I need help on my accounting project 01 June 1 Byte of Accounting, Inc issued 2,660 shares of its common stock to Jeremy after $24,200 in cash and computer equipment with a fair market value of $34,320 were received 02 June 1 Byte of Accounting, Inc issued 2,662 shares of its common stock after acquiring from Courtney $45,100 in cash, computer equipment with a fair market value of $12,760 and office equipment with a fair value of $704 03 June 1 Byte of Accounting, Inc acquired $66,000 in cash from Tony and issued 3,000 shares of its common stock 04 June 2 A down payment of $36,000 in cash was made on additional computer equipment that was purchased for $180,000 A five year note was executed by Byte for the balance 05 June 4 Additional office equipment costing $500 was purchased on credit from Discount Computer Corporation 06 June 8 Unsatisfactory office equipment costing $100 was returned to Discount Computer for credit to be applied against the outstanding balance owed by Byte 07 June 10 Byte paid $27,500 on the balance it owed on the June 2 purchase of computer equipment 08 June 14 A one year insurance policy covering its computer equipment was purchased by Byte for $5,976 in cash The effective date of the policy was June 16 09 June 16 Computer consultation revenue of $7,250 was received 10 June 16 Byte purchased a building and the land it is on for $119,000, to house its repair facilities and to store computer equipment The lot on which the building is located is valued at $19,000 The balance of the cost is to be allocated to the building Byte made a cash down payment of $11,900 and executed a mortgage for the balance The mortgage is payable in eight equal annual installments beginning July 1 11 June 17 Cash of $4,800 was paid for rent for June, July and August Put the total amount into the Prepaid Rent account 12 June 17 Received a bill of $475 from the local newspaper for advertising 13 June 21 Billed various miscellaneous local customers $4,000 for consulting services performed 14 June 21 A fax machine for the office was purchased for $825 cash 15 June 21 Accounts payable in the amount of $400 were paid 16 June 22 Paid the advertising bill that was received on June 17 17 June 22 Received a bill for $1,165 from Computer Parts and Repair Co for repairs to the computer equipment 18 June 22 Paid salaries of $885 to equipment operators for the week ending June 18 19 June 23 Cash in the amount of $3,205 was received on billings 20 June 23 Purchased office supplies for $530 on credit Record the purchase as an increase to the assets 21 June 28 Billed $6,120 to miscellaneous customers for services performed to June 25 22 June 29 Cash in the amount of $5,799 was received for billings 23 June 29 Paid the bill received on June 22, from Computer Parts and Repairs Co 24 June 29 Paid salaries of $885 to equipment operators for the week ending June 25 25 June 30 Received a bill for the amount of $890 from O G Oil and Gas Co 26 June 30 Paid a cash dividend of $0 23 per share to the three shareholders of Byte IMPORTANT NOTE The number of shares of capital stock outstanding can be determined from the first three transactions Adjusting Entries Round to two decimal places 27 The rent payment made on June 17 was for June, July and August Expense the amount associated with one month's rent 28 A physical inventory showed that only $214 00 worth of office supplies remained on hand as of June 30 29 The annual interest rate on the mortgage payable was 7 50 percent Interest expense for one half month should be computed because the building and land were purchased and the liability incurred on June 16 30 Information relating to the prepaid insurance may be obtained from the transaction recorded on June 14 Expense the amount associated with one half month's insurance 31 A review of Bytes job worksheets show that there are unbilled revenues in the amount of $5,750 for the period of June 28 30 32 The fixed assets have estimated useful lives as follows Building 31 5 years Computer Equipment 5 0 years Office Equipment 7 0 years Use the straight line method of depreciation Management has decided that assets purchased during a month are treated as if purchased on the first day of the month The buildings scrap value is $8,500 The office equipment has a scrap value of $350 The computer equipment has no scrap value Calculate the depreciation for one month 33 A review of the payroll records show that unpaid salaries in the amount of $531 are owed by Byte for three days, June 28 30 34 The note payable relating to the June 2, and 10 transactions is a five year note, with interest at the rate of 12 percent annually Interest expense should be computed based on a 360 day year IMPORTANT NOTE The original note on the computer equipment purchased on June 2 was $144,000 On June 10, eight days later, $27,500 was repaid Interest expense must be calculated on the $144,000 for eight days In addition, interest expense on the $116,500 balance of the loan ($144,000 less $27,500 $116,500) must be calculated for the 20 days remaining in the month of June 35 Income taxes are to be computed at the rate of 25 percent of net income before taxes IMPORTANT NOTE Since the income taxes are a percent of the net income you will want to prepare the Income Statements through the Net Income Before Tax line The worksheet contains all of the accounts and their balances which you can then transfer to the appropriate financial statement Closing Entries 36 Close the revenue accounts 37 Close the expense accounts 38 Close the income summary account 39 Close the dividends account Also, need help with the Income Statement this is what i have so far As well as this A Byte of Accounting, Inc Income Statement For Month Ending June 30, 2018 Ravenues Computer Consulting Revenue 23,120 00 Rent Expense Salary Expense Advertising Expense Repairs Maint Expense Oil Gas Expense ISupplies Expense Interest Expense Insurance Expense Depreciation Expense S 1 600 00 $ 1 416 00 S 475 00 S 1 165 00 S890 00 $ 316 00 $ 5 787 00 S 249 00 Total 7 942 94 Nat Income Before Tax Income Tax Expense (Hcealto two decimal places Net Income After Tax A Byte of Accounting, Inc Income Statement For Month Ending June 30, 2018 Ravenues Computer Consulting Revenue 23,120 00 Rent Expense Salary Expense Advertising Expense Repairs Maint Expense Oil Gas Expense ISupplies Expense Interest Expense Insurance Expense Depreciation Expense S 1 600 00 $ 1 416 00 S 475 00 S 1 165 00 S890 00 $ 316 00 $ 5 787 00 S 249 00 Total 7 942 94 Nat Income Before Tax Income Tax Expense (Hcealto two decimal places Net Income After Tax

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 09, 2024

I need help on my accounting project. 01. June 1: Byte of Accounting, Inc. issued 2,660 shares of its common stock to Jeremy after $24,200

I need help on my accounting project.

01.	June 1: Byte of Accounting, Inc. issued 2,660 shares of its common stock to Jeremy after $24,200 in cash and computer equipment with a fair market value of $34,320 were received.

02.	June 1: Byte of Accounting, Inc. issued 2,662 shares of its common stock after acquiring from Courtney $45,100 in cash, computer equipment with a fair market value of $12,760 and office equipment with a fair value of $704.

03.	June 1: Byte of Accounting, Inc. acquired $66,000 in cash from Tony and issued 3,000 shares of its common stock.

04.	June 2: A down payment of $36,000 in cash was made on additional computer equipment that was purchased for $180,000. A five-year note was executed by Byte for the balance.

05.	June 4: Additional office equipment costing $500 was purchased on credit from Discount Computer Corporation.

06.	June 8: Unsatisfactory office equipment costing $100 was returned to Discount Computer for credit to be applied against the outstanding balance owed by Byte.

07.	June 10: Byte paid $27,500 on the balance it owed on the June 2 purchase of computer equipment.

08.	June 14: A one-year insurance policy covering its computer equipment was purchased by Byte for $5,976 in cash. The effective date of the policy was June 16.

09.	June 16: Computer consultation revenue of $7,250 was received.

10.	June 16: Byte purchased a building and the land it is on for $119,000, to house its repair facilities and to store computer equipment. The lot on which the building is located is valued at $19,000. The balance of the cost is to be allocated to the building. Byte made a cash down payment of $11,900 and executed a mortgage for the balance. The mortgage is payable in eight equal annual installments beginning July 1.

11.	June 17: Cash of $4,800 was paid for rent for June, July and August. Put the total amount into the Prepaid Rent account.

12.	June 17: Received a bill of $475 from the local newspaper for advertising.

13.	June 21: Billed various miscellaneous local customers $4,000 for consulting services performed.

14.	June 21: A fax machine for the office was purchased for $825 cash.

15.	June 21: Accounts payable in the amount of $400 were paid.

16.	June 22: Paid the advertising bill that was received on June 17.

17.	June 22: Received a bill for $1,165 from Computer Parts and Repair Co. for repairs to the computer equipment.

18.	June 22: Paid salaries of $885 to equipment operators for the week ending June 18.

19.	June 23: Cash in the amount of $3,205 was received on billings.

20.	June 23: Purchased office supplies for $530 on credit. Record the purchase as an increase to the assets.

21.	June 28: Billed $6,120 to miscellaneous customers for services performed to June 25.

22.	June 29: Cash in the amount of $5,799 was received for billings.

23.	June 29: Paid the bill received on June 22, from Computer Parts and Repairs Co.

24.	June 29: Paid salaries of $885 to equipment operators for the week ending June 25.

25.	June 30: Received a bill for the amount of $890 from O & G Oil and Gas Co.

26.	June 30: Paid a cash dividend of $0.23 per share to the three shareholders of Byte. [IMPORTANT NOTE: The number of shares of capital stock outstanding can be determined from the first three transactions.]

	Adjusting Entries - Round to two decimal places.

27.	The rent payment made on June 17 was for June, July and August. Expense the amount associated with one month's rent.

28.	A physical inventory showed that only $214.00 worth of office supplies remained on hand as of June 30.

29.	The annual interest rate on the mortgage payable was 7.50 percent. Interest expense for one-half month should be computed because the building and land were purchased and the liability incurred on June 16.

30.	Information relating to the prepaid insurance may be obtained from the transaction recorded on June 14. Expense the amount associated with one half month's insurance.

31.	A review of Bytes job worksheets show that there are unbilled revenues in the amount of $5,750 for the period of June 28-30.

32.	The fixed assets have estimated useful lives as follows:
	Building - 31.5 years
	Computer Equipment - 5.0 years
	Office Equipment - 7.0 years
	Use the straight-line method of depreciation. Management has decided that assets purchased during a month are treated as if purchased on the first day of the month. The buildings scrap value is $8,500. The office equipment has a scrap value of $350. The computer equipment has no scrap value. Calculate the depreciation for one month.

33.	A review of the payroll records show that unpaid salaries in the amount of $531 are owed by Byte for three days, June 28 - 30.

34.	The note payable relating to the June 2, and 10 transactions is a five-year note, with interest at the rate of 12 percent annually. Interest expense should be computed based on a 360 day year.
	[IMPORTANT NOTE: The original note on the computer equipment purchased on June 2 was $144,000. On June 10, eight days later, $27,500 was repaid. Interest expense must be
	calculated on the $144,000 for eight days. In addition, interest expense on the $116,500 balance of the loan ($144,000 less $27,500 = $116,500) must be calculated for the 20 days remaining in the month of June.]

35.	Income taxes are to be computed at the rate of 25 percent of net income before taxes.
	[IMPORTANT NOTE: Since the income taxes are a percent of the net income you will want to prepare the Income Statements through the Net Income Before Tax line. The worksheet contains all of the accounts and their balances which you can then transfer to the appropriate financial statement.]

	Closing Entries

36.	Close the revenue accounts.

37.	Close the expense accounts.

38.	Close the income summary account.

39.	Close the dividends account.

Also, need help with the Income Statement. this is what i have so far.

As well as this

image text in transcribed

A Byte of Accounting, Inc. Income Statement For Month Ending June 30, 2018 Ravenues Computer&Consulting Revenue 23,120.00 Rent Expense Salary Expense Advertising Expense Repairs & Maint. Expense Oil& Gas Expense ISupplies Expense Interest Expense Insurance Expense Depreciation Expense S 1.600.00 $ 1.416.00 S 475.00 S 1.165.00 S890.00 $ 316.00 $ 5.787.00 S 249.00 Total 7.942.94 Nat Income Before Tax Income Tax Expense (Hcealto two decimal places. Net Income After Tax A Byte of Accounting, Inc. Income Statement For Month Ending June 30, 2018 Ravenues Computer&Consulting Revenue 23,120.00 Rent Expense Salary Expense Advertising Expense Repairs & Maint. Expense Oil& Gas Expense ISupplies Expense Interest Expense Insurance Expense Depreciation Expense S 1.600.00 $ 1.416.00 S 475.00 S 1.165.00 S890.00 $ 316.00 $ 5.787.00 S 249.00 Total 7.942.94 Nat Income Before Tax Income Tax Expense (Hcealto two decimal places. Net Income After Tax