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I need to know how to do this? where do I draw the info from? Dec. 1 On December 1, Chas Taylor forms a consulting
I need to know how to do this? where do I draw the info from?
Dec. 1 On December 1, Chas Taylor forms a consulting business, named Fast Forward. FastForward receives $30,000 cash from Chas Taylor in exchange for common stock. Dec. 2 Fast Forward pays $2,500 cash for supplies. The company's policy is to record all prepaid expenses in asset accounts. Dec. 3 Fast Forward pays $26,000 cash for equipment. Dec. 4 FastForward purchases $7,100 of supplies on credit from a supplier, CalTech Supply. Dec. 5 FastForward provides consulting services and immediately collects $4,200 cash. Dec. 6 Fast Forward pays $1,000 cash for December rent. Dec. 7 Fast Forward pays $700 cash for employee salary. Dec. 8 Fast Forward provides consulting services of $1,600 and rents its test facilities for $300. The customer is billed $1,900 for these services. Dec. 9 FastForward receives $1,900 cash from the client billed on December 8. Dec. 10 FastForward pays CalTech Supply $900 cash as partial payment for its December 4 $7,100 purchase of supplies. Dec. 11 Fast Forward pays $200 cash for dividends. Dec. 12 Fast Forward receives $3,000 cash in advance of providing consulting services to a customer. The company's policy is to record fees collected in advance in a balance sheet account. Dec. 13 FastForward pays $2,400 cash (insurance premium) for a 24-month insurance policy. Coverage begins on December 1. The company's policy is to record all prepaid expenses in a balance sheet account. Dec. 14 Fast Forward pays $120 cash for supplies. Dec. 15 Fast Forward pays $305 cash for December utilities expense. Dec. 16 FastForward pays $700 cash in employee salary for work performed in the latter part of December. Income St Retained aloo Choot The financial statements report the cumulative impact of all transactions recorded as of the financial statement date. Input the cumulative amount of a) Net Income (Loss), b) Total Assets, c) Total Liabilities, and d) Total Equity that would be reported on the financial statements immediately after each transaction is recorded. (Hint: You can check your answers by selecting the date on the trial balance tab.) The first 3 transactions are completed for you! Show less Transaction: Net Income Total Assets Total Liabilities Total Equity $ $ $ 0 0 0 30,000 30,000 30,000 0 0 0 30,000 30,000 30,000 Where can you go to find each of your answers? Dec. 1 - FastForward receives $30,000 cash from Chase Taylor in exchange for common stock Dec. 2- Pays $2,500 cash for supplies. Dec. 3 - Pays $26,000 cash for equipment Dec 4 - Purchases $7,100 of supplies on credit from a supplier. Dec. 5 - Provides consulting services and immediately collects $4,200 cash. Dec. 6 - Pays $1,000 cash for December rent Dec 7 - Pays $700 cash for employee salary. Dec. 8 - Provides consulting services of $1,600 and rents its test facilities for $300. The customer is billed $1,900 for these services Dec 9 - Receives $1,900 cash from the client billed on December 8. Dec. 10 - Pays CalTech Supply $900 cash toward the payable from December 4. Dec. 11 - FastForward pays $200 cash for dividends. Proy 7 of 7 Noyt Dec. 1 On December 1, Chas Taylor forms a consulting business, named Fast Forward. FastForward receives $30,000 cash from Chas Taylor in exchange for common stock. Dec. 2 Fast Forward pays $2,500 cash for supplies. The company's policy is to record all prepaid expenses in asset accounts. Dec. 3 Fast Forward pays $26,000 cash for equipment. Dec. 4 FastForward purchases $7,100 of supplies on credit from a supplier, CalTech Supply. Dec. 5 FastForward provides consulting services and immediately collects $4,200 cash. Dec. 6 Fast Forward pays $1,000 cash for December rent. Dec. 7 Fast Forward pays $700 cash for employee salary. Dec. 8 Fast Forward provides consulting services of $1,600 and rents its test facilities for $300. The customer is billed $1,900 for these services. Dec. 9 FastForward receives $1,900 cash from the client billed on December 8. Dec. 10 FastForward pays CalTech Supply $900 cash as partial payment for its December 4 $7,100 purchase of supplies. Dec. 11 Fast Forward pays $200 cash for dividends. Dec. 12 Fast Forward receives $3,000 cash in advance of providing consulting services to a customer. The company's policy is to record fees collected in advance in a balance sheet account. Dec. 13 FastForward pays $2,400 cash (insurance premium) for a 24-month insurance policy. Coverage begins on December 1. The company's policy is to record all prepaid expenses in a balance sheet account. Dec. 14 Fast Forward pays $120 cash for supplies. Dec. 15 Fast Forward pays $305 cash for December utilities expense. Dec. 16 FastForward pays $700 cash in employee salary for work performed in the latter part of December. Income St Retained aloo Choot The financial statements report the cumulative impact of all transactions recorded as of the financial statement date. Input the cumulative amount of a) Net Income (Loss), b) Total Assets, c) Total Liabilities, and d) Total Equity that would be reported on the financial statements immediately after each transaction is recorded. (Hint: You can check your answers by selecting the date on the trial balance tab.) The first 3 transactions are completed for you! Show less Transaction: Net Income Total Assets Total Liabilities Total Equity $ $ $ 0 0 0 30,000 30,000 30,000 0 0 0 30,000 30,000 30,000 Where can you go to find each of your answers? Dec. 1 - FastForward receives $30,000 cash from Chase Taylor in exchange for common stock Dec. 2- Pays $2,500 cash for supplies. Dec. 3 - Pays $26,000 cash for equipment Dec 4 - Purchases $7,100 of supplies on credit from a supplier. Dec. 5 - Provides consulting services and immediately collects $4,200 cash. Dec. 6 - Pays $1,000 cash for December rent Dec 7 - Pays $700 cash for employee salary. Dec. 8 - Provides consulting services of $1,600 and rents its test facilities for $300. The customer is billed $1,900 for these services Dec 9 - Receives $1,900 cash from the client billed on December 8. Dec. 10 - Pays CalTech Supply $900 cash toward the payable from December 4. Dec. 11 - FastForward pays $200 cash for dividends. Proy 7 of 7 NoytStep by Step Solution
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