Question

In: Accounting

Misty Mark, an infamous archer, decided to open an archery and fitness business called Bows and...

Misty Mark, an infamous archer, decided to open an archery and fitness business called Bows and Biceps. The following is a list of transactions for Bows and Biceps for the first month. Put the transactions in a T account ledger and then create a trial balance, Income Statement, Statement of Owner’s Equity, and Balance Sheet on 5/31/20.

  1. 5/1/2020 - Deposited $10,000 into a bank account in the name of the business.
  2. 5/1/2020 - Signed a one-year lease for a building and paid the first six month’s rent of $4,200.
  3. 5/2/2020 - Bought equipment from Archery Supply, Inc for $2,000.
  4. 5/10/2020 - Enrolled 10 students in a Bow Hunting for Beginners class to be held on 5/29. Each student paid $50 for the class
  5. 5/15/2020 - Misty gives her personal exercise equipment with a fair market value of $3,000 to the business.
  6. 5/25/2020 - Enrolled 10 students in a Fit to Shoot class to be held next month. Each student paid $25 for the class.
  7. 5/28/2020 - Purchased $500 in office supplies from Andy’s Office Supply on credit. Half of the supplies were used immediately, the other half was stored in the supply closet for future use.
  8. 5/31/2020 - Misty withdraws $1,000 to take a vacation after working so hard to set up the business.

Solutions

Expert Solution

Solution:

1.Jurnal Entries:

2.T - Account Ledger:

3.Trail Balance:

4.Income Statement:

5. Balance Sheet:

Please Give Positive rating..


Related Solutions

Misty Mark, an infamous archer, decided to open an archery and fitness business called Bows and...
Misty Mark, an infamous archer, decided to open an archery and fitness business called Bows and Biceps. The following is a list of transactions for Bows and Biceps for the first month. Put the transactions in a T account ledger and then create a trial balance, Income Statement, Statement of Owner’s Equity, and Balance Sheet on 5/31/20. 5/1/2020 - Deposited $10,000 into a bank account in the name of the business. 5/1/2020 - Signed a one-year lease for a building...
Misty Mark, an infamous archer, decided to open an archery and fitness business called Bows and...
Misty Mark, an infamous archer, decided to open an archery and fitness business called Bows and Biceps. The following is a list of transactions for Bows and Biceps for the first month. Put the transactions in a T account ledger and then create a trial balance, Income Statement, Statement of Owner’s Equity, and Balance Sheet on 5/31/20. 5/1/2020 - Deposited $10,000 into a bank account in the name of the business. 5/1/2020 - Signed a one-year lease for a building...
Misty Mark, an infamous archer, decided to open an archery and fitness business called Bows and...
Misty Mark, an infamous archer, decided to open an archery and fitness business called Bows and Biceps. The following is a list of transactions for Bows and Biceps for the first month. Put the transactions in a T account ledger and then create a trial balance, Income Statement, Statement of Owner’s Equity, and Balance Sheet on 5/31/20. 5/1/2020 - Deposited $10,000 into a bank account in the name of the business. 5/1/2020 - Signed a one-year lease for a building...
Misty Mark, an infamous archer, decided to open an archery and fitness business called Bows and...
Misty Mark, an infamous archer, decided to open an archery and fitness business called Bows and Biceps. The following is a list of transactions for Bows and Biceps for the first month. Put the transactions in a T account ledger and then create a trial balance, Income Statement, Statement of Owner’s Equity, and Balance Sheet on 5/31/20. 5/1/2020 - Deposited $10,000 into a bank account in the name of the business. 5/1/2020 - Signed a one-year lease for a building...
You and your partners have decided to open a small printing and copying business in a...
You and your partners have decided to open a small printing and copying business in a college town of 100,000 people in Canada. Your business will compete with companies like FedEx Office. You know that over 50% of small businesses fail in their first year, so to increase your chances of success, you have decided to perform a detailed analysis of the task environment of the copying business to discover what opportunities and threats you will encounter. 1. Decide what...
Imagine that you have decided to open a small ice cream stand on campus called "Ice-Campusades."...
Imagine that you have decided to open a small ice cream stand on campus called "Ice-Campusades." You are very excited because you love ice cream (delicious!) and this is a fun way for you to apply your business and economics skills! Here is the first month's scenario--you order the same number (and the same variety) of ice creams each day from the ice cream suppliers, and your ice creams are always marked at $1.50 each. However, you notice that there...
Business Description A friend who is an excellent baker has decided to open a cupcake store...
Business Description A friend who is an excellent baker has decided to open a cupcake store to sell gourmet cupcakes. They have asked you if you will be interested in investing $50,000 for a 50% ownership interest. Using the skills you have developed in ACCT 551 Accounting for Managers, you will analyze the business to determine if you will invest in the company. The business is scheduled to launch on July 1, 2018. Your friend has provided you with the...
Adam, Beth, Clayton and David are forming a bakery business, called ABCD Corp, and decided to...
Adam, Beth, Clayton and David are forming a bakery business, called ABCD Corp, and decided to organize as a corporation. Adam Beth and Clayton will each own 300 shares of the common stock and David will own 100 shares of the stock (there are 1000 shares total of the corporation). Adam is contributing cash of $200,000, Beth is contributing equipment from a prior business that was originally purchased for $300,000 and was depreciated for tax purposes by $120,000 (current FMV...
Adam, Beth, Clayton and David are forming a bakery business, called ABCD Corp, and decided to...
Adam, Beth, Clayton and David are forming a bakery business, called ABCD Corp, and decided to organize as a corporation. Adam Beth and Clayton will each own 300 shares of the common stock and David will own 100 shares of the stock (there are 1000 shares total of the corporation). Adam is contributing cash of $200,000, Beth is contributing equipment from a prior business that was originally purchased for $300,000 and was depreciated for tax purposes by $120,000 (current FMV...
***Please show work*** Business Description A friend who is an excellent baker has decided to open...
***Please show work*** Business Description A friend who is an excellent baker has decided to open a cupcake store to sell gourmet cupcakes. They have asked you if you will be interested in investing $50,000 for a 50% ownership interest. Using the skills you have developed in ACCT 551 Accounting for Managers, you will analyze the business to determine if you will invest in the company. The business is scheduled to launch on July 1, 2018. Your friend has provided...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT