Answered step by step
Verified Expert Solution
Question
...
1 Approved Answer
I need help from 4/1 to 12/31. first on making transactions and second with the balance sheet. some necessary info:Lao Che Industries $15,000(current), temple of
I need help from 4/1 to 12/31. first on making transactions and second with the balance sheet. some necessary info:Lao Che Industries $15,000(current), temple of doom co $5,500(90 days past due), Asp Co $10,000(current), ark of covenant inc $11,500(current). company common stock $2.50 par value. 100,000 shares authorized.
Date Description 217 Indiana buys $3,000 of office supplies in cash. 2/15 Indiana pays off $30,000 of accounts payable. 2/18 Indiana collects the amount owed from Bellog, Inc from the 1/19 sale outside the discount period 2/27 Indiana provides the services owed to a client. The client paid $50,000 in advance last year. 3/4 Indiana pays off the 1/12 purchase. 3/8 Indiana writes of the Temple of Doom A/R balance as uncollectible (see instructions) 3/14 Indiana collects the AVR owed by Ark of the Covenant Inc. and Asp Co. (see instructions) 3/24 Indiana buys 350 units of inventory at a cost of $85/unit on credit, terms net/60. 4/1 Indiana sells 280 units to Elsa Schneider, Ltd. For $300 each on credit, terms 2/15, net/45 4/8 Indiana grants Elsa Schneider, Ltd. an allowance of $300 for damaged goods. 4/12 Indiana collects the AVR owed by Elsa Schneider, Ltd. within the discount period, 4/25 Indiana pays for online advertising in the amount of $4,000. 5/1 Indiana buys a short-term investment for $20,000. 5/8 Indiana pays off the 3/24 purchase. 5/15 Indiana buys 275 units of inventory at a cost of $87/unit on credit, terms net/60 5/27 Indiana pays the income taxes payable amount from the beginning of the year balance. 6/3 Indiana pays the dividends payable amount from the beginning of the year balance. 6/27 Indiana buys 150 units of inventory at a cost of $90/unit on credit, terms net/60 7/3 Indiana sells 220 units to Brody Curators, Inc. for $305 each on credit, terms 2/15, net/45 7/10 Indiana pays off the 5/15 purchase. 7/17 Indiana collects the AVR owed by Brody Curators, Inc. within the discount period. 7/27 Indiana pays $5,000 of the interest payable it owes. 8/9 Indiana pays for postage, shipping costs, and other miscellaneous items (total of $1,000). 8/24 Indiana sells 130 units to Katanga Shipping for $305 each for cash. 8/27 Indiana pays off the 6/27 purchase. 9/1 Indiana buys 300 units of inventory at a cost of $93/unit on credit, terms net/60. 9/12 Indiana buys $500 of office supplies on credit, terms net/60. 9/21 Indiana sells 250 units to Sallah Excavating, Inc. for $310 each on credit, terms 2/15, net/45. 10/4 Indiana sells 50 units to Ravenwood, LLC for $310 each for cash. 10/15 Indiana collects the A/R owed by Sallah Excavating, Inc. outside the discount period. 10/31 Indiana pays off the 9/1 purchase. 11/9 Indiana pays off the 9/12 purchase. 11/19 Indiana pays for online advertising in the amount of $8.000. 11/27 Indiana buys 175 units of inventory at a cost of $97/unit on credit, terms net/60. 12/4 Indiana sells 100 units to Jock Lindsay for $315 each on credit, terms 2/15, net/45. 12/12 Indiana pays Toht, Dietrich, and Gobler GmbH for miscellaneous expenses for $2,000. 12/16 Indiana collects the AVR owed by Jock Lindsay within the discount period 12/29 Indiana declares a dividend of $10,000 to be paid next year. 12/31 Indiana provides services to Mola Ram Co. for $50,000 on credit, terms 2/15, net/45 12/31 Indiana collection $8,000 from Brody Curators, Inc. for services to be provided next year. 9 Balance, 1/1/2005 $ 100,000 $ 230,000 $ 163,000 10 11 Net Income 12 13 Dividends Declared Balance, 12/31/2005 $ 100,000 $ 230,000 $ Indiana Jones, Inc. Balance Sheet December 31, 2005 Assets: Current Assets Cash Short-term Investments Accounts Receivable (Net of Allowance) Office Supplies Interest Receivable Merchandise Inventory Prepaid Insurance Total Current Assets Property, Plant, and Equipment Land Equipment Buildings Less: Accumulated Depreciation Property, Plant, and Equipment, net Other Assets Patents Total Assets 44 Liabilities: Current Liabilities Accounts Payable Salaries PayableStep by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started