Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Balance sheet needed Depreciation Expense Amortization Expense Income Tax Expense Interest Expense Supplies Expense Totals OOOOO $92 $92 Transactions and events during 2018 (summarized in

Balance sheet needed
image text in transcribed
image text in transcribed
image text in transcribed
Depreciation Expense Amortization Expense Income Tax Expense Interest Expense Supplies Expense Totals OOOOO $92 $92 Transactions and events during 2018 (summarized in thousands of dollars) follow: a. Borrowed $13 cash on March 1 using a short-term note. b. Purchased land on March 2 for future building site; paid cash, $7. c. Issued additional shares of common stock on April 3 for $25. d. Purchased software on July 4, $12 cash. e. Purchased supplies on account on October 5 for future use, $17. f. Paid accounts payable on November 6, $14. g. Signed a $30 service contract on November 7 to start February 1, 2019. h. Recorded revenues of $158 on December 8, including $39 on credit and $119 collected in cash. i. Recognized salaries and wages expense on December 9, $84 paid in cash. j. Collected accounts receivable on December 10, $23. Data for adjusting journal entries as of December 31: k. Unrecorded amortization for the year on software, $6. 1. Supplies counted on December 31, 2018, $11. m. Depreciation for the year on the equipment, $7. n. Interest of $2 to accrue on notes payable. o. Salaries and wages earned but not yet paid or recorded, $12. p. Income tax for the year was $9. It will be paid in 2019. C4-2 Part 6 6-a. Prepare an income statement. 6-b. Prepare the statement of retained earnings. 6-c. Prepare the balance sheet. Required information Balance Sheet 19 (in thousands) Liabilities Assets $ Current Liabilities Accumulated Amortization Accounts Payable $ 68 68 11 Current Assets Accounts Receivable Supplies Land Software Equipment O OY OX 14 > 59 Total Current Assets 88 12 Total Current Liabilities Stockholders' Equity Common Stock Retained Earnings 66 x 7% 0 0 88 73 85 Total Assets $ Total Stockholders' Equity * $

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_2

Step: 3

blur-text-image_3

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

Irregularities Frauds And The Necessity Of Technical Auditing In Construction Industry

Authors: A. L. M. Ameer

1st Edition

1481799754, 978-1481799751

More Books

Students also viewed these Accounting questions

Question

1. Describe the power of nonverbal communication

Answered: 1 week ago