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EQUITY BAL ON STATEMENT OF FINANCIAL POS. Cash $162,850, accounts receivable $144,455, supplies $12,663, prepaid advertising $16,375, prepaid insurance $4,006, computers $12,480, office equipment $12,540,
EQUITY BAL ON STATEMENT OF FINANCIAL POS.
Cash $162,850, accounts receivable $144,455, supplies $12,663, prepaid advertising $16,375, prepaid insurance $4,006, computers $12,480, office equipment $12,540, furniture and fixtures $22,990, vehicles $88,480, buildings $444,700, land $1,941,800, accounts payable $218,541, unearned revenue $25,199, loan payable $55,870, mortgage payable $302,500, Ida McIntyre, withdrawals $6,729, service revenue $116,770, advertising expense $4,058, insurance expenses $4,979, interest expense $9,344, entertainment expense $2,902, rent expense $3,430, repairs and maintenance expense $14,250, supplies expense $3,714, travel expense $11,576 and utilities expense $2,911. Set up t-accounts for the company and calculate Ida McIntyre's capital opening balance. Analyze the following transactions and record them in t-accounts. Find balances in your t-accounts. a) The company paid $3,540 for the vehicle insurance for the next year. The coverage starts in the month of May. b) A customer deposited $4,903 in cash to the company for services to be provided in June. c) The company purchased new computer hardware that will make the workforce more efficient. The cost of the hardware was $2,689 paid in cash. d) Ida invested $146,700 into the business and furniture worth $18,700. e) The company exchanged its old computers, sitting on the books at $3,420, for division walls to be used in the office to build cubicles for staff valued at $8,430. The company financed the difference with a loan. f) The company sold an old TV used in the waiting area for $835 cash, the amount the books were showing for this asset. This TV had a remaining loan associated with it of $245. g) The company provided services valued at $1,526 to a client who had previously paid. h) The company provided services to a client and collected $4,961 in cash. i) Ida traveled to Moncton, New Brunswick, and incurred $327 in costs. j) The company needed more money to get the new office ready, so it borrowed $21,000 from the bank. k) The customer paid $3,365 owing an account. 1) The company paid $161 on the insurance bill from March. This bill had been received in March. m) During the month of April the company used up $512 of its supplies that are kept in the supplies cabinet. n) The company provided services worth $100 to a client on account. o) Ida paid $4,855 for the office rent for April. p) The company has been doing pretty well over the last few years. Thus, Ida decided to purchase a new building. The cost of the land was $562,900 and $926,100 was the cost of the building. The company financed the entire purchase with a mortgage. q) Ida took out $1,940 from the business to purchase birthday gifts for Ida's children. r) The company had to pay the principal and an interest on a loan. The principal portion was $1,574 and the interest portion was $530. s) The company sold the old scanners for $575 cash, which is exactly what their value was in the accounting records. What is the equity balance on the statement of financial position at April 30thStep by Step Solution
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