Misty Mark, an infamous archer, decided to open an archery and fitness business called Bows and Biceps. The following is a list of transactions for Bows and Biceps for the first month. Put the transactions in a T account ledger and then create a trial balance, Income Statement, Statement of Owner’s Equity, and Balance Sheet on 5/31/20.

1. 5/1/2020 - Deposited $10,000 into a bank account in the name of the business.
2. 5/1/2020 - Signed a one-year lease for a building and paid the first six month’s rent of $4,200.
3. 5/2/2020 - Bought equipment from Archery Supply, Inc for $2,000.
4. 5/10/2020 - Enrolled 10 students in a Bow Hunting for Beginners class to be held on 5/29. Each student paid $50 for the class
5. 5/15/2020 - Misty gives her personal exercise equipment with a fair market value of $3,000 to the business.
6. 5/25/2020 - Enrolled 10 students in a Fit to Shoot class to be held next month. Each student paid $25 for the class.
7. 5/28/2020 - Purchased $500 in office supplies from Andy’s Office Supply on credit. Half of the supplies were used immediately, the other half was stored in the supply closet for future use.
8. 5/31/2020 - Misty withdraws $1,000 to take a vacation after working so hard to set up the business.

Misty Mark, an infamous archer, decided to open an archery and fitness business called Bows and Biceps. The following is a list of transactions for Bows and Biceps for the first month. Put the transactions in a T account ledger and then create a trial balance, Income Statement, Statement of Owner’s Equity, and Balance Sheet on 5/31/20.

1. 5/1/2020 - Deposited $10,000 into a bank account in the name of the business.
2. 5/1/2020 - Signed a one-year lease for a building and paid the first six month’s rent of $4,200.
3. 5/2/2020 - Bought equipment from Archery Supply, Inc for $2,000.
4. 5/10/2020 - Enrolled 10 students in a Bow Hunting for Beginners class to be held on 5/29. Each student paid $50 for the class
5. 5/15/2020 - Misty gives her personal exercise equipment with a fair market value of $3,000 to the business.
6. 5/25/2020 - Enrolled 10 students in a Fit to Shoot class to be held next month. Each student paid $25 for the class.
7. 5/28/2020 - Purchased $500 in office supplies from Andy’s Office Supply on credit. Half of the supplies were used immediately, the other half was stored in the supply closet for future use.
8. 5/31/2020 - Misty withdraws $1,000 to take a vacation after working so hard to set up the business.

Misty Mark, an infamous archer, decided to open an archery and fitness business called Bows and Biceps. The following is a list of transactions for Bows and Biceps for the first month. Put the transactions in a T account ledger and then create a trial balance, Income Statement, Statement of Owner’s Equity, and Balance Sheet on 5/31/20.

1. 5/1/2020 - Deposited $10,000 into a bank account in the name of the business.
2. 5/1/2020 - Signed a one-year lease for a building and paid the first six month’s rent of $4,200.
3. 5/2/2020 - Bought equipment from Archery Supply, Inc for $2,000.
4. 5/10/2020 - Enrolled 10 students in a Bow Hunting for Beginners class to be held on 5/29. Each student paid $50 for the class
5. 5/15/2020 - Misty gives her personal exercise equipment with a fair market value of $3,000 to the business.
6. 5/25/2020 - Enrolled 10 students in a Fit to Shoot class to be held next month. Each student paid $25 for the class.
7. 5/28/2020 - Purchased $500 in office supplies from Andy’s Office Supply on credit. Half of the supplies were used immediately, the other half was stored in the supply closet for future use.
8. 5/31/2020 - Misty withdraws $1,000 to take a vacation after working so hard to set up the business.

On October 1, 2013, Adrian Lopez launched a computer services company, Success Systems, which is organized as a corporation and provides consulting services, computer system installations, and custom program development. Lopez adopts the calendar year for reporting purposes and expects to prepare the company's first set of financial statements on December 31, 2013. A list of business transactions for the months of October to December:

Oct.1Adrian Lopez invested $55,000 cash, a $20,000 computer system, and $8,000 of office equipment in the company in exchange for its common stock.

2 The company paid $3,300 cash for four months’ rent. (Hint: Debit Prepaid Rent for $3,300.)

3 The company purchased $1,420 of computer supplies on credit from Harris Office Products.

5 The company paid $2,220 cash for one year’s premium on a property and liability insurance policy. (Hint: Debit Prepaid Insurance for $2,220.)

6 The company billed Easy Leasing $24,800 for services performed in installing a new Web server.

8 The company paid $1,420 cash for the computer supplies purchased from Harris Office Products on Oct 3

10 The company hired Lyn Addie as a part-time assistant for $125 per day, as needed.

15 The company received $24,800 cash from Easy Leasing as payment on its account.

17 The company paid $805 cash to repair computer equipment that was damaged when moving it. 20 The company paid $1,940 cash for advertisements published in the local newspaper.

31 The company paid $875 cash for Lyn Addie's wages for seven days' work.

31 The company paid $3,600 cash in dividends.

November 2 The company received $4,633 cash from Liu Corporation for computer services performed.

5 The company purchased computer supplies for $1,125 cash from Harris Office Products.

31 The company paid $2,000 cash in dividends.

Dec.2 Paid $1,025 cash to Hillside Mall for Success Systems’ share of mall advertising costs.

3 Paid $500 cash for minor repairs to the company’s computer.

10 Paid cash to Lyn Addie for six days of work at the rate of $125 per day.

15 Purchased $1,100 of computer supplies on credit from Harris Office Products.

20 Completed a project for Liu Corporation and received $5,625 cash.

21 Received $1,500 Cash advance from a customer for computer service that will be performed next month

22- 26 Took the week off for the holidays.

31 The business paid $1,500 cash for dividends.

Record the following adjustments at year end:

•The December 31 inventory count of computer supplies shows $580 still available.

•Three months have expired since the 12-month insurance premium was paid in advance.

•As of December 31, Lyn Addie has not been paid for four days of work at $125 per day.

•Total Depreciation expense for the computer equipment, acquired on October 1, is $1,250

•Total Depreciation expense for the office equipment, acquired on October 1, is $400

•Three of the four months’ prepaid rent has expired

Create income statement and balance sheet.

(I need to do this project through the Wave accounting software but an income statement and balance sheet would be great help)

Summary: Key Points in the Article Apple Computer CEO Steve Jobs announced he was taking a leave of absence for health reasons. Jobs has been fighting cancer and also recently underwent a liver transplant. Even though the computer giant is in good hands with Chief Operating Officer Tom Cook taking over the stock price fell by​ US$6.40, or nearly two​ percent, on the news. Jobs is widely known as a visionary and a micromanager. Under his leadership Apple has transformed the computing industry. While​Jobs' health outlook is unknown many investors are betting on his recovery and return. Those who bought Apple stock when Jobs stepped down in 2004 for health reasons made a nice profit when he returned to the helm.   Question 2 Marks “. Do you agree with the decision taken in the above case? What decisions you will take to improve the stock price of Apple Computers in this situation?

During 2020, Cheyenne Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to Cheyenne for a lump sum of $83,790 because it is discontinuing manufacturing operations and wishes to dispose of its entire stock. Three types of chairs are included in the carload. The three types and the estimated selling price for each are listed below.

During 2020, Cheyenne sells 280 lounge chairs, 140 armchairs, and 168 straight chairs.

What is the amount of gross profit realized during 2020? What is the amount of inventory of unsold straight chairs on December 31, 2020? (Round cost per chair to 2 decimal places, e.g. 78.25 and final answer to 0 decimal places, e.g. 5,845.)

On January 1, 2020, the Ivanhoe Company budget committee has reached agreement on the following data for the 6 months ending June 30, 2020. Sales units: First quarter 5,800; second quarter 6,600; third quarter 7,600. Ending raw materials inventory: 40% of the next quarter’s production requirements. Ending finished goods inventory: 25% of the next quarter’s expected sales units. Third-quarter production: 7,780 units. The ending raw materials and finished goods inventories at December 31, 2019, follow the same percentage relationships to production and sales that occur in 2020. 4 pounds of raw materials are required to make each unit of finished goods. Raw materials purchased are expected to cost $4 per pound.

Prepare a production budget by quarters for the 6-month period ended June 30, 2020.

Prepare a direct materials budget by quarters for the 6-month period ended June 30, 2020.

You Beaut Ltd is an Australian company which has a functional currency that is A$. It has reporting periods ending on 31 December and 30 June. On 22 November 2020 You Beaut Ltd sold some inventories to a Chinese customer for the agreed price of 400,000 Yuan. The original purchase cost of the inventories was A$75,000. On 19 January 2021, the customer pays the amount owing on the sales invoice to You Beaut Ltd.

The applicable exchange rates were:

                                    1 July 2020                  1 Yuan = A$0.24

                                    22 November 2020     1 Yuan = A$0.28

                                    31 December 2020     1 Yuan             = A$0.21         

                                    19 January 2021          1 Yuan = A$0.24

                                    30 June 2021               1 Yuan = A$0.22

Required:

In accordance with AASB 121/IAS 21, prepare the necessary journal entries for You Beaut Ltd to account for the above transactions for the half year to 31 December 2020 and the full year to 30 June 2021

You Beaut Ltd is an Australian company which has a functional currency that is A$. It has reporting periods ending on 31 December and 30 June. On 22 November 2020 You Beaut Ltd sold some inventories to a Chinese customer for the agreed price of 400,000 Yuan. The original purchase cost of the inventories was A$75,000. On 19 January 2021, the customer pays the amount owing on the sales invoice to You Beaut Ltd.

The applicable exchange rates were:

                                    1 July 2020                  1 Yuan = A$0.24

                                    22 November 2020     1 Yuan = A$0.28

                                    31 December 2020     1 Yuan             = A$0.21         

                                    19 January 2021          1 Yuan = A$0.24

                                    30 June 2021               1 Yuan = A$0.22

Required:

In accordance with AASB 121/IAS 21, prepare the necessary journal entries for You Beaut Ltd to account for the above transactions for the half year to 31 December 2020 and the full year to 30 June 2021

During 2020, Pharoah Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to Pharoah for a lump sum of $47,880 because it is discontinuing manufacturing operations and wishes to dispose of its entire stock. Three types of chairs are included in the carload. The three types and the estimated selling price for each are listed below.

During 2020, Pharoah sells 160 lounge chairs, 80 armchairs, and 96 straight chairs.

What is the amount of gross profit realized during 2020? What is the amount of inventory of unsold straight chairs on December 31, 2020? (Round cost per chair to 2 decimal places, e.g. 78.25 and final answer to 0 decimal places, e.g. 5,845.)