GL0402- Based on Problem 4-1A LO C3, P2, P3 On April 1, 2017, Robert King created...

GL0402- Based on Problem 4-1A LO C3, P2, P3

On April 1, 2017, Robert King created a new travel agency, King Travel. The following transactions occurred during the company’s first month.

Apr.	1	King invested $44,000 cash and computer equipment worth $22,200 in the company.
Apr.	2	The company rented furnished office space by paying $2,000 cash for the first month’s (April) rent.
Apr.	3	The company purchased $2,000 of office supplies for cash.
Apr.	10	The company paid $1,800 cash for the premium on a 12-month insurance policy. Coverage begins on April 11.
Apr.	14	The company paid $1,540 cash for two weeks’ salaries earned by employees.
Apr.	24	The company collected $12,000 cash on commissions from airlines on tickets obtained for customers.
Apr.	28	The company paid $1,540 cash for two weeks’ salaries earned by employees.
Apr.	29	The company paid $650 cash for minor repairs to the company’s computer.
Apr.	30	The company paid $600 cash for this month’s telephone bill.
Apr.	30	King withdrew $1,700 cash from the company for personal use.

Information for month-end adjustments follows:

Two-thirds (or $100) of one month’s insurance coverage has expired.
At the end of the month, $950 of office supplies are still available.
This month’s depreciation on the computer equipment is $370.
Employees earned $616 of unpaid and unrecorded salaries as of month-end.
The company earned $1,810 of commissions that are not yet billed at month-end.

Income Statements, Balance Sheet

Solutions

Expert Solution

Solved the answer.

Kindly raise your thumbsup..

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

Problem 4-1A Applying the accounting cycle LO C2, P2, P3 On April 1, Jiro Nozomi created...

Problem 4-1A Applying the accounting cycle LO C2, P2, P3 On April 1, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the company’s first month. April 1 Nozomi invested $31,000 cash and computer equipment worth $20,000 in the company. 2 The company rented furnished office space by paying $1,700 cash for the first month’s (April) rent. 3 The company purchased $1,100 of office supplies for cash. 10 The company paid $2,900 cash for the...

On April 1, 2017, Robert King created a new travel agency, King Travel. The following transactions...

On April 1, 2017, Robert King created a new travel agency, King Travel. The following transactions occurred during the company’s first month. Apr. 1 King invested $44,000 cash and computer equipment worth $22,200 in the company. Apr. 2 The company rented furnished office space by paying $2,000 cash for the first month’s (April) rent. Apr. 3 The company purchased $2,000 of office supplies for cash. Apr. 10 The company paid $1,800 cash for the premium on a 12-month insurance policy....

GL1101 - Based on Problem 11-2A LO C3, P2, P3 Marcellus Company reports the following components...

GL1101 - Based on Problem 11-2A LO C3, P2, P3 Marcellus Company reports the following components of stockholders’ equity on January 1. Common stock—$10 par value, 110,000 shares authorized, 40,000 shares issued and outstanding $ 400,000 Paid-in capital in excess of par value, common stock 60,000 Retained earnings 330,000 Total stockholders' equity $ 790,000 During the year, the following transactions affected its stockholders’ equity accounts. Jan. 2 Purchased 4,000 shares of its own stock at $23 cash per share. Jan....

Problem 4-5A Preparing trial balances, closing entries, and financial statements LO C3, P2, P3 The adjusted...

Problem 4-5A Preparing trial balances, closing entries, and financial statements LO C3, P2, P3 The adjusted trial balance of Karise Repairs on December 31, 2017, follows. KARISE REPAIRS Adjusted Trial Balance December 31, 2017 No. Account Title Debit Credit 101 Cash $ 64,000 124 Office supplies 1,000 128 Prepaid insurance 2,100 167 Equipment 60,000 168 Accumulated depreciation—Equipment $ 6,000 201 Accounts payable 13,500 210 Wages payable 700 301 C. Karise, Capital 31,000 302 C. Karise, Withdrawals 15,000 401 Repair fees...

Problem 4-5A Preparing trial balances, closing entries, and financial statements LO C3, P2, P3 The adjusted...

Problem 4-5A Preparing trial balances, closing entries, and financial statements LO C3, P2, P3 The adjusted trial balance of Karise Repairs on December 31, 2017, follows. KARISE REPAIRS Adjusted Trial Balance December 31, 2017 No. Account Title Debit Credit 101 Cash $ 45,000 124 Office supplies 1,900 128 Prepaid insurance 2,800 167 Equipment 59,000 168 Accumulated depreciation—Equipment $ 5,900 201 Accounts payable 12,000 210 Wages payable 700 301 C. Karise, Capital 33,000 302 C. Karise, Withdrawals 16,000 401 Repair fees...

GL0701 - Based on Problem 7-1A Church Company LO P1, P2, P3, P4 Church Company completes...

GL0701 - Based on Problem 7-1A Church Company LO P1, P2, P3, P4 Church Company completes these transactions and events during March of the current year (terms for all its credit sales are 2/10, n/30). Mar. 1 Purchased $43,600 of merchandise from Van Industries, terms 2/15, n/30. Mar. 2 Sold merchandise on credit to Min Cho, Invoice No. 854, for $16,800 (cost is $8,400). Mar. 3 Purchased $1,230 of office supplies on credit from Gabel Company, terms n/30. Mar. 3...

Required information Problem 11-4A Analysis of changes in stockholders' equity accounts LO C3, P2, P3 [The...

Required information Problem 11-4A Analysis of changes in stockholders' equity accounts LO C3, P2, P3 [The following information applies to the questions displayed below.] The equity sections from Atticus Group’s 2016 and 2017 year-end balance sheets follow. Stockholders’ Equity (December 31, 2016) Common stock—$5 par value, 100,000 shares authorized, 35,000 shares issued and outstanding $ 175,000 Paid-in capital in excess of par value, common stock 135,000 Retained earnings 340,000 Total stockholders’ equity $ 650,000 Stockholders’ Equity (December 31, 2017) Common...

Problem 11-2A Cash dividends, treasury stock, and statement of retained earnings LO C3, P2, P3 Kohler...

Problem 11-2A Cash dividends, treasury stock, and statement of retained earnings LO C3, P2, P3 Kohler Corporation reports the following components of stockholders’ equity on December 31, 2016: Common stock—$25 par value, 100,000 shares authorized, 40,000 shares issued and outstanding $ 1,000,000 Paid-in capital in excess of par value, common stock 70,000 Retained earnings 370,000 Total stockholders' equity $ 1,440,000 In year 2017, the following transactions affected its stockholders’ equity accounts. Jan. 1 Purchased 4,500 shares of its own stock...

Problem 15-1A Production costs computed and recorded; reports prepared LO P1, P2, P3, P4 [The following...

Problem 15-1A Production costs computed and recorded; reports prepared LO P1, P2, P3, P4 [The following information applies to the questions displayed below.] Marcelino Co.'s March 31 inventory of raw materials is $86,000. Raw materials purchases in April are $560,000, and factory payroll cost in April is $385,000. Overhead costs incurred in April are: indirect materials, $56,000; indirect labor, $24,000; factory rent, $31,000; factory utilities, $21,000; and factory equipment depreciation, $56,000. The predetermined overhead rate is 50% of direct labor...

Problem 2-1A Production costs computed and recorded; reports prepared LO C2, P1, P2, P3, P4 [The...

Problem 2-1A Production costs computed and recorded; reports prepared LO C2, P1, P2, P3, P4 [The following information applies to the questions displayed below.] Marcelino Co.'s March 31 inventory of raw materials is $86,000. Raw materials purchases in April are $570,000, and factory payroll cost in April is $384,000. Overhead costs incurred in April are: indirect materials, $52,000; indirect labor, $25,000; factory rent, $36,000; factory utilities, $22,000; and factory equipment depreciation, $60,000. The predetermined overhead rate is 50% of direct...

Subjects