Question

In: Accounting

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.

Solutions

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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