Question
In: Accounting
B1 - Snow Company started operations on February 1, 2020 by depositing $3,000,000 cash in the...
B1 - Snow Company started operations on February 1, 2020 by depositing $3,000,000 cash in the bank as capital. The following transactions took place during the first month of operations:
February 3: Purchased supplies for $22,500 in cash.
February 9: Purchased equipment for $255,000, paid $105,000 in cash and the remaining amount will be paid after 10 days.
February 12: Received a bill from Dubai News for advertising amounted to $1,650.
February 14: Paid $24,000 salaries in cash.
February 16: Paid $6,000 utilities expense in cash.
February 17: Provided services to customers for $195,000 in cash.
February 19: Paid $150,000 for equipment purchased on February 9.
February 28: The owner withdrew $7,500 cash for personal use.
Required:
- Prepare the trial balance of Snow Company on February 29, 2020.
- Prepare the financial statements of Snow Company on February 29, 2020.
Solutions
ekkarill92 answered 1 year agoRelated Solutions
B1 - Snow Company started operations on February 1, 2020 by depositing $3,000,000 cash in the...
B1 - Snow Company started operations on February 1, 2020
by depositing $3,000,000 cash in the bank as capital. The following
transactions took place during the first month of
operations:
February 3: Purchased supplies for $22,500 in
cash.
February 9: Purchased equipment for $255,000, paid
$105,000 in cash and the remaining amount will be paid after 10
days.
February 12: Received a bill from Dubai News for
advertising amounted to $1,650.
February 14: Paid $24,000 salaries in cash.
February 16:...
B1 - Snow Company started operations on February 1, 2020 by depositing $3,000,000 cash in the...
B1 - Snow Company started operations on February 1, 2020
by depositing $3,000,000 cash in the bank as capital. The following
transactions took place during the first month of
operations:
February 3: Purchased supplies for $22,500 in
cash.
February 9: Purchased equipment for $255,000, paid
$105,000 in cash and the remaining amount will be paid after 10
days.
February 12: Received a bill from Dubai News for
advertising amounted to $1,650.
February 14: Paid $24,000 salaries in cash.
February 16:...
B1 - Snow Company started operations on February 1, 2020 by depositing $3,000,000 cash in the...
B1 - Snow Company started operations on February 1, 2020
by depositing $3,000,000 cash in the bank as capital. The following
transactions took place during the first month of
operations:
February 3: Purchased supplies for $22,500 in
cash.
February 9: Purchased equipment for $255,000, paid
$105,000 in cash and the remaining amount will be paid after 10
days.
February 12: Received a bill from Dubai News for
advertising amounted to $1,650.
February 14: Paid $24,000 salaries in cash.
February 16:...
B1 - Snow Company started operations on February 1, 2020 by depositing $3,000,000 cash in the...
B1 - Snow Company started operations on February 1, 2020
by depositing $3,000,000 cash in the bank as capital. The following
transactions took place during the first month of
operations:
February 3: Purchased supplies for $22,500 in
cash.
February 9: Purchased equipment for $255,000, paid
$105,000 in cash and the remaining amount will be paid after 10
days.
February 12: Received a bill from Dubai News for
advertising amounted to $1,650.
February 14: Paid $24,000 salaries in cash.
February 16:...
Mia Salón, a beauty salon, started on February 1, 2020. Use the information provided to complete...
Mia Salón, a beauty salon, started on February 1, 2020. Use
the information provided to complete the exercise.
Record the following transactions in the journal.
Records the move to the ledger.
Prepare the trial balance without adjustments (unadjusted
trial balance).
Prepare trim inputs
Prepare the adjusted trial balance
Make the financial statements:
Income Statement
Statement of Owner Equity
Balance Sheet
g. Make closing entries
h. Prepare the trial balance after closing (post closing trial
balance)
Date
Transaction
February 1
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a. Molly started the business by depositing $5,000 in a business checking account on April 1...
a. Molly started the business by depositing $5,000 in a business
checking account on April 1 in exchange for common stock.
b. The company provided services to clients and received $4,215
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d. The company paid $1,125 of operating expenses.
e. The company purchased a new computer for $3,000 cash to use
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f. The company...
On February 1, 2020, a company agreed to construct a building at a contract price of...
On February 1, 2020, a company agreed to construct a building at
a contract price of $35,000. The company estimated the project
would be finished in 2022. Information relating to the costs and
billings for this contract is as follows:
2020 2021 2022
Total costs incurred to
date $8,000 $10,000 $22,000
Estimated costs to
complete 12,000 6,000 -0-
Customer billings to
date 8,000 24,000 29,000
Collections to
date 4,000 14,000 25,000
The journal entry to record Billings on
Construction in Process in 2021 has the amount of
_________.
On February 1, 2020, a company agreed to construct a building at a contract price of...
On February 1, 2020, a company agreed to construct a building
at a contract price of $42,000. The company estimated the project
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billings for this contract is as follows:
2020 2021 2022
Total costs incurred to date $8,000 $10,000 $22,000
Estimated costs to complete 12,000 6,000 -0-
Customer billings to date 9,000 21,000 29,000
Collections to date 4,000 14,000 25,000
If the company uses the percentage-of-completion method, an
inventory/current...
On January 1, 2020, Scottsdale Company issued its 12% bonds in the face amount of $3,000,000,...
On January 1, 2020, Scottsdale Company issued its 12% bonds in
the face amount of $3,000,000, which mature on January 1, 2032. The
bonds were issued for $$3,408,818 to yield 10%. Scottsdale uses the
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Suppose you were hired on January 1, 2015 and started depositing $400 at the end of...
Suppose you were hired on January 1, 2015 and started depositing
$400 at the end of each month, with the first deposit on January
31, 2015, in a pension fund that pays interest of 6% per year
compounded monthly on the minimum monthly balance and credited at
the end of each month.
(a) How much money was in the pension fund on March 1, 2015?
b) How much money was in the pension fund on April 1, 2015?
(c) How...
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