Part 1. Using the financial data presented below (in alphabetical order) for Amos Moving Services, Inc.,...

Part 1. Using the financial data presented below (in alphabetical order) for Amos Moving Services, Inc., develop a set of financial statements (Income Statement, Retained Earnings Statement, and Balance Sheet) for the year ending December 31, 2017. You must prepare these in accordance with the United States Securities and Exchange Commission approved “Generally Accepted Accounting Principles” (GAAP).

Account Description	Balance
Accounts payable	$1,200
Accounts receivable	10,340
Buildings	157,630
Capital stock	25,000
Cash	32,320
Dividends	16,570
Fees earned	84,350
Land	47,000
Miscellaneous expense	230
Office expense	1,240
Supplies	1,670
Wages expense	23,550

The Retained Earnings balance was $180,000 at January 1, 2017, the beginning of the current year.

Part 2. Journalize these transactions for the month of January 2018 for Amos Moving Services:

1/3 Purchased supplies on account. $500

1/5 Recorded services provided on account. $240

1/15 Paid part time receptionist. $400

1/20 Paid telephone bill. $115

1/25 Received cash from customers paying on their account. $350

1/31 Paid for the supplies purchased on account back on 1/3.

Expert Solution

ANSWER

Journalise
03-Jan	Supplies	500
	Accounts payable		500
05-Jan	Accounts receivable	240
	Fees earned		240
15-Jan	Wages expense	400
	Cash		400
20-Jan	Office expense	115
	Cash		115
25-Jan	Cash	350
	Accounts receivable		350
31-Jan	Accounts payable	500
	Cash		500

	Income statement
	Revenue
	Fees earned		84590
	Expense
	Misc. expense	230
	Office expense	1355
	Wages expense	23950
	Total expense		25535
	Net income		59055

	Retained earnings statement
	Beginning balance	180000
Add	Net income	59055
		239055
Less	Dividend	16570
	Ending balance	222485

	Balance sheet
	Assets
	Accounts receivable	10230
	Cash	31655
	Supplies	2170
	Total current assets		44055
	Plant property and equipment
	Buildings	157630
	Land	47000
	Total plant property and equipment		204630
	Total assets		248685
	Liabilities and stockholders equity
	Current Liabilities
	Accounts payable		1200

	Stockholders equity
	Capital stock	25000
	Retained earnings	222485
	Total stockholders equity		247485
	Total liabilities and stockholders equity		248685

_____________________________________________

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