I need the ending amounts for : Cash __ Accts Rec __ Inventory __ Total Assets __ Wage Pay ___ Accts Pay ___ Tax Pay ___ and Retained Earnings ___. I also need the EBIT ___ Net Income ____ and Retained Earnings ___. Thank you in advance, I appreciate it.
Mo.11-D No Teamwork Sep23 WORKSHEET PROVIDED Name 17pts. NEW-Co's ending Month-10 Balance Sheet is Month-11's starting Balance Sheet. (Shown below) During the 11th month's operation, the company has several transactions listed below. Analyze the activities and prepare the 11th period's income statement (below) and ending balance sheet. 1. NEW-Co buys $350,000 more inventory, pays $150,000 cash now, balance due to suppliers next month. Pays cash in Mo. 11 against Accts Payable starting balance owed from Mo-10 Accts Payable. 2. NEW-Co sells $475,000 of inventory to customers for $725,000 net. $450,000 were cash sales, balance of sales on credit due from customers in 30 days in next month's accounting period. 3. $140,000 cash is collected in the current Month-11 period on Accts Receivable carried over from Mo. 10 4. Building monthly rent paid cash in current period is $10,000 monthly going forward 5. Wage expense = $45,000, $30,000 cash, balance paid next period. Mo-10 Wage Payable is paid cash now. 6. $50,000 is repaid on the Bank loan. Mo. loan interest expense = $1,000, paid cash in current period. 7. NEW-Co buys extra $200,000 inventory, pays $50,000 cash, balance on Supplier credit, due in Mo. 12 8. Office supplies and utilities expense together totaled $30,000, paid cash in the current period 9. Depreciation expense is $750 per month $72,000 div. by 8 = $9,000 annual div. by 12 = $750 mo.) 10. Amortized monthly insurance policies expense of $300 recorded in the current period 11. Another $75,000 is received in Mo.11 from accts rec. owed by customers who bought on credit in month 11. 12. Dividends = $10,000 paid cash to Owner in Mo.11 Month-11 Retained Earns = Mo. 11 N.Inc - $10,000 Div 13. NEW-Co owes $43,950 income tax on Mo. 11 pre-tax profits, pays period 12. NEW pays Mo-10 Tax payable. RECORDING ACTIVITY ON FINANCIAL STATEMENTS - MONTH-11-D EXAM-1 Month11D Income Statemt Revenue Cost of goods GROSS PROFIT STARTING ASSETS CASH ACCT RECEIVABLE INVENTORY Prepaid Curr. Asset TOT CURR. ASSETS Month11D 282.7 155 443 .6 881.3 LIABIL & EQUITY WAGES PAYABLE SUPPLIER PAYABLE LOC BANK LOAN TAX. Oth PAYABLE START 11D 8 220 135 30 393 LT ASSETS Office Eq 64.5 CURR. LIABILITIES LONG TERM DEBT TOTAL LIABILITIES 0 393 TOTAL ASSETS 945.8 Wages Exps Office Exps Depreciation Exps Insurance Exps Building Rent EBIT Interest Exps Pre-tax Income Income Tax NET INCOME OWNERS EQUITY RETAINED EARNS TOTAL EQUITY 200 352.8 552.8 945.8 TOT LIABS & EQUITY Net Inc - Dividends = Retained Earns Mo.11 Gross Profit Margin = Gr. Profit / Rev = Mo.11 Operating Profit Margin = EBIT* /Rev = Mo. 11 Net Prof. Margin = Net Inc. / Rev = Mo.11 Return on Beginning Equity = Month - 110 Accts Rec. Other Curr. Solution Worksheet NET L.T. TOTAL Assets ASSET 64.5 945.80 EXAM1 - Mo11D Accts Loan Payabl Payable 220 135 Wage Payable 8 Cash Tax, Oth Liabs 30 Ret. Earns Inven 443 Month - 110 TOT LIAB + Tot Equity EQUITY 552.8 945.80 Owner Equity 200 Item 282.7 155 0.6 352.8 1 2 3 4 5 6 7 8 9 10 11 12 13 Total Accum Deprec., Amort.--> CURRENT ASSETS CURRENT LIABILITIES WORKING CAPITAL > Mo.11-D No Teamwork Sep23 WORKSHEET PROVIDED Name 17pts. NEW-Co's ending Month-10 Balance Sheet is Month-11's starting Balance Sheet. (Shown below) During the 11th month's operation, the company has several transactions listed below. Analyze the activities and prepare the 11th period's income statement (below) and ending balance sheet. 1. NEW-Co buys $350,000 more inventory, pays $150,000 cash now, balance due to suppliers next month. Pays cash in Mo. 11 against Accts Payable starting balance owed from Mo-10 Accts Payable. 2. NEW-Co sells $475,000 of inventory to customers for $725,000 net. $450,000 were cash sales, balance of sales on credit due from customers in 30 days in next month's accounting period. 3. $140,000 cash is collected in the current Month-11 period on Accts Receivable carried over from Mo. 10 4. Building monthly rent paid cash in current period is $10,000 monthly going forward 5. Wage expense = $45,000, $30,000 cash, balance paid next period. Mo-10 Wage Payable is paid cash now. 6. $50,000 is repaid on the Bank loan. Mo. loan interest expense = $1,000, paid cash in current period. 7. NEW-Co buys extra $200,000 inventory, pays $50,000 cash, balance on Supplier credit, due in Mo. 12 8. Office supplies and utilities expense together totaled $30,000, paid cash in the current period 9. Depreciation expense is $750 per month $72,000 div. by 8 = $9,000 annual div. by 12 = $750 mo.) 10. Amortized monthly insurance policies expense of $300 recorded in the current period 11. Another $75,000 is received in Mo.11 from accts rec. owed by customers who bought on credit in month 11. 12. Dividends = $10,000 paid cash to Owner in Mo.11 Month-11 Retained Earns = Mo. 11 N.Inc - $10,000 Div 13. NEW-Co owes $43,950 income tax on Mo. 11 pre-tax profits, pays period 12. NEW pays Mo-10 Tax payable. RECORDING ACTIVITY ON FINANCIAL STATEMENTS - MONTH-11-D EXAM-1 Month11D Income Statemt Revenue Cost of goods GROSS PROFIT STARTING ASSETS CASH ACCT RECEIVABLE INVENTORY Prepaid Curr. Asset TOT CURR. ASSETS Month11D 282.7 155 443 .6 881.3 LIABIL & EQUITY WAGES PAYABLE SUPPLIER PAYABLE LOC BANK LOAN TAX. Oth PAYABLE START 11D 8 220 135 30 393 LT ASSETS Office Eq 64.5 CURR. LIABILITIES LONG TERM DEBT TOTAL LIABILITIES 0 393 TOTAL ASSETS 945.8 Wages Exps Office Exps Depreciation Exps Insurance Exps Building Rent EBIT Interest Exps Pre-tax Income Income Tax NET INCOME OWNERS EQUITY RETAINED EARNS TOTAL EQUITY 200 352.8 552.8 945.8 TOT LIABS & EQUITY Net Inc - Dividends = Retained Earns Mo.11 Gross Profit Margin = Gr. Profit / Rev = Mo.11 Operating Profit Margin = EBIT* /Rev = Mo. 11 Net Prof. Margin = Net Inc. / Rev = Mo.11 Return on Beginning Equity = Month - 110 Accts Rec. Other Curr. Solution Worksheet NET L.T. TOTAL Assets ASSET 64.5 945.80 EXAM1 - Mo11D Accts Loan Payabl Payable 220 135 Wage Payable 8 Cash Tax, Oth Liabs 30 Ret. Earns Inven 443 Month - 110 TOT LIAB + Tot Equity EQUITY 552.8 945.80 Owner Equity 200 Item 282.7 155 0.6 352.8 1 2 3 4 5 6 7 8 9 10 11 12 13 Total Accum Deprec., Amort.--> CURRENT ASSETS CURRENT LIABILITIES WORKING CAPITAL >
