { Salaries Expense }&-0- \\\text { Accounts Payable } & 1,400 & \\\text { Kelly Connor, Capital } & 21,490 & \\\text { Kelly Connor, Drawing } & - 0 - &\end{array}$$ The following transactions occurred during the month of November.
a. Collected $350 from credit customers
b. Issued a check for $700 for rent
c. Paid $1,900 for salaries
d. The owner withdrew $500 in cash for personal expenses
e. Issued a check for $200 to pay the monthly utility bill
f. Received $2,845 in cash for services performed
g. Purchased office equipment for $1,350 on credit
-Using the information shown, prepare an income statement, statement of owner's equity, and balance sheet for Paw Prints Pet Sitters for the month ended November 30, 2013.

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Definitions:

Purely Competitive

A market structure characterized by many buyers and sellers, where each has negligible impact on market price.

Minimum ATC

The lowest point on the Average Total Cost curve, indicating the most cost-efficient level of production.

Productively Efficient

Refers to a situation where goods and services are produced at the lowest possible cost, and resources are utilized in the most efficient manner.

Pure Competition

A market structure characterized by a large number of small firms, a homogeneous product, free entry and exit, and perfect information, allowing no single firm to influence the market price.