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What would the income statement and balance sheet look like for this problem?

The following is a summary of the transactions for the year:

1. January 9 Provide storage services for cash, $137,100, and on account, $53,700.
2. February 12 Collect on accounts receivable, $51,800.
3. April 25 Receive cash in advance from customers, $13,200.
4. May 6 Purchase supplies on account, $9,800.
5. July 15 Pay property taxes, $8,800.
6. September 10 Pay on accounts payable, $11,700.
7. October 31 Pay salaries, $126,600.
8. November 20 Issue shares of common stock in exchange for $30,000 cash.
9. December 30 Pay $3,100 cash dividends to stockholders.

Insurance expired during the year is $7,300. Supplies remaining on hand at the end of the year equal $3,200. Provide services of $12,100 related to cash paid in advance by customers.

Respuesta :

anthougo

Answer:

INCOME STATEMENT

For the year ended December 31

Service Revenue                   $149,200

Property Taxes          8,800

Salaries Expense  126,600

Insurance Expense   7,300

Supplies Expense    6,600  $149,300

Net loss                                       $100

Dividends                                   3,100

Retained Earnings                 ($3,200)

BALANCE SHEET

As of December 31

Assets:

Cash                              $81,900

Supplies                            3,200

Accounts Payable             1,900

Total Assets                 $87,000

Liabilities + Equity:

Accts Receivable            51,800

Deferred Revenue            1,100

Insurance Payable           7,300

Total liabilities               60,200

Common Stock             30,000

Retained Earnings         (3,200)

Total liabilities and

stockholders' equity  $87,000

Explanation:

a) Data and Calculations:

Cash account

Date      Accounts Title             Debit      Credit

Jan. 9   Service Revenue     $137,100

Feb. 12 Accounts receivable   51,800

Apr. 25 Deferred Revenue     13,200

July 15  Property taxes                           $8,800

Sep. 10 Accounts Payable                        11,700

Oct. 31 Salaries Expense                      126,600

Nov. 20 Common Stock       30,000

Dec. 30  Dividends                                    3,100

Dec. 31 Balance                                    $81,900

                                          $232,100 $232,100

Service Revenue

Date      Accounts Title             Debit      Credit

Jan. 9   Cash Account                            $137,100

Dec. 31  Deferred Revenue                       12,100

Dec. 31  Income Statement $149,200

                                            $149,200 $149,200

Accounts Receivable

Date      Accounts Title           Debit      Credit

Feb. 12  Cash Account                       $51,800

Deferred Revenue

Date      Accounts Title           Debit      Credit

Apr. 25 Cash Account                         $13,200

Dec. 31  Service Revenue    $12,100

Dec. 31  Balance                     $1,100

                                            $13,200  $1`3,200

Supplies

Date      Accounts Title           Debit      Credit

May 6   Accounts Payable   $9,800

Dec. 31 Supplies Expense                   $6,600

Dec. 31 Balance                                      3,200

                                             $9,800   $9,800

Accounts Payable

Date      Accounts Title           Debit      Credit

May 6   Supplies                                  $9,800

Sep. 10 Cash Account          $11,700

Dec. 31 Balance                                    $1,900

                                             $11,700  $11,700

Property Taxes Expense

Date      Accounts Title           Debit      Credit

July 15  Cash Account         $8,800

Salaries Expense

Date      Accounts Title           Debit      Credit

Oct. 31  Cash                       $126,600

Common Stock

Date      Accounts Title           Debit      Credit

Nov. 20 Cash Account                        $30,000

Dividends

Date      Accounts Title           Debit      Credit

Dec. 30 Cash Account         $3,100

Insurance Expense

Date      Accounts Title           Debit      Credit

Dec. 31  Insurance Payable  $7,300

Supplies Expense

Date      Accounts Title           Debit      Credit

Dec. 31  Supplies Account  $6,600

Insurance Payable

Date      Accounts Title           Debit      Credit

Dec. 31  Insurance Expense                 $7,300

Adjusted TRIAL BALANCE

As of December 31

Accounts Title           Debit      Credit

Cash                        $81,900

Supplies                     3,200

Accounts Payable      1,900

Property Taxes          8,800

Salaries Expense  126,600

Insurance Expense   7,300

Supplies Expense    6,600

Service Revenue                   $149,200

Accts Receivable                       51,800

Deferred Revenue                       1,100

Insurance Payable                      7,300

Common Stock                        30,000

Dividends                  3,100

Total                  $239,400 $239,400

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