Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I need part 3,4, and 5. Thanks! p. 1 Survey of Accounting Packet 8 Semester Cose - My Assistant, Inc. In February and March, W.J.
I need part 3,4, and 5. Thanks!
p. 1 Survey of Accounting Packet 8 Semester Cose - My Assistant, Inc. In February and March, W.J. began to take one new types of jobs. However, these new types of jobs ako require that he purchase and use a small amount of supplies to complete them. This means that some items may be paid for in cash before they're used to produce revenue. In order to report net income that accurately matches revenues and the expenses that helped to generate them. W.1. needs to be contul about how he accounts for these items Because W.L's aunt hasn't fully been repaid, she's asked that she be provided with financial statements for the current quarter January - March) of operations. Below are summaries of transactions completed during February and March. Paid the social media manager the amount owed from January 2. Collected $495 of accounts receivable from January 3. Purchased supplies of $40. 4 Received $2,625 in exchange for completing 175 jobs, less a $131 fee due to PayPal 5. In February and March, completed 66 jobs on account for clients with standing appointments. Each client was billed at the rate of $15 per job. 6. Collected $500 of accounts receivable for jobs completed in February 7. Purchased and used gas of $575 in order to complete jobs. 8. Paid the newspaper $240 for advertising for February and March. 9. Paid the social media manager $250. This amount represented her monthly fee and fee for 150 of the jobs scheduled during the February and March. 10. Paid friends $600 to complete 50 jobs during February and March. 11. Paid a salary of $800 to W.T. 12. Repaid W.L.'s aunt $200 of the total amount owed to her. 13. As of March 31. determined that the social media manager is owed her scheduling fee for 25 jobs scheduled and completed over the last few days of the month. 14. Determined that there are $15 of supplies on hand at March 31. For each of the above transactions, 1. Record the transactions in the appropriate general ledger accounts under an accounting equation. Record the amounts of revenue and expense in the Retained Earnings column. Provide the appropriate titles for these accounts in the last column of the table. 2. Prepare the income statement, statement of changes in stockholders' equity, and balance sheet for My Assistant, Inc. for the three months ending March 31. 3. Determine the total amount of cash flow related to operating investing, and financing activities for the three months ending March 31. Reconcile those amounts to the net change in cash. Survey of Accounting Class 8 Packet p. 2 + Accountries for RE Item Bal Feb. 1 1. Stockholders' Equity Common Retained Stock Earnings $100 $718 My Assistant Accounting Equation for February March Assets Labies Fees Notes Accts Rec Supplies Payable Payable $495 $0 $16 $400 -16 -496 40 Cash 5739 -16 495 2 3. 4 1762 131 131 Catud pay pense 5. 990 service recue 990 --00 6. 600 - 675 7. 8. 9. 10. -2.50 -600 -800 -200 11. 12 -200 -575 | Gas po -240 advertising opense -So schakeling perse - 600 contract Infor expense -800 Salaries expense -25 scheduling expense -as supolies e pense 100 1687 2012 13. 25 14. Bal. Mar 31 -25 15 $ 1507 $490 25 aco 2012 11 p.3 Survey of Accounting Class 8 Packet My Assistant, Inc. Income Statement For the Three Months Ended March 31 Income Statement Work Paper: February - March Total January $1.695 $60 280 120 Service revenue Operating expenses: Collection fee Gas expense Advertising expense Scheduling expense Delivery expense Salaries expense Supplies expense Total operating expenses 180 240 400 P. 4 Survey of Accounting Class 8 Packet My Assistant, Inc. Statement of Changes in Stockholders' Equity For the Three Months Ended March 31 Common Stock Retained Earnings Total Stockholders Equity Beginning Balance Plus: Plus: Less Ending Balance My Assistant, Inc. Balance Sheet As of March 31 LIABILITIES: ASSETS: Total Liabilities STOCKHOLDERS EQUITY: Total Stockholders Equity Total Assets Total Liabilities & Stockholders' Equity p. 5 Survey of Accounting Class 8 Packet (Alternative Vertical Form My Assistant, Inc. Balance Sheet As of March 31 Assets Total Assets Liabilities and Stockholders' Equity Liabilities: Total Liabilities Stockholders' Equity: Totol Stockholders' Equity Total Liabilities and Stockholders' Equity p. 6 Survey of Accounting Class 8 Packet Cash Rows Work Paper Hem Operating Investing Financing $ 100 No Cash Ellect $ 164 Tolos from January 1. Poid SMM 2 Collected accounts receivable 2. Purchase supplies 4. Complete jobs 5. Complete jobs and bil clients & Collect accounts receivable -16 495 -40 2494 True 500 -575 7. Purchase gas & Paid newspaper 9. Pay SMM - 250 -600 10. Pay contract labor 11. Pay W.1. salary 12. Partial loan repayment 13. Accrue amount due to SMM True 14. Count supplies Totals $ 904 904 Reconciliation Nel cash flow from operating activities Net cash flow from investing activities Net cash flow from financing activities Nel change in cash Beginning cash balance Ending cash balance -300 604 $ 903 $ 1507 Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started