Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

6th Edition

9780470128848

More Books

Students also viewed these Accounting questions