Common Stock $ 88,200 Retained Earnings $ 33,277 Cash $ 7,505 Accounts Receivable $ &nb

Common Stock		$ 88,200
Retained Earnings		$ 33,277
Cash	$ 7,505
Accounts Receivable	$ 4,670
Supplies	$ 750
Prepaid Rent	5000
Building	87000
Equipment	109000
Accumulated Depreciation		42600
Accounts Payable		6220
Utilities Payable		0
Wages and Salaries Payable		1900
Income Tax Payable		10155
Interest Payable		203.4
Notes Payable		30420
Bonus Payable		950
Total	$ 213,925	$ 213,925

Record March transactions in the General Journal and post to the General Ledger.
Record adjusting entries for March in the General Journal and post to the General Ledger.
Prepare the adjusted trial balance as of March 31
Prepare the following March financial statements:
- a) Income Statement for month ended March 31
- b) Statement of Stockholders Equity for month ended March 31
- c) Balance Sheet as of March 31
- d) Statement of Cash Flows for month endedMarch 31
Record March closing transactions in the General Journal and post to the General Ledger.

Prepare a post-closing trial balance as of March 31

1-Mar	Performed car repair services and received cash at the time of sale, $3,950.
4-Mar	Paid wages and salaries for $2,100, part of which was accrued in February.
10-Mar	Issued stock to new investors, $10,000.
15-Mar	Made the interest payment on all notes, all is accrued in interest payable.
15-Mar	Paid annual income taxes that was accrued in income taxes payable.
20-Mar	Made a monthly payment on the equipment note, $80.
22-Mar	Paid cash for advertising, $150.
27-Mar	Performed car repair services on account, $4,020.
30-Mar	Paid dividends to owners, $360.

March Adjusting Entries
31-Mar	The estimated depreciation on building and equipment is $700.
31-Mar	One month of rent has expired, $1,000.
31-Mar	The annual interest rate is 4% on all notes and paid quarterly. Round to nearest dollar.
31-Mar	Accrued wages and salaries worked in March that will be paid 4-4, $1,890.
31-Mar	The estimated income taxes for the month is $720.

Expert Solution

ekkarill92 answered 2 years ago

company uses the following accounts: Cash Income Taxes Payable Accounts Receivable Capital Stock Prepaid Rent Retained...

company uses the following accounts: Cash Income Taxes Payable Accounts Receivable Capital Stock Prepaid Rent Retained Earnings Unexpired Insurance Dividends Office Supplies Income Summary Rental Equipment Rental Fees Earned Accumulated Depreciation: Salaries Expense Rental Equipment Maintenance Expense Notes Payable Utilities Expense Accounts Payable Rent Expense Interest Payable Office Supplies Expense Salaries Payable Depreciation Expense Dividends Payable Interest Expense Unearned Rental Fees Income Taxes Expense Dec. 1 Issued to John and Patty Driver 20,000 shares of capital stock in exchange for...

The identification of the proportions of debt, retained earnings, preferred stock, and common stock used to...

The identification of the proportions of debt, retained earnings, preferred stock, and common stock used to finance a firm’s operations and capital investments is referred to as the: A. Capital structure decision B. Financing decision C. Financial risk decision D. Capital budgeting decision New projects should be funded using: A. The same proportions of debt and equity that finance a firm’s total assets B. The source of funds (debt or equity) with the lowest cost of capital C. Debt only...

Assets Liabilities and Equity Cash $ 51,000 Accounts Payable $ 23,000 Accounts Receivable 43,000 Common Stock...

Assets Liabilities and Equity Cash $ 51,000 Accounts Payable $ 23,000 Accounts Receivable 43,000 Common Stock 84,000 Land 27,000 Retained Earnings 14,000 Total $ 121,000 Total $ 121,000 The following accounting events apply to Waddell Company's Year 2 fiscal year: Jan. 1 Acquired $46,000 cash from the issue of common stock. Feb. 1 Paid $5,100 cash in advance for a one-year lease for office space. Mar. 1 Paid a $1,900 cash dividend to the stockholders. Apr. 1 Purchased additional land...

Set up T accounts for Cash; Accounts Receivable; Supplies; Accounts Payable; Common Stock; Dividends; Professional Fees;...

Set up T accounts for Cash; Accounts Receivable; Supplies; Accounts Payable; Common Stock; Dividends; Professional Fees; and Operating Expenses. (a) In the T accounts, record the following transactions of Potter Pool Services for June, identifying each entry by number: (1) Stockholders invested $12,500 cash in the business by purchasing common stock. (2) Purchased supplies on account, $6,250. (3) Paid operating expenses, $5,500. (4) Billed clients for fees, $7,440. (5) Received cash from cash clients, $4,700. (6) Paid creditors on account,...

What is Stockholder Equity? Include Retained Earnings and Common Stock explanations. What is Free Cash Flow?What...

What is Stockholder Equity? Include Retained Earnings and Common Stock explanations. What is Free Cash Flow?What is Capital Gains Tax? What is the current rate?What are Corporate Tax Rates? What tax rates do individuals pay on Dividends?What is a loan amortization schedule, and what are some ways these schedules are used?

Cash $ Current liabilities $ Accounts receivable $ Long-term debt $40,000 Inventories $ Common stock $ ...

Cash $ Current liabilities $ Accounts receivable $ Long-term debt $40,000 Inventories $ Common stock $ Fixed assets $ Retained earnings $60,000 Total assets $200,000 Total liabilities and equity $ Sales $ Cost of goods sold 1. Complete the balance sheet and sales information using the following financial data: Total assets turnover: 1.1x Days sales outstanding: 38 days Inventory turnover ratio: 4x Fixed assets turnover: 2.5x Current ratio: 2.5x Gross profit margin on sales: (Sales - Cost of goods sold)/Sales...

Office Depot had common stock of $6,800 and retained earnings of$5,000 at the beginning of...

Office Depot had common stock of $6,800 and retained earnings of $5,000 at the beginning of the year. At the end of the year, the common stock balance is $7,100 and the retained earnings account balance is $5,500. The net income for the year is $980. What is the retention ratio?

14) a. Shelby Co. has common stock of $2,000 and retained earnings of $5,000 at the...

14) a. Shelby Co. has common stock of $2,000 and retained earnings of $5,000 at the beginning of the year. During the year, the company earned revenues of $10,000 on account; incurred operating expenses of $6,500; collected $8,000 of accounts receivable; borrowed $20,000 from a bank; obtained $8,000 of cash from owners for stock and paid $4,500 of cash to the owners as dividends. How much is the ending balances of common stock and retained earnings ___________ and _______________ ....

1. The accounting equation is defined as: a. Common Stock + Retained Earnings = Stockholders’ Equity....

1. The accounting equation is defined as: a. Common Stock + Retained Earnings = Stockholders’ Equity. b. Revenues - Expenses = Net Income. c. Revenues - Expenses - Dividends = Retained Earnings. d. Assets = Liabilities + Stockholders’ Equity. 2. On January 1, Art Inc. started the year with a $492,000 balance in Retained Earnings and a $605,000 balance in Common Stock. During the year, the company earned net income of $92,000, paid a dividend of $15,200, and issued more...

This question focuses on debt, preferred stock, common stock and retained earnings. Make sure that you...

This question focuses on debt, preferred stock, common stock and retained earnings. Make sure that you provide a complete explanation regarding common stock compared to retained earnings. If we construct a graph that has the cost of capital on the vertical axis and the risk of the firm on the horizontal axis, what does the graph look like? Explain.

Question