A-J are journal entries
a GIPI issued stock in exchange for $170,000 cash on 101 b. GIPI purchased a gymnasium building and gym equipment on 1/02 for $50,000, 80% of which related to the gymnasium and 20% to the equipment C. GIPI paid $400 cash on 1/03 to have the gym equipment refurbished before it could be used. d. GIPI provided $4,000 in training on 1/04 and expected collection in February e. GIPI collected $43,000 cash in training fees on 1/10, of which $39,000 related to January and $4,000 related to February GIPI paid $24,000 of wages and $8.000 in utilities on 1/30. g. GIPI will depreciate the gymnasium building using the straight-line method over 10 years with a residual value of $5.500. Gym equipment will be depreciated using the double-declining balance method, with an estimated residual value of $2.000 at the end of Its four-year useful life. Record depreciation on 131 equal to one-twelfth the yearly amount h. GIPI recelved a bill on 1/31 for $430 for advertising done on 131. The bill has not been paid or recorded GIPI uses the aging method for estimating doubtful accounts and, on 1131, will record an estimated 3 percent of its under 30-day-old accounts as not collecuble. 1. GIPI's income tax rate is 30%. Assume depreciation for tax is the same amount as depreciation for financial reporting purposes. Requirement General Tournal General Ledger Trial Balance Income Statement Statement of Retained Earrings Balance Sheet Choose the appropriate accounts to be reported on the income statement. However, you will need to calculate and enter the amount of the Income before Income Tax Expense and net income or loss for the period. (Round your final answers to the nearest whole dollar amount.) GRID IRON PREP INC Income Statement For the Month Ended January 31 some before income Tax Expense Requirement General Journal General Ledger Trial Balance Income Statement Statement of Retained Earnings Balance Sheet Use the dropdowns to select the accounts properly included on the balance sheet. However, you will need to enter the amount of the Accounts receivable (net of Allowance for Doubtful Accounts), Buildings, Equipment (net of Accumulated Depreciation), Common stock and Retained earnings. (Round your final answers to the nearest whole dollar amount.) GRID IRON PREP INC Balance Sheet As of January 31 Requirement General Journal General Ledger Trial Balance Income Statement Statement of Retained Earnings Balance Sheet Prepare the statement of retained earnings for the month ended January 31. You will need to determine and enter the accounts and balances to prepare the Statement of Retained Eamings. (Round your final answers to the nearest whole dollar amount. GRID IRON PREP, INC Statement of Retained Earnings For the Month Ended January 31 Balance, January 1 Balance January 31
