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can anyone help me solve the # 31 a through e section? I am trying to fill in the jan.31a, b,c,d,e slots resulting balance sheet
can anyone help me solve the # 31 a through e section?
I am trying to fill in the jan.31a, b,c,d,e slots
resulting balance sheet at the beginning of 2012 is provided below. Francine's Fast Deliveries, Inc. Balance Sheet at January 1, 2012 Assets Liabilities: $1025 Accounts Payable 525 Cash Accounts Receivable Supplies 550 Stockholders Equity: 350 Contributed Capital $1,000 400 Retained Earnings Total Assets $1,925 Total Liabilities & Stk. Equity $1,925 January Transactions for Francine's Fast Deliveries, Inc. (FFD) Date 1 Owners invest $20,000 of additional cash in the business 2a Supplies are purchased for $650 on account. 2b Insurance is paid for 12 months beginning January 1: $6.420 (Record as an asset) 2c Rent is paidl for 3 months beginning in January: $2.850 (Record as an asset) 2d Two employees are hired. Each employee will be paid $1.010 per month 3 FFD borrows $23,000 from 1st State Bank at 6% annual interest. 6 A delivery van is purchased for cash. Including tax the total cost was $33,600. It will be used for 4 years and will be depreciated monthly using straight-line with no salvage value. A full month of depreciation will be chargedl in January 7 43Step by Step Solution
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