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I need the following, Impact on Income: Here is what I have as the balance sheet and income statement: Adjusted Balance Sheet- Unadjusted Balance Sheet-
I need the following, Impact on Income:
Here is what I have as the balance sheet and income statement: Adjusted Balance Sheet-
Unadjusted Balance Sheet-
Unadjusted Income Statement-
Adjusted Income Statement-
Karla Tanner opened a web consulting business called Linkworks and recorded the following transactions in its first month operations Apr. 1 Tanner invests $80,eee cash along with office equipment valued at $26,000 in the company in exchange for common stock. . 2 The company prepaid $9,000 cash for twelve months' rent for office space. The company's policy is record prepaid expenses in balance sheet accounts. Apr. 3 The company made credit purchases for $8,000 in office equipment and $3,600 in office supplies. Payment is due within 10 days. Apr 6 The company completed services for a client and immediately received $4,000 cash. Apr . 9 The company completed a $6,000 project for a client, who must pay within 30 days. Apr. 13 The company paid $11,600 cash to settle the account payable created on April 3. Apr. 19 The company paid $2,400 cash for the premium on a 12-month insurance policy. The company's policy is record prepaid expenses in balance sheet accounts. Apr. 22 The company received $4,400 cash as partial payment for the work completed on April 9. Apr. 25 The company completed work for another client for $2,890 on credit. Apr 28 The company paid $5,500 cash in dividends. Apr. 29 The company purchased $600 of additional office supplies on credit. Apr. 30 The company paid $435 cash for this month's utility bill. Descriptions of items that require adjusting entries on April 30, follow. a) On April 2 the company prepaid $9,000 cash for twelve months rent for office space. b) The balance in Prepaid insurance represents the premium paid for a 12-month insurance policy the policy's coverage began on April 1. c) Office supplies on hand as of April 30 total $1,200. d) Straight-line depreciation of office equipment, based on a 5-year life and a $4,000 salvage value, is $500 per month e) The company has completed work for a client, but has not yet billed the $1,800 fee. f) Wages due to employees, but not yet paid, as of April 30 total $2,600. General Journal General Ledger Requirement Trial Balance Income Statement St Retained Earnings Balance Sheet Impact on Income For each adjustment, indicate the income statement and balance sheet account affected, and the impact on net income. If an adjustment caused net income to decrease, enter the amount as a negative value. Net Income before adjustments can be found on the income statement tab.(Hint: Select unadjusted on the drop-down.) Show less A Adjusted Account affecting the: Impact on net income Income Statement Balance Sheet Adjusting entry related to: a) Rent b) Insurance c) Office supplies d) Depreciation e) Unbilled fees 1) Unpaid wages 0 LINKWORKS Balance Sheet April 30, 2019 ASSETS Current assets: Cash Accounts receivable Office supplies Prepaid insurance Prepaid rent 59,465 6,290 1,200 2,200 8,250 0 Total current assets $ 77.405 Plant assets: 34,000 (500) Office equipment Accumulated depreciation - Office equipment Office equipment, net Total assets LIABILITIES AND EQUITY 33,500 110,905 $ Liabilities: Accounts payable Wages payable tt $ 600 2,600 0 Total liabilities 3,200 Equity: Common stock Retained earnings Total equity Total liabilities and equity 106,000 1,705 107,705 110,905 $ Balance Sheet April 30, 2019 ASSETS Current assets: Cash $ ttt Accounts receivable Office supplies Prepaid insurance Prepaid rent 59,465 4,490 4,200 2,400 9,000 0 Total current assets $ 79,555 Plant assets: 34,000 0 Office equipment Accumulated depreciation - Office equipment Office equipment, net Total assets LIABILITIES AND EQUITY 34,000 113,555 $ $ Liabilities: Accounts payable Wages payable 600 0 0 600 Total liabilities Equity: Common stock Retained earnings Total equity Total liabilities and equity 106,000 6,955 112,955 113,555 $ 1) wages due to employees, but not yet para, ds Oi Apr 30 total D2,DUU. Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet Impact on Income Use the drop-downs to select the accounts properly included on the income statement. The unadjusted or adjusted balances will appear for each account, based on your selection. Unadjusted LINKWORKS Income Statement For Month Ended April 30, 2019 Revenues: Services revenue S 12,890 0 $ Total revenues 12,890 Expenses: Utilities expense 435 0 Rent expense 0 0 Insurance expense Office supplies expense Accumulated depreciation - Office equipment Wages expense 0 0 0 435 Total expenses Net income $ 12,455 Balance Sheet Impact on Income Income Statement General Ledger General Journal St Retained Earnings Trial Balance Requirement Use the drop-downs to select the accounts properly included on the income statement. The unadjusted or adjusted balances will appear for each account, based on your selection. Adjusted LINKWORKS Income Statement For Month Ended April 30, 2019 Revenues: 14,690 Services revenue 0 $ 14,690 Total revenues 435 750 200 Expenses: Utilities expense Rent expense Insurance expense Office supplies expense Accumulated depreciation - Office equipment Wages expense 3,000 500 2,600 0 Total expenses 7,485 7,205 $ Net income
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