AaA 2321 2. A 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 fine 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 pay 5. In February and March, completed 66 Jobs on account for cients with standing appointments. Each cllent 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. Pald the newspaper $240 for advertising for February and March. 9. Paid the social media manager $250. This amount represented her monthly fee a for 150 of the jobs scheduled during the February and March. 10. Pald 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 social media manager is owed her schedulir 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 Retain Earnings column. Provide the appropriate titles for these accounts in the last coluna 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 amount of cash flow related to operating, investing, and finan activities for the three months ending March 31. Reconcile those amounts to the ne change in cash. Ball Foc My Assistant Accountina Equation for February March Assets Liables Fees Accts Rec Supplies Notes Poyable poyeble 9495 30 $16 $400 Accountilles for RE Hem .6.1 Stockholders' Equity Common Retained Stock Eomines $100 8718 Cash 22 2 3. 5. 6. 7. & 10. 11. 12 13. 14. Bal. Mar. 31 My Assistant, Inc. Income Statement For the Three Months Ended March 31 Income Statement Work Paper: February - March Total January $1,695 Service revenue Operating expenses: Collection fee $60 280 120 180 Gas expense Advertising expense Scheduling expense Delivery expense Salaries expense Supplies expense Total operating expenses 240 400 9 My Assistant, Inc. Balance Sheet As of March 31 LABLES: ASSEIS: Total Liabilities STOCKHOLDERS EQUTY: Total Stockholders' Equity Total Assets Total Liabilities & Stockholders' Equity My Assistant, Inc. Balance Sheet As of March 31 Aseala Total Assets Lables and Stockholders' Equity Liabilies: Total Liabilities Stockholders' Equilly: Total Stockholders' Equity Total Lobilies and Stockholders' Equity Cash Flows Work Paper. Her Investing Operating $ (64) Financing $ (100) No Cash Elect Totals from January 1. Paid SMM 2. Collected accounts receivable 3. Purchase supplies 4. Completo jobs 5. Complete jobs and bill chents 6. Collect accounts receivable 7. Purchase gas & Paid newspaper 9. Pay SMM 10. Pay contract labor 11. Pay W.T. salary 12 Partial loan repayment 13. ACCive amount due to SMM 14. Count supplies Totals Reconciliation: Net cash flow from operating activities Net cash low from investing activities Net cash flow from financing activities Net change in cash Beginning cash balance Ending cash balance $ 903
