Holy Company Income Statement 2002 10 in the space below, create the Cash Flow Statement for 2002 for Holy Company Holy Company Balance sheet 12/31 2002 2001 Assets Cash 4.000 7.000 Accounts Receivable 36.000 29.000 Inventory 75,000 85.000 Equipment 210,000 180.000 Accumulated Depreciation 140.000) (30.000) Total 285.000 247.000 Sales Revenue Cost of Goods Sold Gross Profit Expenses Net Income 500,000 300,000 200.000 180.000 20.000 Labines & Shareholders Equity Accounts Payable Common Stock Retained Earnings Total 45.000 00.000 150,000 285.000 39,000 70.000 138.000 247.000 Other Dividends paid in 2002 - 9.000 No Equipment was sold in 2002 Holly Company Statement of Cash Flows 2002 You are the accountant for Security Software The month just ended 1/31/2002 Create journal entries for the following 13. During the month software sales were 50,000. al on account and sales tax is 3.5% In addition to that amount. Describe the above with a journal entry Account Debt Credit 12. On Feb 15th you send this sales tax from number 11 to the state. Make the Journal Account Debt Credit 13. Customers also were invoiced (billed) 312,000 for 1 year maintenance contracts. Describe the transaction (there is no sales tax on this) Account Debit Credit 14. The month's payroll paid on 1/31 needs to be recorded. Total payroll is 524.000 4,000 is withheld for federal taxes, 1.000 for state taxes, and 7.86% is withheld for FICA tax Account Debit Credit 15. On 10/31/2011 The company takes out a $120.000 bank loan and signs 4 year note at 8% interest paid every 3 months Make Journals for the following 3. 10/31/2011 - record the loan 0 12/31/2011-year and needs to have everything accurate including interest liabilities 1/31/2012 - it has been 3 months Pay the interest Date Account Dobit Credit