Question
Can you create an income statement and balance sheet with the following information? 1. Record your initial investment of $100,000 .2. Record the three energy
Can you create an income statement and balance sheet with the following information?
1. Record your initial investment of $100,000
.2. Record the three energy bills of $665.72 $845.79 $795.63
3. Record all moving jobs that are listed on your moving calendar. You will record the sale (the amount listed that you charged them), the contractor expense (you pay your movers $20 per hour), and supplies expense (listed for each job on the calendar) for each job.
4. Record the two truck purchases. You will also have monthly loan payments and depreciation related to these purchases.
5 . Record deposit and monthly rent payments using the leasing agreement. Trucks purchased will be depreciated straight line monthly over 12 years with no residual value. Depreciation is calculated at the end of each month. DO NOT PRORATE AMOUNTS. Each month over the 12 years will have the same amount of depreciation including the month you purchase the vehicles. You first payment will take place the month after purchase.
There is no interest owed on the loan. DO NOT PRORATE AMOUNTS. Each month over the 5 years will have the same amount of loan payment.
There should be only ONE fixed asset account for trucks, ONE accumulated depreciation account for trucks, ONE loan payable balance, and ONE depreciation expense account. In other words, you do not need to create a separate account for each purchase. These four accounts will include all of the trucks your company purchases. You pay your movers at $20 per man hour for each moving job. They are paid after each moving job. You do not owe payroll taxes on their wages. All bills should be entered. You pay your bills on the due date, not when received. You take full payment from the customers on the day of the move.
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