I need some help making the Balance Sheet, Income Statement, and Statement of Stockholders Equity
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On Jan. 2, Ace paid three year rent in advance with a total amount of $180,180 On Jan. 14, Ace paid out salary owed to employees for the prior year in the amount of $52,500 On Jan. 25, stockholders invested additional $84,000 cash into the company On Feb. 14, Ace purchased office equipment costing $84,000 by signing a 6-month, 10% notes payable On Feb. 28, Ace performed IT service of $25,200 for a client which was contracted during the prior year On March 15, Ace sold computers and software in the amount of $151,200 on account for $378,000 On Apr. 1, Ace collected cash for inventory previously sold for $434,700 On May 3, Ace purchased Inventory in the amount of $840,000 on account On May 31, Ace received cash in advance for the maintenance service contract in the amount of $1,512,000, out of which $1,134,000 was performed this year On June 4, Ace sold computers and software in the amount of $714,000 on account for $1,713,600 On July 1, Ace partially paid-off inventory purchased on May 3 in the amount of $798,000 On Aug. 14, Ace paid off the notes payable of $84,000 borrowed on Feb. 14 plus interest On Sept. 1, Ace sold an equipment with original cost of $115,500 and accumulated depreciation of $50,400 for $81,375 On Oct. 1, Ace renewed the yearly insurance policy for $55,440 which expired on Sept. 30 On Nov. 1, Ace collected cash for inventory previously sold for $1,542,240 On Nov. 15, Ace decided that the bad debt expense for the entire year is $73,500, and wrote off $58,800 from account receivable Over the entire year, Salary and wage expense are $630,000, of which $579,600 was paid Depreciation expense is $14,875 Additional interest expense is $2,000, of which $1,800 was paid Supply expense is $36,960 Income tax expense is $756,000, of which $642,600 was paid Ace declared and paid cash dividend in the amount of $48,090 300,300 Beginning Balance Sheet (T42, January 1) Assets Cash Accounts Receivable 147,000 Less: Allowance for doubtful accounts 6,300 Net accounts receivable Inventory Supplies Prepaid Insurance 140,700 168,000 46,200 37,800 PPE 210,000 Less: Accumulated depreciation-equipment 63,000 Net equipment Total assets 147.000 840,000 Liabilities and Stockholders' Equity Liabilities and Stockholders' Equity Accounts Payable Interest payable Salary Payable Unearned Revenue 105,000 6,720 52,500 33,600 Notes payable 168,000 Total liabilities 365,820 Stockholders' equity Common Stock Retained earnings 378,000 96,180 Total Liabilities and stockholders' equity 840,000 . On Jan. 2, Ace paid three year rent in advance with a total amount of $180,180 On Jan. 14, Ace paid out salary owed to employees for the prior year in the amount of $52,500 On Jan. 25, stockholders invested additional $84,000 cash into the company On Feb. 14, Ace purchased office equipment costing $84,000 by signing a 6-month, 10% notes payable On Feb. 28, Ace performed IT service of $25,200 for a client which was contracted during the prior year On March 15, Ace sold computers and software in the amount of $151,200 on account for $378,000 On Apr. 1, Ace collected cash for inventory previously sold for $434,700 On May 3, Ace purchased Inventory in the amount of $840,000 on account On May 31, Ace received cash in advance for the maintenance service contract in the amount of $1,512,000, out of which $1,134,000 was performed this year On June 4, Ace sold computers and software in the amount of $714,000 on account for $1,713,600 On July 1, Ace partially paid-off inventory purchased on May 3 in the amount of $798,000 On Aug. 14, Ace paid off the notes payable of $84,000 borrowed on Feb. 14 plus interest On Sept. 1, Ace sold an equipment with original cost of $115,500 and accumulated depreciation of $50,400 for $81,375 On Oct. 1, Ace renewed the yearly insurance policy for $55,440 which expired on Sept. 30 On Nov. 1, Ace collected cash for inventory previously sold for $1,542,240 On Nov. 15, Ace decided that the bad debt expense for the entire year is $73,500, and wrote off $58,800 from account receivable Over the entire year, Salary and wage expense are $630,000, of which $579,600 was paid Depreciation expense is $14,875 Additional interest expense is $2,000, of which $1,800 was paid Supply expense is $36,960 Income tax expense is $756,000, of which $642,600 was paid Ace declared and paid cash dividend in the amount of $48,090 300,300 Beginning Balance Sheet (T42, January 1) Assets Cash Accounts Receivable 147,000 Less: Allowance for doubtful accounts 6,300 Net accounts receivable Inventory Supplies Prepaid Insurance 140,700 168,000 46,200 37,800 PPE 210,000 Less: Accumulated depreciation-equipment 63,000 Net equipment Total assets 147.000 840,000 Liabilities and Stockholders' Equity Liabilities and Stockholders' Equity Accounts Payable Interest payable Salary Payable Unearned Revenue 105,000 6,720 52,500 33,600 Notes payable 168,000 Total liabilities 365,820 Stockholders' equity Common Stock Retained earnings 378,000 96,180 Total Liabilities and stockholders' equity 840,000
