Chapter 8 Due 10-28-20 Seved Help Save & alt Surat 5 Required Information [The following information applies to the questions displayed below) The following events apply to Gulf Seafood for the Year 1 fiscal year Part 1 of 4 062 1. The company started when it acquired $60,000 cash by Issuing common stock, 2. Purchased a new cooktop that cost $40,000 cash 3. Earned $72.000 in cash revenue 4. Pald $25,000 cash for salaries expense 5. Adjusted the records to reflect the use of the cooktop. Purchased on January 1, Year 1, the cooktop has an expected useful life of four years and an estimated selvage value of $4,000. Use straight-line depreciation. The adjusting entry was made as of December 31, Yeart, 0049 Required a. Record the events in general journal format and post to Taccounts. (If no entry is required for a transaction/event, select "No Journal entry required in the first account field.) Rutare ter 8 Due 10-28-20 Seved Help Save Ex 5 Required information (The following information applies to the questions displayed below) The following events apply to Gulf Seafood for the Year 1 fiscal year: 2 of 4 1. The company started when it acquired $60,000 cash by issuing common stock 2. Purchased a new cooktop that cost $40,000 cash 3. Earned $72,000 in cash revenue 4. Paid $25,000 cash for salaries expense. 5. Adjusted the records to reflect the use of the cooktop. Purchased on January 1, Year 1, the cooktop has an expected useful life of four years and an estimated salvage value of $4,000. Use straight-line depreciation. The adjusting entry was made as of December 31, Year 1 00:47 Book b. Prepare a balance sheet and a statement of cash flows for the Year 1 accounting period. (Amounts to be deducted should be Indicated by a minus sign.) eferences GULF SEAFOOD Balance sheet As of December 31, Year 1 pter 8 Due 10-28-20 Saved Hato Sve & E 7 Required information [The following Information applies to the questions displayed below.) The following events apply to Gulf Seafood for the Year 1 fiscal year: rt 3 of 4 52 1. The company started when it acquired $60,000 cash by Issuing common stock. 2. Purchased a new cooktop that cost $40,000 cash. 3. Earned $72,000 in cash revenue. 4. Paid $25,000 cash for salaries expense. 5. Adjusted the records to reflect the use of the cooktop. Purchased on January 1, Year, the cooktop has an expected useful life of four years and an estimated salvage value of $4,000. Use straight-line depreciation. The adjusting entry was made as of December 31, Year 1 00.45:52 look c. Who is the net income for Year 1? Nel com cer 8 Due 10-28-20 Help Save & E Subm ! 3. Required Information The following information applies to the questions displayed below The following events apply to Gulf Seafood for the Year 1 fiscal year, 1. The company started when it acquired $60,000 cash by issuing common stock. 2. Purchased a new cooktop that cost $40,000 cash. 3. Earned $72,000 in cash revenue. 4. Paid $25,000 cash for salaries expense 5. Adjusted the records to reflect the use of the cooktop, Purchased on January 1, Year 1, the cooktop has an expected useful life of four years and an estimated salvage value of $4.000. Use straight-line depreciation. The adjusting entry was made as of December 31, Year 1. 00:46:45 Book d. What amount of depreciation expense would Gulf Seafood report on the Year 2 income statement? ferences
