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I have a income statement, balance sheet, trial balance and impact on net income to be completed LINKWORKS Balance Sheet April 30, 2015 ASSETS Current
I have a income statement, balance sheet, trial balance and impact on net income to be completed
LINKWORKS Balance Sheet April 30, 2015 ASSETS Current assets: $0 0 0 0 0 0 Plant assets: 0 Total assets LIABILITIES AND EQUITY Liabilities: $0 0 0 Equity: Total liabilities and equity Adjusting entry related to: a) Rent b) Insurance c) Office supplies Account affecting the: Income Balance Statement Sheet Impact on net income d) Depreciation e) Unbilled fees f) Unpaid wages 0 LINKWORKS Income Statement For Month Ended April 30, 2015 Revenues: $0 0 Expenses: 0 0 0 0 0 0 0 Net income $0 Karla Tanner opens a web consulting business called Linkworks and recorded the following transactions in its first month of operations. Apr. Tanner invests $80,000 cash along with office equipment valued at $26,000 in the company in 1 exchange for common stock. Apr. The company prepaid $9,000 cash for twelve months' rent for office space. The company's policy 2 is record prepaid expenses in balance sheet accounts. Apr. The company made credit purchases for $8,000 in office equipment and $3,600 in office supplies. 3 Payment is due within 10 days. Apr. 6 The company completed services for a client and immediately received $4,000 cash. Apr. 9 The company completed a $6,000 project for a client, who must pay within 30 days. Apr. 13 The company paid $11,600 cash to settle the account payable created on April 3. Apr. The company paid $2,400 cash for the premium on a 12-month insurance policy. The company's 19 policy is record prepaid expenses in balance sheet accounts. Apr. 22 The company received $4,400 cash as partial payment for the work completed on April 9. Apr. 25 The company completed work for another client for $2,890 on credit. Apr. 28 The company paid $5,500 cash in dividends. Apr. 29 The company purchased $600 of additional office supplies on credit. Apr. 30 The company paid $435 cash for this month's utility bill. Descriptions of items that require adjusting entries on April 30, 2015, follow. a) On April 2, the company prepaid $9,000 cash for twelve months' rent for office space. The balance in Prepaid insurance represents the premium paid for a 12-month insurance policy; b) the policy's coverage began on April 1. c) Office supplies on hand as of April 30 total $1,200. Straight-line depreciation of office equipment, based on a 5-year life and a $4,000 salvage value, d) is $500 per month. e) The company has completed work for a client, but has not yet billed the $1,800 fee. f) Wages due to employees, but not yet paid, as of April 30 total $2,600 LINKWORKS Statement of Retained Earnings For Month Ended April 30, 2015 Retained earnings, April 1, 2015 $0 0 Less: Dividends Retained earnings, April 30, 2015Step by Step Solution
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