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Grid Iron Prep INC. I need the general journal entries, the income statement, the statement of retained earnings, and the balance sheet. Please do the
Grid Iron Prep INC. I need the general journal entries, the income statement, the statement of retained earnings, and the balance sheet. Please do the whole problem of you are going to do this because sometimes people only do part of it and then I have to post the question again, which is a little frustrating. If you can help, thankyou!
?9-1 Accounting for Operating Act ities Including Depreciation) and Prep aring Financial Statements Chapters 3, 4 8 and 9 LO 33,42 8-2 9-2, 9-3 Gid iron Prep Inc. (GIPl) is a service business incorporated in January of the current year to provide personal training for athletes aspirning to play college football. The following transactions occurred during the month ended January 31 1. GIPI issued stock in exchange for $100,000 cash on 1/01. 2. GI Pl prchased a gymnasium building and gym equipment on 102 for $50,000, 80% of which related to the gymnasium and 20% to the equipment the gym equipment refurbished before it could be used 3. GIPI paid $260 cash on 1/03 to have 4. GIPI provided $4,000 in training on 1/04 and expected collection in February 5. GIPI collected $36,00 cash in training fees on 1/10, of which $34,000 was eaned in January and 6. GIPI paid $23,000 of wages and $7.000 in utilities on 1/30 7. GIPI will depreciate the gymnasium building using the straight-line method over 20 years with a residual $2,000 would be eaned in February value of $2,000. Gym equipment will be depreciated using the double-declining-balance method, with an estimated residual value of $2.250 at the end of its four year useful life. Record deprecitio on 1/31 8. GIPI received a bill on 1/31 for $350 for advertising done on 1/31 The bill has not been paid 9. GIPI uses the aging method for estimating doubtful accounts and, on 1/31, will record an estimated 3 10.Glpl's income tax rate is 30%. Assume depreciation for tax is the same amount as depreciation for equal to one-twelfth the yearly amount or recorded percent of its under 30 day-old accounts as not collectible financial reporting purposes Journal LedgerTrial Balance Income Statement of Statement end Balance Sheet and adustments listed in (1)-(101, Review the accounts as shown in the
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