Question

In: Accounting

create a balace sheet and income statement acc1 accounts recieveable 6,100 acc2 supplies 1,600 acc3 Unearned...

create a balace sheet and income statement

acc1

accounts recieveable

6,100

acc2 supplies 1,600
acc3 Unearned Catering Fees 5,250
acc4 accounts payable 3,400
acc5 Common Stock 18,000
acc6 Catering Fees Earned 10,550
acc7 Wages Expenses 4,025
acc8 Delivery van Expense 850
acc9 acc. Dep. Equipment 45
acc10 dep. Expense Equipment 45
acc11 Dividends 2,000
acc12 dep. Expense delivery van 105
acc13 insurance expense 180
acc14 equipment 3,240
acc15 prepaid insurance 1,980
acc16 rent expense 780
acc17 Delivery van 3,780
acc18 prepaid rent 1,560
acc19 wages payable 525
acc20 acc. Dep. Delivery van 105
acc21 supplies expense 3,500
acc22 Cash 8,130
acc23 Totals 37,875 37,875

Solutions

Expert Solution

Income Statement
Revenue
Catering Fees Earned    10,550.00
Expenses
Wages Expenses     4,025.00
Delivery Van Expenses         850.00
Depreciation Expense - Equip.           45.00
Depreciation Expense - Delivery Van         105.00
Insurance Expense         180.00
Rent Expense         780.00
Supplies Expense     3,500.00      9,485.00
Net Income      1,065.00
Balance Sheet
Assets
Current Assets
Cash      8,130.00
Accounts Receivable      6,100.00
Supplies      1,600.00
Prepaid Insurance      1,980.00
Prepaid Rent      1,560.00    19,370.00
Property, Plant & Equipment
Equipment     3,240.00
Acc. Dep. - Equip.         (45.00)      3,195.00
Delivery Van     3,780.00
Acc. Dep. -Delivery Van       (105.00)      3,675.00      6,870.00
Total Assets    26,240.00
Liabilities & Stockholders' Equity
Liabilities
Current Laibilities
Accounts Payable      3,400.00
Unearned Catering Fees      5,250.00
Wages Payable          525.00      9,175.00
Other Liabilities                   -  
Total Liabilities      9,175.00
Stockholders' Equity
Common Stock    18,000.00
Retained Earnings       (935.00)
Total Stockholders' Equity    17,065.00
Total Liabilities & Stockholders' Equity    26,240.00
Statement of Retained Earnings
Beg. Balance                  -  
Add: Net Income     1,065.00
Sub-total     1,065.00
Less: Dividend (2,000.00)
Ending Balance       (935.00)

Related Solutions

Create an income statement and balance sheet using the data below Inputs Accounts Payable 12,000 Accounts...
Create an income statement and balance sheet using the data below Inputs Accounts Payable 12,000 Accounts Receivable 10,000 Accruals 10,000 Accumulated Depreciation 100,000 Beginning of year Inventory 50,000 Beginning of year Retained Earnings 120,000 Cash 7,000 Common Stock 121,500 Cost of Goods Sold 200,000 Current Portion - Long Term Debt 1,500 Depreciation Expense 25,000 Dividends 40,000 Gross Property, Plant, and Equipment 400,000 Interest Expense 15,000 Long Term Debt (excluding current portion) 120,000 Net Sales 400,000 Operating Expenses (excluding depreciation) 40,000...
Create a Fictitious balance sheet and income statement.
Create a Fictitious balance sheet and income statement.
Create your own Income Statement, Retained Earnings Statement and Balance Sheet. Do not create a Statement...
Create your own Income Statement, Retained Earnings Statement and Balance Sheet. Do not create a Statement of Cash Flows. Make up the name of the company the accounts and the numbers. You will need to plug the cash (or other account) amount to make the Balance Sheet Balance. Assets = Liabilities + Owner's Equity.
Create Trial Balace with T-Accounts. Then Create Income Statement, Statement of Retained Earnings, and finaly a...
Create Trial Balace with T-Accounts. Then Create Income Statement, Statement of Retained Earnings, and finaly a Balance Sheet. CASH A/C DEBIT $ AMT CREDIT $ AMT TO COMMON STOCK 45000 BY PREPAID RENT 9000 TO NOTE PAYABLE 18000 BY PREPAID INSURANCE(9MONTHS) 3600 TO ACCOUNTS RECEIVABLE 4000 BY REFREIGATOR 13000 BY SALES TAX PAYABLE 760 BY DELIVERY VAN 25000 BY SALES TAX PAYABLE 240 BY ADVERTISING EXPENSE 1200 BY SALES TAX PAYABLE 360 BY PREPAID ADVERTISING EXPENSE 300 BY SALES 9500...
Please create a retained earnings statement, income statement, and a balance sheet for the month of...
Please create a retained earnings statement, income statement, and a balance sheet for the month of December following accounts and their ending balances. Cash (debit) : $37,308.90 Accounts Receivable (debit) : $11,700 Notes Receivable (debit) : $10,000 Interest Receivable (debit) : $41.67 Merchandise Inventory (debit) : $3,150 Prepaid Advertising (debit) : $250 Office Supplies Inventory (debit) : $180 Prepaid Insurance (debit) : $1,100 Land (debit) : $59,500 Equipment (debit) : $12,000 Accumulated Depreciation - Equipment (credit) : $116.66 Accounts Payable...
take the final balances and create an Income Statement, Statement of Owner's Equity and Balance Sheet...
take the final balances and create an Income Statement, Statement of Owner's Equity and Balance Sheet for this company. You can title the company CW Rental Management. On June 1 of the current year, Chad Wilson established a business to manage rental property. He completed the following transactions during June: Opened a business bank account with a deposit of $30,000 from personal funds. Purchased office supplies on account, $1,800. Received cash from fees earned for managing rental property, $10,000. Paid...
Based on the information below create an income statement, balance sheet, and cash flow statement. On...
Based on the information below create an income statement, balance sheet, and cash flow statement. On January 2, 2003, Alexander, together with a number of relatives and friends, established Chemalite, Inc.; 500,000 shares were issued, of which Alexander received 125,000 in exchange for his patent, and the remainder were sold to the other investors at $1 per share. During the period January 2, 2003, through June 30, 2003, Chemalite, Inc., made the following expenditures: January 15—Paid $7,500 in legal fees,...
The following income statement was prepared for Frame Supplies for Year 1: FRAME SUPPLIES Income Statement...
The following income statement was prepared for Frame Supplies for Year 1: FRAME SUPPLIES Income Statement For the Year Ended December 31, Year 1 Sales $ 76,550 Cost of goods sold (36,830 ) Gross margin 39,720 Operating expenses (9,240 ) Net income $ 30,480 During the year-end audit, the following errors were discovered: A $1,574 payment for repairs was erroneously charged to the Cost of Goods Sold account. (Assume that the perpetual inventory system is used.) Sales to customers for...
Using this Company's information, please create a Balance Sheet and Income Statement Note: Please create these...
Using this Company's information, please create a Balance Sheet and Income Statement Note: Please create these statements for the year 2018 only 2017 2018 Accounts Payable $81,000 $66,000 Accounts Receivable $110,000 $128,000 Accumulated Depreciation, PP&E $290,000 $356,000 Cash and Cash Equivalents $62,000 $54,000 Common Stock $415,000 $425,000 Cost of Goods Sold $359,000 $368,000 Depreciation Expense $62,000 $66,000 Dividends $20,000 $25,000 Income Tax Expense $18,000 $23,000 Interest Expense $44,000 $44,000 Inventory $48,000 $55,000 Long-Term Notes Payable $850,000 $810,000 Patents $678,000 $712,000...
How do I create a statement of cash flows from a balance sheet and income statement?
How do I create a statement of cash flows from a balance sheet and income statement?
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT