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I am having trouble figuring out what numbers go where. Could you assist me on this? Project 1 in eCampus requires you to record transactions,

I am having trouble figuring out what numbers go where. Could you assist me on this?

image text in transcribed Project 1 in eCampus requires you to record transactions, prepare the financial statements, and answer questions based on these transactions. You should record the transactions in the accounting equation below before inputting your answers into eCampus. This must be your own work; working with others is considered academic dishonesty. Be sure to use the Chart of Accounts below so as not to lose points for using the wrong account titles. Chart of Accounts Accumulated Depreciation Dividends Note Payable Sales Revenue Cash Equipment Common Stock Wages Expense Inventory Cost of Goods Sold Interest Expense Depreciation Expense Interest Payable During April, its first month of business, Karry-no-key, Inc.: Assets Cash 1 2 3 Issued $8,000 of stock to its owners, Carrie Oakey and Justin Tune, in exchange for cash. Received an $8,000, 6% cash loan from the bank on April 1. The interest and principal are due June 30. Paid $3,000 for 100 karaoke machines it plans to sell. 4 Purchased a display stand by paying $12,000 on April 1. 5 Sold 80 karaoke machines at a sales price of $70 each for cash. Record the sale and the cost of the sale. 6 Paid $900 at the end of the month to its employee for services performed in April. 7 Adjusted for $100 of depreciation on its equipment (=($12,000/10 years of usefulness) x 1/12 year). 8 9 Adjusted for the $40 (=$8,000 x 6%/year x 1/12 year) of interest owed on the bank loan. The interest and principal will be paid on June 30. Paid a $100 cash dividend to its shareholders. Other Assets Liabilities Shareholder's Equity Common Stock Retained Earnings Using the above transactions, prepare the following four financial statements: Karry-no-key, Inc. Income Statement For the Month Ended April 30 Karry-no-key, Inc. Statement of Shareholders' Equity For the Month Ended April 30 Sales Revenue Beginning Common Stock Cost of Goods Sold 0 $ 0 Stock Issued Gross Profit Ending Common Stock Wages Expense Beginning Retained Earnings Depreciation Expense Net Income Operating Income Dividends Interest Expense Ending Retained Earnings Net Income Total Shareholders' Equity Karry-no-key, Inc. Statement of Cash Flows For the Month Ended April 30 Cash from Operating Activities: Cash Collected from Customers Cash Paid for Inventory Cash Paid for Wages Total Cash from Operating Activities Cash from Investing Activities Purchase of Equipment Cash from Financing Activities Issuance of Stock Proceeds from loan Dividends Paid Net Cash from Financing Activities Net Change in Cash Plus Beginning Cash Balance Ending Cash Balance $ 0 Karry-no-key, Inc. Balance Sheet April 30 Cash Notes Payable Inventory Interest Payable Common Stock Equipment, Net of accumulated Depreciation Total Assets $ Retained Earnings Total Liabilities and Shareholders' Equity There will be additional questions you will need to answer in Project 1 (click on Project 1)

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