In February and March, W.T. began to take one new types of jobs. However, these new...
Fantastic news! We've Found the answer you've been seeking!
Transcribed Image Text:
In February and March, W.T. began to take one new types of jobs. However, these new types of jobs also require that he purchase and use a small amount of supplies to complete them. This means that some items may be paid for in cash before they're used to produce revenue. In Order to report net income that accurately matches revenues and the expenses that helped to generate them, w.T. needs to be careful about how he accounts for these items. Because W.T.'s aunt hasn't fully been repaid, she's asked that she be provided with financial statements for the current quarter (January - March) of operations. Below are summaries of transactions completed during February and March. 1. Paid the social media manager the amount owed from January. 2. Collected $495 of accounts receivable from January. 3. Purchased supplies of $40. 4. Received $2.625 in exchange for completing 175 jobs, less a $131 fee due to PayPal. 5. In Februery and March, completed 66 jobs on account for clients with standing appointments. Each client was billed at the rate of $15 per job. 6. Collected $500 of accounts receivable for jobs completed in February. 7. Purchased and used gas of $575 in order to complete jobs. 8. Paid the newspaper $240 for advertising for February and March. 9. Paid the soclal media manager $250. This amount represented her monthly fee and fee for 150 of the jobs scheduled during the February arnd March. 10. Paid friends $600 to complete 50 jobs during February and March. 11. Paid a salary of $800 to W.T. 12. Repaid W.T.'s aunt $200 of the total amount owed to her. 13. As of March 31, determined that the soclal media manager is owed her scheduling fee for 25 jobs scheduled and completed over the last few days of the month. 14. Determined that there are $15 of supplies on hand at March 31. For each of the above transactions, 1. Record the transactions in the appropriate general ledger accounts under an accounting equation. Record the amounts of revenue and expense in the Retained Earnings column. Provide the appropriate titles for these accounts in the last column of the table. 2. Prepare the income statement, statement of changes in stockholders' equity, and balance sheet for My Assistant, Inc. for the three months ending March 31. 3. Determine the total amaount of cash flow related to operating, investing, and financing activities for the three months ending March 31. Reconcile those amounts to the net change in cash. My Assistant Accounting Equation for February - March Stockholders' Equity Retained Earnings Assets Liabilities Account titles for RE Fees Notes Common Item Cash Accts Rec Supplies Payable Payoble Stock $100 Bal. Feb. 1 $739 $495 $0 $16 $400 $718 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. Bal. Mar. 31 My Assistant, Inc. Income Statement For the Three Months Ended March 31 Income Statement Work Paper: January February - March Total Service revenue $1,695 Operating expenses: Collection fee $60 Gas expense 280 Advertising expense 120 Scheduling expense 180 Delivery expense 240 Salaries expense 400 Supplies expense Total operating expenses My Assistant, Inc. Statement of Changes in Stockholders' Equity For the Three Months Ended March 31 Total Stockholders Equity Common Stock Retained Earnings Beginning Balance Plus: Plus: Less: Ending Balance My Assistant, Inc. Balance Sheet As of March 31 ASSETS: LIABILITIES: Total Liabilities STOCKHOLDERS EQUITY: Total Stockholders' Equity Total Liabilities & Total Assets Stockholders' Equity Cash Flows Work Paper: No Cash Effect Item Operating Investing Financing Totals from January $ (64) $ (100) 1. Paid SMM 2. Collected accounts receivable 3. Purchase supplies 4. Complete jobs 5. Complete jobs and bill clients 8. Collect accounts receivable 7. Purchase gas 8. Paid newspaper 9. Pay SMM 10. Pay contract labor 11. Pay W.T. salary 12. Partial loan repayment 13. Accrue amount due to SMM 14. Count supplies Totals Reconciliation: Net cash flow from operating activities Net cach flow from investing activities Net cash flow from financing activities Net change in cash Beginning cash balance $ 903 Ending cash balance In February and March, W.T. began to take one new types of jobs. However, these new types of jobs also require that he purchase and use a small amount of supplies to complete them. This means that some items may be paid for in cash before they're used to produce revenue. In Order to report net income that accurately matches revenues and the expenses that helped to generate them, w.T. needs to be careful about how he accounts for these items. Because W.T.'s aunt hasn't fully been repaid, she's asked that she be provided with financial statements for the current quarter (January - March) of operations. Below are summaries of transactions completed during February and March. 1. Paid the social media manager the amount owed from January. 2. Collected $495 of accounts receivable from January. 3. Purchased supplies of $40. 4. Received $2.625 in exchange for completing 175 jobs, less a $131 fee due to PayPal. 5. In Februery and March, completed 66 jobs on account for clients with standing appointments. Each client was billed at the rate of $15 per job. 6. Collected $500 of accounts receivable for jobs completed in February. 7. Purchased and used gas of $575 in order to complete jobs. 8. Paid the newspaper $240 for advertising for February and March. 9. Paid the soclal media manager $250. This amount represented her monthly fee and fee for 150 of the jobs scheduled during the February arnd March. 10. Paid friends $600 to complete 50 jobs during February and March. 11. Paid a salary of $800 to W.T. 12. Repaid W.T.'s aunt $200 of the total amount owed to her. 13. As of March 31, determined that the soclal media manager is owed her scheduling fee for 25 jobs scheduled and completed over the last few days of the month. 14. Determined that there are $15 of supplies on hand at March 31. For each of the above transactions, 1. Record the transactions in the appropriate general ledger accounts under an accounting equation. Record the amounts of revenue and expense in the Retained Earnings column. Provide the appropriate titles for these accounts in the last column of the table. 2. Prepare the income statement, statement of changes in stockholders' equity, and balance sheet for My Assistant, Inc. for the three months ending March 31. 3. Determine the total amaount of cash flow related to operating, investing, and financing activities for the three months ending March 31. Reconcile those amounts to the net change in cash. My Assistant Accounting Equation for February - March Stockholders' Equity Retained Earnings Assets Liabilities Account titles for RE Fees Notes Common Item Cash Accts Rec Supplies Payable Payoble Stock $100 Bal. Feb. 1 $739 $495 $0 $16 $400 $718 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. Bal. Mar. 31 My Assistant, Inc. Income Statement For the Three Months Ended March 31 Income Statement Work Paper: January February - March Total Service revenue $1,695 Operating expenses: Collection fee $60 Gas expense 280 Advertising expense 120 Scheduling expense 180 Delivery expense 240 Salaries expense 400 Supplies expense Total operating expenses My Assistant, Inc. Statement of Changes in Stockholders' Equity For the Three Months Ended March 31 Total Stockholders Equity Common Stock Retained Earnings Beginning Balance Plus: Plus: Less: Ending Balance My Assistant, Inc. Balance Sheet As of March 31 ASSETS: LIABILITIES: Total Liabilities STOCKHOLDERS EQUITY: Total Stockholders' Equity Total Liabilities & Total Assets Stockholders' Equity Cash Flows Work Paper: No Cash Effect Item Operating Investing Financing Totals from January $ (64) $ (100) 1. Paid SMM 2. Collected accounts receivable 3. Purchase supplies 4. Complete jobs 5. Complete jobs and bill clients 8. Collect accounts receivable 7. Purchase gas 8. Paid newspaper 9. Pay SMM 10. Pay contract labor 11. Pay W.T. salary 12. Partial loan repayment 13. Accrue amount due to SMM 14. Count supplies Totals Reconciliation: Net cash flow from operating activities Net cach flow from investing activities Net cash flow from financing activities Net change in cash Beginning cash balance $ 903 Ending cash balance In February and March, W.T. began to take one new types of jobs. However, these new types of jobs also require that he purchase and use a small amount of supplies to complete them. This means that some items may be paid for in cash before they're used to produce revenue. In Order to report net income that accurately matches revenues and the expenses that helped to generate them, w.T. needs to be careful about how he accounts for these items. Because W.T.'s aunt hasn't fully been repaid, she's asked that she be provided with financial statements for the current quarter (January - March) of operations. Below are summaries of transactions completed during February and March. 1. Paid the social media manager the amount owed from January. 2. Collected $495 of accounts receivable from January. 3. Purchased supplies of $40. 4. Received $2.625 in exchange for completing 175 jobs, less a $131 fee due to PayPal. 5. In Februery and March, completed 66 jobs on account for clients with standing appointments. Each client was billed at the rate of $15 per job. 6. Collected $500 of accounts receivable for jobs completed in February. 7. Purchased and used gas of $575 in order to complete jobs. 8. Paid the newspaper $240 for advertising for February and March. 9. Paid the soclal media manager $250. This amount represented her monthly fee and fee for 150 of the jobs scheduled during the February arnd March. 10. Paid friends $600 to complete 50 jobs during February and March. 11. Paid a salary of $800 to W.T. 12. Repaid W.T.'s aunt $200 of the total amount owed to her. 13. As of March 31, determined that the soclal media manager is owed her scheduling fee for 25 jobs scheduled and completed over the last few days of the month. 14. Determined that there are $15 of supplies on hand at March 31. For each of the above transactions, 1. Record the transactions in the appropriate general ledger accounts under an accounting equation. Record the amounts of revenue and expense in the Retained Earnings column. Provide the appropriate titles for these accounts in the last column of the table. 2. Prepare the income statement, statement of changes in stockholders' equity, and balance sheet for My Assistant, Inc. for the three months ending March 31. 3. Determine the total amaount of cash flow related to operating, investing, and financing activities for the three months ending March 31. Reconcile those amounts to the net change in cash. My Assistant Accounting Equation for February - March Stockholders' Equity Retained Earnings Assets Liabilities Account titles for RE Fees Notes Common Item Cash Accts Rec Supplies Payable Payoble Stock $100 Bal. Feb. 1 $739 $495 $0 $16 $400 $718 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. Bal. Mar. 31 My Assistant, Inc. Income Statement For the Three Months Ended March 31 Income Statement Work Paper: January February - March Total Service revenue $1,695 Operating expenses: Collection fee $60 Gas expense 280 Advertising expense 120 Scheduling expense 180 Delivery expense 240 Salaries expense 400 Supplies expense Total operating expenses My Assistant, Inc. Statement of Changes in Stockholders' Equity For the Three Months Ended March 31 Total Stockholders Equity Common Stock Retained Earnings Beginning Balance Plus: Plus: Less: Ending Balance My Assistant, Inc. Balance Sheet As of March 31 ASSETS: LIABILITIES: Total Liabilities STOCKHOLDERS EQUITY: Total Stockholders' Equity Total Liabilities & Total Assets Stockholders' Equity Cash Flows Work Paper: No Cash Effect Item Operating Investing Financing Totals from January $ (64) $ (100) 1. Paid SMM 2. Collected accounts receivable 3. Purchase supplies 4. Complete jobs 5. Complete jobs and bill clients 8. Collect accounts receivable 7. Purchase gas 8. Paid newspaper 9. Pay SMM 10. Pay contract labor 11. Pay W.T. salary 12. Partial loan repayment 13. Accrue amount due to SMM 14. Count supplies Totals Reconciliation: Net cash flow from operating activities Net cach flow from investing activities Net cash flow from financing activities Net change in cash Beginning cash balance $ 903 Ending cash balance In February and March, W.T. began to take one new types of jobs. However, these new types of jobs also require that he purchase and use a small amount of supplies to complete them. This means that some items may be paid for in cash before they're used to produce revenue. In Order to report net income that accurately matches revenues and the expenses that helped to generate them, w.T. needs to be careful about how he accounts for these items. Because W.T.'s aunt hasn't fully been repaid, she's asked that she be provided with financial statements for the current quarter (January - March) of operations. Below are summaries of transactions completed during February and March. 1. Paid the social media manager the amount owed from January. 2. Collected $495 of accounts receivable from January. 3. Purchased supplies of $40. 4. Received $2.625 in exchange for completing 175 jobs, less a $131 fee due to PayPal. 5. In Februery and March, completed 66 jobs on account for clients with standing appointments. Each client was billed at the rate of $15 per job. 6. Collected $500 of accounts receivable for jobs completed in February. 7. Purchased and used gas of $575 in order to complete jobs. 8. Paid the newspaper $240 for advertising for February and March. 9. Paid the soclal media manager $250. This amount represented her monthly fee and fee for 150 of the jobs scheduled during the February arnd March. 10. Paid friends $600 to complete 50 jobs during February and March. 11. Paid a salary of $800 to W.T. 12. Repaid W.T.'s aunt $200 of the total amount owed to her. 13. As of March 31, determined that the soclal media manager is owed her scheduling fee for 25 jobs scheduled and completed over the last few days of the month. 14. Determined that there are $15 of supplies on hand at March 31. For each of the above transactions, 1. Record the transactions in the appropriate general ledger accounts under an accounting equation. Record the amounts of revenue and expense in the Retained Earnings column. Provide the appropriate titles for these accounts in the last column of the table. 2. Prepare the income statement, statement of changes in stockholders' equity, and balance sheet for My Assistant, Inc. for the three months ending March 31. 3. Determine the total amaount of cash flow related to operating, investing, and financing activities for the three months ending March 31. Reconcile those amounts to the net change in cash. My Assistant Accounting Equation for February - March Stockholders' Equity Retained Earnings Assets Liabilities Account titles for RE Fees Notes Common Item Cash Accts Rec Supplies Payable Payoble Stock $100 Bal. Feb. 1 $739 $495 $0 $16 $400 $718 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. Bal. Mar. 31 My Assistant, Inc. Income Statement For the Three Months Ended March 31 Income Statement Work Paper: January February - March Total Service revenue $1,695 Operating expenses: Collection fee $60 Gas expense 280 Advertising expense 120 Scheduling expense 180 Delivery expense 240 Salaries expense 400 Supplies expense Total operating expenses My Assistant, Inc. Statement of Changes in Stockholders' Equity For the Three Months Ended March 31 Total Stockholders Equity Common Stock Retained Earnings Beginning Balance Plus: Plus: Less: Ending Balance My Assistant, Inc. Balance Sheet As of March 31 ASSETS: LIABILITIES: Total Liabilities STOCKHOLDERS EQUITY: Total Stockholders' Equity Total Liabilities & Total Assets Stockholders' Equity Cash Flows Work Paper: No Cash Effect Item Operating Investing Financing Totals from January $ (64) $ (100) 1. Paid SMM 2. Collected accounts receivable 3. Purchase supplies 4. Complete jobs 5. Complete jobs and bill clients 8. Collect accounts receivable 7. Purchase gas 8. Paid newspaper 9. Pay SMM 10. Pay contract labor 11. Pay W.T. salary 12. Partial loan repayment 13. Accrue amount due to SMM 14. Count supplies Totals Reconciliation: Net cash flow from operating activities Net cach flow from investing activities Net cash flow from financing activities Net change in cash Beginning cash balance $ 903 Ending cash balance In February and March, W.T. began to take one new types of jobs. However, these new types of jobs also require that he purchase and use a small amount of supplies to complete them. This means that some items may be paid for in cash before they're used to produce revenue. In Order to report net income that accurately matches revenues and the expenses that helped to generate them, w.T. needs to be careful about how he accounts for these items. Because W.T.'s aunt hasn't fully been repaid, she's asked that she be provided with financial statements for the current quarter (January - March) of operations. Below are summaries of transactions completed during February and March. 1. Paid the social media manager the amount owed from January. 2. Collected $495 of accounts receivable from January. 3. Purchased supplies of $40. 4. Received $2.625 in exchange for completing 175 jobs, less a $131 fee due to PayPal. 5. In Februery and March, completed 66 jobs on account for clients with standing appointments. Each client was billed at the rate of $15 per job. 6. Collected $500 of accounts receivable for jobs completed in February. 7. Purchased and used gas of $575 in order to complete jobs. 8. Paid the newspaper $240 for advertising for February and March. 9. Paid the soclal media manager $250. This amount represented her monthly fee and fee for 150 of the jobs scheduled during the February arnd March. 10. Paid friends $600 to complete 50 jobs during February and March. 11. Paid a salary of $800 to W.T. 12. Repaid W.T.'s aunt $200 of the total amount owed to her. 13. As of March 31, determined that the soclal media manager is owed her scheduling fee for 25 jobs scheduled and completed over the last few days of the month. 14. Determined that there are $15 of supplies on hand at March 31. For each of the above transactions, 1. Record the transactions in the appropriate general ledger accounts under an accounting equation. Record the amounts of revenue and expense in the Retained Earnings column. Provide the appropriate titles for these accounts in the last column of the table. 2. Prepare the income statement, statement of changes in stockholders' equity, and balance sheet for My Assistant, Inc. for the three months ending March 31. 3. Determine the total amaount of cash flow related to operating, investing, and financing activities for the three months ending March 31. Reconcile those amounts to the net change in cash. My Assistant Accounting Equation for February - March Stockholders' Equity Retained Earnings Assets Liabilities Account titles for RE Fees Notes Common Item Cash Accts Rec Supplies Payable Payoble Stock $100 Bal. Feb. 1 $739 $495 $0 $16 $400 $718 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. Bal. Mar. 31 My Assistant, Inc. Income Statement For the Three Months Ended March 31 Income Statement Work Paper: January February - March Total Service revenue $1,695 Operating expenses: Collection fee $60 Gas expense 280 Advertising expense 120 Scheduling expense 180 Delivery expense 240 Salaries expense 400 Supplies expense Total operating expenses My Assistant, Inc. Statement of Changes in Stockholders' Equity For the Three Months Ended March 31 Total Stockholders Equity Common Stock Retained Earnings Beginning Balance Plus: Plus: Less: Ending Balance My Assistant, Inc. Balance Sheet As of March 31 ASSETS: LIABILITIES: Total Liabilities STOCKHOLDERS EQUITY: Total Stockholders' Equity Total Liabilities & Total Assets Stockholders' Equity Cash Flows Work Paper: No Cash Effect Item Operating Investing Financing Totals from January $ (64) $ (100) 1. Paid SMM 2. Collected accounts receivable 3. Purchase supplies 4. Complete jobs 5. Complete jobs and bill clients 8. Collect accounts receivable 7. Purchase gas 8. Paid newspaper 9. Pay SMM 10. Pay contract labor 11. Pay W.T. salary 12. Partial loan repayment 13. Accrue amount due to SMM 14. Count supplies Totals Reconciliation: Net cash flow from operating activities Net cach flow from investing activities Net cash flow from financing activities Net change in cash Beginning cash balance $ 903 Ending cash balance In February and March, W.T. began to take one new types of jobs. However, these new types of jobs also require that he purchase and use a small amount of supplies to complete them. This means that some items may be paid for in cash before they're used to produce revenue. In Order to report net income that accurately matches revenues and the expenses that helped to generate them, w.T. needs to be careful about how he accounts for these items. Because W.T.'s aunt hasn't fully been repaid, she's asked that she be provided with financial statements for the current quarter (January - March) of operations. Below are summaries of transactions completed during February and March. 1. Paid the social media manager the amount owed from January. 2. Collected $495 of accounts receivable from January. 3. Purchased supplies of $40. 4. Received $2.625 in exchange for completing 175 jobs, less a $131 fee due to PayPal. 5. In Februery and March, completed 66 jobs on account for clients with standing appointments. Each client was billed at the rate of $15 per job. 6. Collected $500 of accounts receivable for jobs completed in February. 7. Purchased and used gas of $575 in order to complete jobs. 8. Paid the newspaper $240 for advertising for February and March. 9. Paid the soclal media manager $250. This amount represented her monthly fee and fee for 150 of the jobs scheduled during the February arnd March. 10. Paid friends $600 to complete 50 jobs during February and March. 11. Paid a salary of $800 to W.T. 12. Repaid W.T.'s aunt $200 of the total amount owed to her. 13. As of March 31, determined that the soclal media manager is owed her scheduling fee for 25 jobs scheduled and completed over the last few days of the month. 14. Determined that there are $15 of supplies on hand at March 31. For each of the above transactions, 1. Record the transactions in the appropriate general ledger accounts under an accounting equation. Record the amounts of revenue and expense in the Retained Earnings column. Provide the appropriate titles for these accounts in the last column of the table. 2. Prepare the income statement, statement of changes in stockholders' equity, and balance sheet for My Assistant, Inc. for the three months ending March 31. 3. Determine the total amaount of cash flow related to operating, investing, and financing activities for the three months ending March 31. Reconcile those amounts to the net change in cash. My Assistant Accounting Equation for February - March Stockholders' Equity Retained Earnings Assets Liabilities Account titles for RE Fees Notes Common Item Cash Accts Rec Supplies Payable Payoble Stock $100 Bal. Feb. 1 $739 $495 $0 $16 $400 $718 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. Bal. Mar. 31 My Assistant, Inc. Income Statement For the Three Months Ended March 31 Income Statement Work Paper: January February - March Total Service revenue $1,695 Operating expenses: Collection fee $60 Gas expense 280 Advertising expense 120 Scheduling expense 180 Delivery expense 240 Salaries expense 400 Supplies expense Total operating expenses My Assistant, Inc. Statement of Changes in Stockholders' Equity For the Three Months Ended March 31 Total Stockholders Equity Common Stock Retained Earnings Beginning Balance Plus: Plus: Less: Ending Balance My Assistant, Inc. Balance Sheet As of March 31 ASSETS: LIABILITIES: Total Liabilities STOCKHOLDERS EQUITY: Total Stockholders' Equity Total Liabilities & Total Assets Stockholders' Equity Cash Flows Work Paper: No Cash Effect Item Operating Investing Financing Totals from January $ (64) $ (100) 1. Paid SMM 2. Collected accounts receivable 3. Purchase supplies 4. Complete jobs 5. Complete jobs and bill clients 8. Collect accounts receivable 7. Purchase gas 8. Paid newspaper 9. Pay SMM 10. Pay contract labor 11. Pay W.T. salary 12. Partial loan repayment 13. Accrue amount due to SMM 14. Count supplies Totals Reconciliation: Net cash flow from operating activities Net cach flow from investing activities Net cash flow from financing activities Net change in cash Beginning cash balance $ 903 Ending cash balance In February and March, W.T. began to take one new types of jobs. However, these new types of jobs also require that he purchase and use a small amount of supplies to complete them. This means that some items may be paid for in cash before they're used to produce revenue. In Order to report net income that accurately matches revenues and the expenses that helped to generate them, w.T. needs to be careful about how he accounts for these items. Because W.T.'s aunt hasn't fully been repaid, she's asked that she be provided with financial statements for the current quarter (January - March) of operations. Below are summaries of transactions completed during February and March. 1. Paid the social media manager the amount owed from January. 2. Collected $495 of accounts receivable from January. 3. Purchased supplies of $40. 4. Received $2.625 in exchange for completing 175 jobs, less a $131 fee due to PayPal. 5. In Februery and March, completed 66 jobs on account for clients with standing appointments. Each client was billed at the rate of $15 per job. 6. Collected $500 of accounts receivable for jobs completed in February. 7. Purchased and used gas of $575 in order to complete jobs. 8. Paid the newspaper $240 for advertising for February and March. 9. Paid the soclal media manager $250. This amount represented her monthly fee and fee for 150 of the jobs scheduled during the February arnd March. 10. Paid friends $600 to complete 50 jobs during February and March. 11. Paid a salary of $800 to W.T. 12. Repaid W.T.'s aunt $200 of the total amount owed to her. 13. As of March 31, determined that the soclal media manager is owed her scheduling fee for 25 jobs scheduled and completed over the last few days of the month. 14. Determined that there are $15 of supplies on hand at March 31. For each of the above transactions, 1. Record the transactions in the appropriate general ledger accounts under an accounting equation. Record the amounts of revenue and expense in the Retained Earnings column. Provide the appropriate titles for these accounts in the last column of the table. 2. Prepare the income statement, statement of changes in stockholders' equity, and balance sheet for My Assistant, Inc. for the three months ending March 31. 3. Determine the total amaount of cash flow related to operating, investing, and financing activities for the three months ending March 31. Reconcile those amounts to the net change in cash. My Assistant Accounting Equation for February - March Stockholders' Equity Retained Earnings Assets Liabilities Account titles for RE Fees Notes Common Item Cash Accts Rec Supplies Payable Payoble Stock $100 Bal. Feb. 1 $739 $495 $0 $16 $400 $718 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. Bal. Mar. 31 My Assistant, Inc. Income Statement For the Three Months Ended March 31 Income Statement Work Paper: January February - March Total Service revenue $1,695 Operating expenses: Collection fee $60 Gas expense 280 Advertising expense 120 Scheduling expense 180 Delivery expense 240 Salaries expense 400 Supplies expense Total operating expenses My Assistant, Inc. Statement of Changes in Stockholders' Equity For the Three Months Ended March 31 Total Stockholders Equity Common Stock Retained Earnings Beginning Balance Plus: Plus: Less: Ending Balance My Assistant, Inc. Balance Sheet As of March 31 ASSETS: LIABILITIES: Total Liabilities STOCKHOLDERS EQUITY: Total Stockholders' Equity Total Liabilities & Total Assets Stockholders' Equity Cash Flows Work Paper: No Cash Effect Item Operating Investing Financing Totals from January $ (64) $ (100) 1. Paid SMM 2. Collected accounts receivable 3. Purchase supplies 4. Complete jobs 5. Complete jobs and bill clients 8. Collect accounts receivable 7. Purchase gas 8. Paid newspaper 9. Pay SMM 10. Pay contract labor 11. Pay W.T. salary 12. Partial loan repayment 13. Accrue amount due to SMM 14. Count supplies Totals Reconciliation: Net cash flow from operating activities Net cach flow from investing activities Net cash flow from financing activities Net change in cash Beginning cash balance $ 903 Ending cash balance In February and March, W.T. began to take one new types of jobs. However, these new types of jobs also require that he purchase and use a small amount of supplies to complete them. This means that some items may be paid for in cash before they're used to produce revenue. In Order to report net income that accurately matches revenues and the expenses that helped to generate them, w.T. needs to be careful about how he accounts for these items. Because W.T.'s aunt hasn't fully been repaid, she's asked that she be provided with financial statements for the current quarter (January - March) of operations. Below are summaries of transactions completed during February and March. 1. Paid the social media manager the amount owed from January. 2. Collected $495 of accounts receivable from January. 3. Purchased supplies of $40. 4. Received $2.625 in exchange for completing 175 jobs, less a $131 fee due to PayPal. 5. In Februery and March, completed 66 jobs on account for clients with standing appointments. Each client was billed at the rate of $15 per job. 6. Collected $500 of accounts receivable for jobs completed in February. 7. Purchased and used gas of $575 in order to complete jobs. 8. Paid the newspaper $240 for advertising for February and March. 9. Paid the soclal media manager $250. This amount represented her monthly fee and fee for 150 of the jobs scheduled during the February arnd March. 10. Paid friends $600 to complete 50 jobs during February and March. 11. Paid a salary of $800 to W.T. 12. Repaid W.T.'s aunt $200 of the total amount owed to her. 13. As of March 31, determined that the soclal media manager is owed her scheduling fee for 25 jobs scheduled and completed over the last few days of the month. 14. Determined that there are $15 of supplies on hand at March 31. For each of the above transactions, 1. Record the transactions in the appropriate general ledger accounts under an accounting equation. Record the amounts of revenue and expense in the Retained Earnings column. Provide the appropriate titles for these accounts in the last column of the table. 2. Prepare the income statement, statement of changes in stockholders' equity, and balance sheet for My Assistant, Inc. for the three months ending March 31. 3. Determine the total amaount of cash flow related to operating, investing, and financing activities for the three months ending March 31. Reconcile those amounts to the net change in cash. My Assistant Accounting Equation for February - March Stockholders' Equity Retained Earnings Assets Liabilities Account titles for RE Fees Notes Common Item Cash Accts Rec Supplies Payable Payoble Stock $100 Bal. Feb. 1 $739 $495 $0 $16 $400 $718 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. Bal. Mar. 31 My Assistant, Inc. Income Statement For the Three Months Ended March 31 Income Statement Work Paper: January February - March Total Service revenue $1,695 Operating expenses: Collection fee $60 Gas expense 280 Advertising expense 120 Scheduling expense 180 Delivery expense 240 Salaries expense 400 Supplies expense Total operating expenses My Assistant, Inc. Statement of Changes in Stockholders' Equity For the Three Months Ended March 31 Total Stockholders Equity Common Stock Retained Earnings Beginning Balance Plus: Plus: Less: Ending Balance My Assistant, Inc. Balance Sheet As of March 31 ASSETS: LIABILITIES: Total Liabilities STOCKHOLDERS EQUITY: Total Stockholders' Equity Total Liabilities & Total Assets Stockholders' Equity Cash Flows Work Paper: No Cash Effect Item Operating Investing Financing Totals from January $ (64) $ (100) 1. Paid SMM 2. Collected accounts receivable 3. Purchase supplies 4. Complete jobs 5. Complete jobs and bill clients 8. Collect accounts receivable 7. Purchase gas 8. Paid newspaper 9. Pay SMM 10. Pay contract labor 11. Pay W.T. salary 12. Partial loan repayment 13. Accrue amount due to SMM 14. Count supplies Totals Reconciliation: Net cash flow from operating activities Net cach flow from investing activities Net cash flow from financing activities Net change in cash Beginning cash balance $ 903 Ending cash balance
Expert Answer:
Answer rating: 100% (QA)
My Assistant Accounting Equation for February March Assets Liabilities Stockholders Equity Account titles for RE Item Cash Accts Rec Supplies Fees Pay... View the full answer
Related Book For
Accounting Principles
ISBN: 978-0470533475
9th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Posted Date:
Students also viewed these marketing questions
-
In February 2018, Culverson Company began developing a new software to be sold to customers. The software allows people to enter health information and track daily eating and exercise habits to track...
-
On 28th of March 2020 he purchased a new truck with an estimated useful life of 8 years for a total price of 165,000 and a residual value of 5,000. On 25 of September James decides to purchase a...
-
In early February 20I4, Huey Corp. began construction of an addition to its head office building that is expected to take 18 months to complete. The following 20I4 expenditures relate to the...
-
Consider three (ideally other) countries for which evidence features here. What are the key influences on cross-national comparative variation in the place and role of the HRM function?
-
David owns a 60% interest in the DDD Partnership, a general partnership, which he sells to the two remaining partnersDrew and Dana. The three partners have agreed that David will receive $150,000 in...
-
Create a factual scenario where the bailees duty of care is ordinary care.
-
Urban Fit Corporation paid salaries and wages of \(\$ 143,800\) to its employees for the month. Of this amount, \(\$ 3,800\) was paid to employees who had already exceeded wages of \(\$ 128,400\)....
-
Koontz Company manufactures a number of products. The standards relating to one of these products are shown below, along with actual cost data for May. The production superintendent was pleased when...
-
Wahlberg Design Partners uses the aging method for its accounts receivable. On January 1, the balance in the allowance for doubtful accounts was $19,000. For the year, Wahlberg De: $2,560.000 of...
-
Ellipses Corp is a small business that operates in Herndon, VA. The company is located at10 Period Lane, Herndon, VA 20170. Its federal Employer Identification Number is 77-7777777, and its...
-
Profit Margin and Debt Ratio Assume you are given the following relationships for the Haslam Corporation: Sales/total assets Return on assets (ROA) 1.2 4% Return on equity (ROE) 6% Calculate Haslam's...
-
What are the problems that a firm using market pricing might encounter?
-
Describe the role and importance of distinctive competence in international strategy formulation.
-
Identify several products you think could be marketed in a variety of foreign markets with little customization. Identify other products that clearly would require customization.
-
How do international strategy formulation and international strategy implementation differ?
-
What are the similarities and differences between domestic and international marketing?
-
Comprehensive Problem (Algo) LO 11-1, 11-2, 11-3, 11-4 Campbell Modems, Inc. acquired a subsidiary named Anywhere, Inc. (AI). Al manufactures a wireless modem that enables users to access the...
-
g(x) = x 5 5x 6 a. Show that g(x) = 0 has a root, , between x = 1 and x = 2. b. Show that the equation g(x) = 0 can be written as x = (px + q) 1/r , where p, q and r are integers to be found. The...
-
The Sarbanes Oxley Act of 2002 (SOX) has important implications for the financial community. Explain two implications of SOX.
-
What percentage does PepsiCos allowance for doubtful accounts represent as a percent of its gross receivables?
-
Loganberry Company maintains a petty cash fund for small expenditures. The following transactions occurred over a 2-month period. July 1 Established petty cash fund by writing a check on Rock Point...
-
Sevilla Chemicals earned $1 billion in after-tax operating income on capital invested of $5 billion last year. The firms cost of equity is 12%, its debt-to-capital ratio is 25%, and the after-tax...
-
Stereo City is a retailer of stereos and televisions. The firm has operating income of $150 million, after operating lease expenses of $50 million. The firm has operating lease commitments for the...
-
Jeeves Software is a small software firm in high growth. The firm is all equity financed. In the current year, the firm earned $20 million in after-tax operating income on capital invested of $60...
Study smarter with the SolutionInn App