Question

I HAVEFILLED IN WHAT I THINK SOME OF THE ANSWERS SHOULD BE..I HAVE NOTCHECKED MY WORK..WE ONLY GET SO

MANYATTEMPTS..DIDNT WANT TO WASTE THEM.

3.

value:
5.00 points

Kenisha Morgan owns and operates Morgan's Furniture Emporium, Inc.The balance sheet totals for assets, liabilities, and owners'equity at August 1, 2010, are as indicated. Described here areseveral transactions entered into by the company throughout themonth of August.

P2-16 Requirement 1-3

Requirement 1:

Indicate the amount and effect (+ or -) of each transaction ontotal assets, total liabilities, and total owners' equity, and thencompute the new totals for each category. The first transaction isprovided as an illustration.

August 1, 2010, totals	$ 700,000		$ 550,000		$ 150,000
August 3, borrowed $24,000 in cash from the bank	+24,000		+24,000		0
New totals	$ 724,000		$ 574,000		$ 150,000
August 7, bought merchandise inventory valued at $38,000 onaccount
New totals	$		$		$
August 10, paid $14,000 cash for operating expenses
New totals	$		$		$
August 14, received $100,000 in cash from sales of merchandise thathad cost $66,000
New totals	$		$		$
August 17, paid $28,000 owed on accounts payable
New totals	$		$		$
August 21, collected $34,000 of accounts receivable
New totals	$		$		$
August 24, repaid $20,000 to the bank plus $400 interest
New totals	$		$		$
August 29, paid Kenisha Morgan a cash dividend of $10,000
New totals	$	=	$	+	$

Requirement 2:

(a)	How much were total revenues and total expenses during August?(Omit the "$" sign in yourresponse.)

Total revenues	$
Total expenses	$

(b)	What was the amount of net income (or loss) during August?(Omit the "$" sign in yourresponse.)

(Click to select)Net incomeNet loss

$

Requirement 3:

What were the net changes during the month of August in totalassets, total liabilities, and total owner's equity? (Input all amounts aspositive values. Omit the "$" sign in yourresponse.)

	Net Change
Total assets	$
Total liabilities
Total owner's equity

Which of the following statement(s) is true? (Select all thatapply.)

	Revenues decreased Kenisha Morgan's equity, and expenses anddividends increased it.
	Interest is a "cost" of doing business.
	Dividend is a "cost" of doing business.
	Cash balance will be affected while paying off an accounts payableand collecting an accounts receivable.
	When money is borrowed from the bank, the total assets and thetotal liabilities will increase.