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Find impact on income. Thank you! If any other images are needed, let me know! Be as specific as possible so we can help each
Find impact on income. Thank you!
If any other images are needed, let me know! Be as specific as possible so we can help each other:)
Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet Impact on Income Use the drop-downs to select the accounts properly included on the income statement. The unadjusted or adjusted balances will appear for each account, based on your selection. Adjusted BEST BYTES Income Statement For Three Months Ended December 31, 2019 Revenues: Unearned computer services revenue $ 7,100 0 $ 7,100 2,815 1,060 0 0 0 Total revenues Expenses: Advertising expense Computer supplies expense Depreciation expense - Office equipment Depreciation expense - Computer equipment Depreciation expense - Office equipment Insurance expense Mileage expense Miscellanous expenses Rent expense Repairs expense - Computer Wages expense Total expenses Net loss 0 1,014 370 0 1,360 5,720 12,339 (5,239) $ Show less A Adjusted BEST BYTES Balance Sheet December 31, 2019 ASSETS Current assets: Cash Accounts receivable Computer supplies Prepaid insurance Prepaid rent 46,321 5,200 3,550 2,800 5,700 0 $ 63,571 11,200 0 11,200 Total current assets Plant assets: Office equipment Accumulated depreciation - Office equipment Office equipment, net Computer equipment Accumulated depreciation - Computer equipment Computer equipment, net Total plant assets Total assets 25,120 0 25,120 36,320 99,891 $ LIABILITIES AND EQUITY Liabilities: Accounts payable $ Wages payable Unearned computer services revenue 0 . 880 7,100 0 7,980 79,000 Total liabilities Equity Common stock Retained earnings Total equity Total liabilities and equity 79,000 86,980 Unadjusted BEST BYTES Balance Sheet December 31, 2019 ASSETS Current assets: Cash Accounts receivable Computer supplies Prepaid insurance Prepaid rent 46,321 5,200 4,610 2,800 5,700 0 $ 64,631 11,200 0 11,200 Total current assets Plant assets: Office equipment Accumulated depreciation - Office equipment Office equipment, net Computer equipment Accumulated depreciation - Computer equipment Computer equipment, net Total plant assets Total assets 25,120 0 25,120 36,320 100,951 $ LIABILITIES AND EQUITY Liabilities: Accounts payable $ Wages payable Unearned computer services revenue 0 0 7,100 0 7,100 79,000 Total liabilities Equity: Common stock Retained earnings Total equity Total liabilities and equity 79,000 86,100 $ Use the drop-downs to select the accounts properly included on the income statement. T balances will appear for each account, based on your selection. Adjusted BEST BYTES Income Statement For Three Months Ended December 31, 2019 Revenues: Unearned computer services revenue 7,100 0 $ 7,100 2,815 1,060 0 0 0 Total revenues Expenses: Advertising expense Computer supplies expense Depreciation expense - Office equipment Depreciation expense - Computer equipment Depreciation expense - Office equipment Insurance expense Mileage expense Miscellanous expenses Rent expense Repairs expense - Computer Wages expense Total expenses Net loss 0 1,014 370 0 1,360 5,720 12,339 (5,239) $ Show less Adjusted Impact on net income Adjusting entry related to: a) Computer supplies Account affecting the: Income Statement Balance Sheet Computer supplies expense Computer supplies Insurance expense Prepaid insurance b) Prepaid insurance c) Accrued wages d) Depreciation - Computer equipment Wages expense Wages payable Depreciation expense- Accumulated depreciation - Computer equipment Computer equipment Depreciation expense - Office Accumulated depreciation - equipment Office equipment Rent expense Prepaid rent e) Depreciation - Office equipment f) Prepaid rent 0 1 The November 30, 2018, unadjusted trial balance of Best Bytes is found in the Trial balance tab. Best Bytes had the following transactions and events in December 2018. eBook Dec. 2 Paid $1,060 cash to Lakeview Mall for Best Bytes' share of mall advertising costs. Dec. 3 Paid $520 cash for minor repairs to the company's computer. Dec. 4 Received $6,000 cash from Sanchez Engineering Co. for the receivable from November. Dec. 10 Paid cash to Sandy Perry for six days of work at the rate of $220 per day. Dec. 14 Notified by Sanchez Engineering Co. that Best Bytes' bid of $7,100 on a proposed project has been accepted. Sanchez paid a $1,550 cash advance to Best Bytes. Dec. 15 Purchased $1,700 of computer supplies on credit from Ryan Office Products. Dec. 16 Sent a reminder to Marshall Co. to pay the fee for services recorded on November 8. Dec. 20 Completed a project for Fox Corporation and received $6,800 cash. Dec. 22- Took the week off for the holidays. 26 Dec. 28 Received $3,800 cash from Marshall Co. on its receivable. Dec. 29 Reimbursed K. Perry for business automobile mileage (700 miles at $0.32 per mile). Dec. 31 The company paid $1,900 cash in dividends. The following additional facts are collected for use in making adjusting entries prior to preparing financial statements for the company's first three months: a. The December 31 inventory count of computer supplies shows $1,060 still available. b. Three months have expired since the 12-month insurance premium was paid in advance. C. As of December 31, Sandy Perry has not been paid four days of work at $220 per day. d. The computer system, acquired on October 1, is expected to have a four-year life with no salvage value. e. The office equipment, acquired on October 1, is expected to have a five-year life with no salvage value. f. Three of the four months' prepaid rent has expired. Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet Impact on Income General Journal tab - Prepare journal entries for each of the December transactions. Then, using the information given for adjustments, prepare the adjusting entry necessary to correctly report the revenue earned or the expense incurred. After adjusting the accounts, review the general ledger and trial balance for accuracy. General Ledger tab - Each journal entry is posted automatically to the general ledger. Use the drop-down button to view the unadjusted or adjusted balances. Trial Balance tab - You may view either the unadjusted or adjusted trial balance by choosing from the dropdown box below. Your choice will determine the reported values on the financial statement tabs. Income Statement tab - Use the drop-downs to select the accounts properly included on the income statement. The unadjusted or adjusted balances will appear for each account, based on your selection. Statement of Retained Earnings tab - The unadjusted or adjusted balances will appear for each account, based on your selection. Balance Sheet tab - Use the drop-downs to select the accounts properly included on the balance sheet. The unadjusted or adjusted balances will appear for each account, based on your selection. Impact on Income tab - For each adjustment, indicate the income statement and balance sheet account affected, and the impact on net income. If an adjustment caused net income to decrease, enter the amount as a negative value. Net income before adjustments can be found on the income statement tab. (Hint: Select unadjusted on the dropdown.)Step by Step Solution
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