Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

5/5 ICP 2-2A In November 2014, Edward Bosch decided to quit his day job and open a copy shop je across the Carleton University Campus.

image text in transcribed
image text in transcribed
image text in transcribed
5/5 ICP 2-2A In November 2014, Edward Bosch decided to quit his day job and open a copy shop je across the Carleton University Campus. The shop would be called Heavenly Coplies te and would be open for business on January 2, 205. Edward invested S40.000 for money in the business in return for 1.000 shares of Heavenly Copies Inc. On December 31, 204, Edward's uncle provided a loan of $20,000 to the business for two yea 3. Interest rate. The interest is payable on December 31 of each year Edward found a suitable location at a monthly rent of 1.200. Edward signed a yea lease for the period January 1, 2015 to December 31, 2015 and paid the final month's restos signing the one agreement on December 15. In order to be ready for his first customer, Kitwand made the following purchases (all for cash Equipment photocopier collier binder, cash register) $22.000 Mac Pro Computer 6,000 Fumiture and fixtures 4.000 Echwand also purchased supplies paper, toner)coing 58.000 on account Rewire Prepare a statement of financial pention for Hervenly Comics Inc. at December 31 2004 SP C Spe -H Egipt 5/5 ICP 2-2A In November 20x4, Edward Bosch decided to quit his day job and open a cupy shop je across the Carleton University Campus. The shop would be called Heavenly Coples Ine and would be open for business on January 2, 2015. Edward invested S40,000 of his own money in the business in return for 1000 shares of Heavenly Copies Inc. On December 31, 20x4. Edward's uncle provided a loan of S20,000 to the business for two years at a 3.8% interest rate. The interest is payable on December 31 of each Edward found a suitable location at a monthly rent of 1.200. Edwand signed a one year lease for the period January 1, 20x5 to December 31, 2025 and paid the first and last month's rent on signing the lease agreement on December 15. In order to be ready for his first customer, Edward made the following purchases all for cash Equipment (photocopier, collater, binder cash register) $22.000 Mac Pro Computer 000 Furniture and fixtures 4.000 Edward also purchased supplies (paper, toner...) costing S8,000 on account Required Prepare a statement of financial position for Heavenly Copics Incasat December 31, 20x4 Ants SET Lists & Equity Prepaid Rom Supplies Equipment Computer Furniture & Fit 00:19 U

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

The Operational Auditing Handbook Auditing Business And IT Processes

Authors: Andrew Chambers, Graham Rand

2nd Edition

0470744766, 978-0470744765

More Books

Students also viewed these Accounting questions