Question
Bingo Corporation is a newly formed company.Below are the first 10 transactions that Bingo encountered.Make an income statement, statement of retained earnings, and balance sheet
Bingo Corporation is a newly formed company.Below are the first 10 transactions that Bingo encountered.Make an income statement, statement of retained earnings, and balance sheet immediately following each of these consecutive transactions.
(1) Issued capital stock for $50,000 cash.
(2) Purchased building for $120,000, making a $20,000 down payment and signing a promissory note payable for the balance.
(3) Paid wages expense of $5,000.
(4) Provided services to customers for $15,000 cash.
(5) Paid utilities expense of $2,000.
(6) Reduced note payable with an $8,000 cash payment (ignore interest costs).
(7) Provided services to customers on account, $10,000.
(8) Incurred wages expense of $3,000, to be paid in the future.
(9) Collected $4,000 on an outstanding account receivable.
(10) Declared and paid dividend of $6,000.
This has a work sheet to work off of but i cant load it for some reason just really lost
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started