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The following account balances are provided for eXacto Reproductions, Inc. at March 31, 2018: Title Balance...

The following account balances are provided for eXacto Reproductions, Inc. at March 31, 2018: Title Balance Accounts payable $ 84,000 Accounts receivable 70,000 Note payable (due October 1, 2018) 202,000 Cash 50,000 Commissions payable 46,000 Common stock (no par) 250,000 Equipment (net) 474,850 Interest payable 300 Interest receivable 150 Short-term investments 38,000 Prepaid expenses 24,000 Retained earnings 84,700 Supplies 40,000 Unearned revenue 30,000

All April 2018 transactions follow: 1. Provided services on account for a total of $355,000. 2. Customers redeemed gift cards for $21,000 in services. 3. Used $28,000 in supplies. 4. Sold an investment costing $18,000 for $22,000 cash. 5. Paid accounts payable of $77,000. 6. Collected $356,000 on customer accounts. 7. Issued common stock for $125,000. 8. Purchased a $75,000 printer in exchange for a note payable due on March 1, 2020. 9. Paid $203,000 in salaries including a $13,000 advance on a May salary. 10. Paid $86,000 in commissions including March commissions. 11. Received a $1,500 bill for March utilities. 12. Paid $2,350 for April and May radio advertisements. 13. Received an interest payment of $300 including the interest accrued at 3/31/2018. 14. Paid $9,000 for April rent. 15. Paid income tax expense of $33,000.

a. Prepare a classified balance sheet at March 31, 2018. b. Prepare T-accounts for each of the accounts provided. Enter beginning balances. Record each of the April transactions in the T-accounts and calculate ending balance for each account. Create new accounts as necessary. c. Prepare a statement of cash flow for the month of April in good form. Use the statements on pages 77 and 135 as your guide.

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ekkarill92 answered 1 year ago
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