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can you explain to me how i'm supposed to put this information into the charts on the next page? Bingo Corporation is a newly formed
can you explain to me how i'm supposed to put this information into the charts on the next page?
Bingo Corporation is a newly formed company. Below are the first 10 transactions that Bingo encountered. Prepare 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. BINGO CORPORATION Income Statement For the Month (through transaction #1) Revenues Services to customers $ Expenses Wages $ Utilities - Net income - $ - BINGO CORPORATION Statement of Retained Earnings For the Month (through transaction #1) Beginning retained earnings $ - Plus: Net income $ - $ - Less: Dividends Ending retained earnings BINGO CORPORATION Balance Sheet As of Completion of Transaction #1 Assets Cash $ 50,000 Accounts receivable Building - Total assets Liabilities Wages payable $ $ $ Notes payable Total liabilities Stockholders' equity Capital stock 50,000 - - $50,000 Retained earnings - Total stockholders' equity 50,000 Total Liabilities and equity $ 50,000 BINGO CORPORATION Income Statement For the Month (through transaction #2) Revenues Services to customers $ Expenses Wages $ Utilities - Net income - $ - BINGO CORPORATION Statement of Retained Earnings For the Month (through transaction #2) Beginning retained earnings $ - Plus: Net income $ Less: Dividends - Ending retained earnings $ - BINGO CORPORATION Balance Sheet As of Completion of Transaction #2 Assets Cash $ 30,000 Accounts receivable Building 120,000 Total assets Liabilities Wages payable Notes payable Total liabilities $ $ 150,000 $ 100,000 - 100,000 Stockholders' equity Capital stock Retained earnings 50,000 Total stockholders' equity Total Liabilities and equity 50,000 $ 150,000 BINGO CORPORATION Income Statement For the Month (through transaction #3) Revenues Services to customers $ Expenses Wages $ Utilities - Net income - $ - BINGO CORPORATION Statement of Retained Earnings For the Month (through transaction #3) Beginning retained earnings $ - Plus: Net income $ Less: Dividends - Ending retained earnings $ BINGO CORPORATION Balance Sheet As of Completion of Transaction #3 Assets Cash $ Accounts receivable Building - $ - $ $ Notes payable Total liabilities Stockholders' equity Capital stock - - Total assets Liabilities Wages payable - - - $ Retained earnings - Total stockholders' equity - Total Liabilities and equity $ BINGO CORPORATION Income Statement For the Month (through transaction #4) Revenues Services to customers $ Expenses Wages $ Utilities - Net income - - $ - BINGO CORPORATION Statement of Retained Earnings For the Month (through transaction #4) Beginning retained earnings $ - Plus: Net income $ Less: Dividends - Ending retained earnings $ BINGO CORPORATION Balance Sheet As of Completion of Transaction #4 Assets Cash $ Accounts receivable Building - $ - $ $ Notes payable Total liabilities Stockholders' equity Capital stock - - Total assets Liabilities Wages payable - - - $ - Retained earnings - Total stockholders' equity - Total Liabilities and equity $ BINGO CORPORATION Income Statement For the Month (through transaction #5) Revenues Services to customers $ Expenses Wages $ Utilities - Net income - - $ - BINGO CORPORATION Statement of Retained Earnings For the Month (through transaction #5) Beginning retained earnings $ - Plus: Net income $ Less: Dividends - Ending retained earnings $ BINGO CORPORATION Balance Sheet As of Completion of Transaction #5 Assets Cash $ Accounts receivable Building - $ - $ $ Notes payable Total liabilities Stockholders' equity Capital stock - - Total assets Liabilities Wages payable - - - $ Retained earnings - Total stockholders' equity - Total Liabilities and equity $ BINGO CORPORATION Income Statement For the Month (through transaction #6) Revenues Services to customers $ Expenses Wages $ Utilities - Net income - - $ - BINGO CORPORATION Statement of Retained Earnings For the Month (through transaction #6) Beginning retained earnings $ - Plus: Net income $ Less: Dividends - Ending retained earnings $ BINGO CORPORATION Balance Sheet As of Completion of Transaction #6 Assets Cash $ Accounts receivable Building Notes payable Total liabilities - - Total assets Liabilities Wages payable - $ $ - $ - - Stockholders' equity Capital stock $ Retained earnings - Total stockholders' equity - Total Liabilities and equity $ BINGO CORPORATION Income Statement For the Month (through transaction #7) Revenues Services to customers $ Expenses Wages $ Utilities - Net income - - $ - BINGO CORPORATION Statement of Retained Earnings For the Month (through transaction #7) Beginning retained earnings $ - Plus: Net income $ Less: Dividends - Ending retained earnings $ BINGO CORPORATION Balance Sheet As of Completion of Transaction #7 Assets Cash $ Accounts receivable Building - $ - $ $ Notes payable Total liabilities Stockholders' equity Capital stock - - Total assets Liabilities Wages payable - - - $ Retained earnings - Total stockholders' equity - Total Liabilities and equity $ BINGO CORPORATION Income Statement For the Month (through transaction #8) Revenues Services to customers $ Expenses Wages $ Utilities - Net income - - $ - BINGO CORPORATION Statement of Retained Earnings For the Month (through transaction #8) Beginning retained earnings $ - Plus: Net income $ Less: Dividends - Ending retained earnings $ BINGO CORPORATION Balance Sheet As of Completion of Transaction #8 Assets Cash $ Accounts receivable Building - - Total assets Liabilities Wages payable - $ $ - - Notes payable Total liabilities Stockholders' equity Capital stock $ $ Retained earnings - - Total stockholders' equity - Total Liabilities and equity $ - BINGO CORPORATION Income Statement For the Month (through transaction #9) Revenues Services to customers $ Expenses Wages $ Utilities - Net income - $ - BINGO CORPORATION Statement of Retained Earnings For the Month (through transaction #9) Beginning retained earnings $ - Plus: Net income $ - Less: Dividends - Ending retained earnings $ - BINGO CORPORATION Balance Sheet As of Completion of Transaction #9 Assets Cash $ Accounts receivable - Building - Total assets Liabilities Wages payable $ $ $ Notes payable Total liabilities Stockholders' equity Capital stock Retained earnings - - - $ - Total stockholders' equity - Total Liabilities and equity $ - BINGO CORPORATION Income Statement For the Month (through transaction #10) Revenues Services to customers $ Expenses Wages $ Utilities Net income - - $ - BINGO CORPORATION Statement of Retained Earnings For the Month (through transaction #10) Beginning retained earnings $ - Plus: Net income $ - Less: Dividends Ending retained earnings 6,000 $ (6,000) BINGO CORPORATION Balance Sheet As of Completion of Transaction #10 Assets Cash $ Accounts receivable Building - Total assets Liabilities Wages payable $ $ $ Notes payable Total liabilities Stockholders' equity Capital stock Retained earnings - - - $ (6,000) Total stockholders' equity Total Liabilities and equity (6,000) $ (6,000)Step by Step Solution
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