I need help with questions Req 2B - 3C.

Jullo Estela started a small boat repair service company during the current year. He is Interested in obtaining a $100,000 loan from your bank to build a dry dock to store boats for customers in the winter months. At the end of the year, he prepared the following statements based on information stored in a large filing cabinet: $ 55,800 1e, eee 65,000 $ 22,000 500 1,000 3,200 ESTELA COMPANY Profit for the current year Service fees collected in cash during the current year Cash dividends received Total Expense for operations paid during the current year Cash stolen New tools purchased during the current year (cash paid) Supplies purchased for use on service jobs (cash paid) Total Profit Assets Owned at the end of the current Year Cash in checking account Building (at current market value) Tools and equipment Land (at current market value) stock in ABC Industrial Total 26,700 38,300 $ $ 29,300 32, eee 18,000 30, eee 130, eee $ 239,300 The following is a summary of completed transactions: a. Received the following contributions (at fair value) to the business from the owner when it was started in exchange for 1,000 shares of $1 par value common stock in the new company: Building Tools and equipment $21,000 17,000 Land Cash $20,000 1,000 b. Earned service fees during the current year of $87,000; of the cash collected, $20,000 was for deposits from customers on work to be done by Julio In the next year. c. Received the cash dividends on shares of ABC Industrial stock purchased by Julio Estela six years earlier (the stock was not owned by the company). d. Incurred operating expenses during the current year of $61,000. e. Determined amount of supplies on hand (unused) at the end of the current year as $700. Required: 1. On what basis did Julio prepare the income statement? 2. Reconstruct the correct entries under accrual accounting principles and post the effects to T-accounts. 3. Prepare an accrual-based Income statement, statement of stockholder's equity (only one shareholder), and a classified balance sheet. Complete this question by entering your answers in the tabs below. Building Tools and equipment $21,000 17,000 Land Cash $20,000 1,000 b. Earned service fees during the current year of $87,000; of the cash collected, $20,000 was for deposits from customers on wor be done by Julio In the next year. c. Received the cash dividends on shares of ABC Industrial stock purchased by Julio Estela six years earlier (the stock was not own by the company) d. Incurred operating expenses during the current year of $61,000. e. Determined amount of supplies on hand (unused) at the end of the current year as $700. Required: 1. On what basis did Jullo prepare the income statement? 2. Reconstruct the correct entries under accrual accounting principles and post the effects to T-accounts. 3. Prepare an accrual-based Income statement, statement of stockholder's equity (only one shareholder), and a classified balance sheet. Complete this question by entering your answers in the tabs below. Req 1 Reg 2a Reg 2b Req 3a Reg 3b Reg 30 On what basis did Julio prepare the income statement? Cash basis 1. On what basis did Jullo prepare the income statement? 2. Reconstruct the correct entries under accrual accounting principles and post the effects to T-accounts. 3. Prepare an accrual-based income statement, statement of stockholder's equity (only one shareholder), and a classified balance sheet. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2a Reg 2b Req 3a Reg 36 Reg 30 Reconstruct the correct entries under accrual accounting principles. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet ... No Transaction General Journal Debit Credit 1 (a) 1,000 21,000 20.000 Cash Building Land Tools and Equipment Common stock Accounts payable 17,000 1,000 58,000 2 (b) 55,000 37,000 Cash Accounts receivable Service fees revenue Accounts payable 87,000 5,000 3 (c) 10,000 Cash Short-term investments 10,000 4 (d) 61,000 Operating expenses Cash Accounts payable 22.000 39,000 5 (e) 2,500 Supplies Supplies expense 2.500 6 (1) 500 Loss from theft Cash 500 7 18,000 Tools and Equipment Cash 18,000 Complete this question by entering your answers in the tabs below. Req 1 Reg 2a Reg 21 Reqja Req3b Rey 30 Post the effects to T-accounts. Cash Accounts Receivable Beg. Bal Beg. Bal End. Bal End. Bal Supplies Building Beg. Bal Beg. Bal. End. Bal End. Bal. Land Tools and Equipment Beg. Ball Beg. Bal End. Bal. End. Bal. Accounts Payable Unearned Revenue Beg. Bal. Beg. Bal 0 End. Bal. 0 End. Bal. Common Stock Additional Pald-in Capital Beg. Bal. Beg. Bal O End. Bal. End. Bal. Retained Earnings Service Fees Revenue Beg. Bal. Beg. Bal End. Bal. 0 End. Bal. Operating Expenses Supplies Expense Beg. Bal. Beg Bal End. Ball 0 End. Bal 0 Lobs from Theft Beg. Bal End. Bal. Benz b. Earned service fees during the current year of $87,000; of the cash collected, $20,000 was for deposits from customers on w be done by Julio In the next year. c. Received the cash dividends on shares of ABC Industrial stock purchased by Julio Estela six years earlier the stock was noto by the company). d. Incurred operating expenses during the current year of $61,000. e. Determined amount of supplies on hand (unused) at the end of the current year as $700. Required: 1. On what basis did Julio prepare the income statement? 2. Reconstruct the correct entries under accrual accounting principles and post the effects to T-accounts. 3. Prepare an accrual-based Income statement, statement of stockholder's equity (only one shareholder), and a classified balan sheet. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2a Reg 2b Reg 3a Reg 36 Reg 30 Prepare an accrual-based income statement. ESTELA COMPANY Income Statement For the Year Ended December 31 Revenues Expenses: Total expenses Net Income a. Received the following contributions (at fair value) to the business from the owner when it was started in exchange for 1,000 share of $1 par value common stock in the new company: Building Tools and equipment $21,000 17,000 Land Cash $20,000 1,000 b. Earned service fees during the current year of $87,000; of the cash collected, $20,000 was for deposits from customers on workt be done by Julio In the next year. c. Received the cash dividends on shares of ABC Industrial stock purchased by Julio Estela six years earlier (the stock was not owne by the company). d. Incurred operating expenses during the current year of $61,000. e. Determined amount of supplies on hand (unused) at the end of the current year as $700. Required: 1. On what basis did Jullo prepare the income statement? 2. Reconstruct the correct entries under accrual accounting principles and post the effects to T-accounts. 3. Prepare an accrual-based Income statement, statement of stockholder's equity (only one shareholder), and a classified balance sheet Complete this question by entering your answers in the tabs below. Reg 1 Req 2a Req 2b Req 3a Reg 36 Req3c Prepare a statement of stockholder's equity (only one shareholder). Common Additional Paid- Retained Stock in Capital Earnings Beginning balance Stock issuance Total Stockholder's Equity Ending balance $ 0 S 0 $ S Required: 1. On what basis did Julio prepare the income statement? 2. Reconstruct the correct entries under accrual accounting principles and post the effects to T-accounts. 3. Prepare an accrual-based Income statement, statement of stockholder's equity (only one shareholder), and a classified balance sheet. Complete this question by entering your answers in the tabs below. Reg 1 Req 2a Reg 2b Req 3a Reg 36 Req 30 Prepare a classified balance sheet. ESTELA COMPANY Balance Sheet At December 31 ASSETS Current Assets Total current assets 0 S 0 Total assets LIABILITIES AND STOCKHOLDER'S EQUITY Current Liabilities: 0 Total current liabilities Stockholder's Equity 0 Total stockholder's equity Total liabilities and stockholder's equity S 0