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If you could pleas help me out Vanishing Games Corporation (VGC) operates a massively multiplayer online game, charging players a monthly subscription of $15. At
If you could pleas help me out
Vanishing Games Corporation (VGC) operates a massively multiplayer online game, charging players a monthly subscription of $15. At the start of January 2021, VGC's income statement accounts had zero balances and its balance sheet account balances were as follows: Cash $ 1,830,000 Accounts Receivable 242,000 Supplies 23,100 Equipment 969,000 Buildings 451,000 Land 1,970,000 Accounts Payable 199,000 Deferred Revenue 112,000 Notes Payable (due 2025) 141.000 Common Stock 2,100,000 Retained Earningo 2,933, 100 In addition to the above accounts, VGC's chart of accounts includes the following: Service Revenue, Salaries and Wages Expense, Advertising Expense, and Utilities Expense. The following transactions occurred during the January month: a, Received $63,000 cash from customers on 1/1 for subscriptions that had already been earned and charged on account in 2020. b. Purchased 10 new computer servers for $36,000 on 12; paid $19,300 cash and signed a three-year note for the remainder owed c. Paid $19,300 for an Internet advertisement run on 1/3. d. On January 4, purchased and received $5,450 of supplies on account. e. Received $230,000 cash on 1/5 from customers for service revenue earned in January f. Paid $5,450 cash to a supplier on January 6. g. On January 7, sold 13,400 subscriptions at $15 each for services provided during January, Half was collected in cash and half was sold on account. h. Pald $400,000 In wages to employees on 1/30 for work done in January On January 31, received an electric and gas utility bill for $6,100 for January utility services. The bill will be paid in February Analyze the effect of the January transactions on the accounting equation, and indicate the account, amount, and direction of the effect of each transaction (Enter any decreases to Assets, Liabilities, and Stockholder's Equity with a minus sign.) Assets Liabilities Stockholders' Equity Accounts Receivable 63,000 a b Cash 19,300 + Retained Earnings b. Cash 19,300 Cash Cash 230,000 5,450 1. Dil Ol Retained Earnings h Cash 400,000/= Journal entry worksheet Purchased 10 new computer servers for $34,500 on 1/2; paid $17,300 cash and signed a three-year note for the remainder owed. Record the transaction. Note: Enter debits before credits. General Journal Debit Credit Date January 02 Record entry Clear entry View general Journal Journal entry worksheet Paid $18,100 for an Internet advertisement run on 1/3. Record the transaction. Note: Enter debits before credits General Journal Debit Credit Date January 03 Record entry Clear entry View general Journal Journal entry worksheet 5 6 7 8 9 +3 On January 4, purchased and received $4,200 of supplies on account. Record the transaction. Note: Enter debits before credits. General Journal Debit Credit Date January 04 Record entry Clear entry View general Journal Journal entry worksheet Received $225,000 cash on 1/5 from customers for service revenue earned in January. Record the transaction. Note: Enter debits before credits. General Journal Debit Credit Date January 05 Record entry Clear entry View general journal View transaction list Journal entry worksheet Paid $4,200 cash to a supplier on January 6. Record the transaction. Note: Enter debits before credits General Journal Debit Credit Date January 06 Record entry Clear entry View general Journal Journal entry worksheet On January 7, sold 19,000 subscriptions at $14 each for services provided during January. Half was collected in cash and half was sold on account. Record the transaction. Note: Enter debits before credits. General Journal Date January 07 Debit Credit View transaction list Journal entry worksheet 4 5 6 7 1 2 3 Paid $450,000 in wages to employees on 1/30 for work done in January. Record the transaction. Note: Enter debits before credits. General Journal Date January 30 Debit Credit Record entry Clear entry View general Journal View transaction list Journal entry worksheet On January 31, received an electric and gas utility bill for $5,600 for January utility services. The bill will be paid in February. Record the transaction. Note: Enter debits before credits. Date General Journal Debit Credit January 31 Record entry Clear entry View general journal X Bucation.com/ext/map/index.html?_con=con&external_browser=U Inbox Icryptobrol. 3T Warrior Acade... UTSA ASAP Saved n. 1-3) Stmt of General General Income Requirement Trial Balance Retained Balance Sheet Analysis Journal Ledger Statement Earnings Choose the appropriate accounts to be reported on the income statement. However, you will need to calculate ar amount of the net income or loss for the period. VANISHING GAMES CORPORATION Income Statement For the Month Ended January 31, 2021 Revenues $ 0 $ 0 0 0 0 L. un January 31, receivea an electric and gas utility bill tor 35,600 Tor January Utility services. i ne bi Simt of General General Income Retained Trial Balance Balance Sheet Ana Requirement Journal Ledger Statement Earnings Prepare the statement of retained earnings for the month ended January 31, 2018. You will need to determ accounts and balances to prepare the Statement of Retained Earnings. If there are no dividends, include al Dividends of zero. VANISHING GAMES CORPORATION Statement of Retained Earnings For the Month Ended January 31, 2021 Retained Earnings, January 1, 2021 Retained Earnings, January 31, 2021 VANISHING GAMES CORPORATION Balance Sheet At January 31, 2021 $ 0 0 0 0 0 0 $ 0 0 General General Stmt of Income Requirement Journal Trial Balance Ledger Statement Retained Earnings Calculate net profit margin, expressed as a percent. (Round your answer to 1 decimal place.) Net Profit Margin % Bala Step by Step Solution
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