1. McJohn officially started the business on June 1, 2019. Opened a bank account an deposits $200,000 of his personal savings. 2. On June 5,
1. McJohn officially started the business on June 1, 2019. Opened a bank account an deposits $200,000 of his personal savings.
2. On June 5, he purchased land from the city for $ 40,000 cash
3. On June 6, he purchased an old garage for $ 25,000. He made a cash down payment of $5,000 and, issued a 90-day non-interest bearing note payable for the $ 15,000 balance owed.
4. On June 15, he purchased tools and automotive repair equipment. The purchase price was $12,800.
5. On June 20, he sold some of its new tools for $2,400. Buying company made no down payment but agreed to pay the amount due within 45 days.
6. On June 25, he received $1000 from the neighboring business who purchased some tools and equipment on account.
7. On June 26, he made a partial payment of $7,600 on its account payable.
8. On June 27, he made a partial payment of $5,600 on its account payable.
9. Sales of repair services from 15th -30th June were $3,200.
10. In order to earn $4,400 of revenue, McBryan had to pay some operating expenses.
11. For November, he owed $700 for utilities and $5,600 for wages.
Show and Find the statement of cashflows, income statement and balance sheet on excel
Step by Step Solution
There are 3 Steps involved in it
Step: 1
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started