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i'm confused on how to finish these, not the given values but the depreciation calculations, the non given values (The following information applies to the
i'm confused on how to finish these, not the given values but the depreciation calculations, the non given values
(The following information applies to the questions displayed below.] Francine's Fast Deliveries, Inc. (FFD) was organized in December of 2011. It had limited activity in 2011. The resulting balance sheet at the beginning of 2012 is provided below: Francine's Fast Deliveries, Inc. Balance Sheet at January 1, 2012 Liabilities: $ 1,100 Accounts Payable 600 Stockholders' Equity: 450 Contributed Capital Retained Earnings Assets: Cash Accounts Receivable Supplies $ 725 $1,000 425 Total Assets $2,150 Total Liabilities & Stk. Equity $2,150 January Transactions for Francine's Fast Deliveries, Inc. (FFD) Date 1 Owners invest $21,000 of additional cash in the business. 2a Supplies are purchased for $700 on account. 2b Insurance is paid for 12 months beginning January 1: $6,600 (Record as an asset) 2c Rent is paid for 3 months beginning in January: $3,000 (Record as an asset) 2d Two employees are hired. Each employee will be paid $1,080 per month 3 FFD borrows $24,000 from 1st State Bank at 6% annual interest. A delivery van is purchased for cash. Including tax the total cost was $36,000. It 6 will be used for 4 years and will be depreciated monthly using straight-line with no salvage value. A full month of depreciation will be charged in January. 7 $420 of the receivables from December's sales are collected. 8 $580 of the accounts payable from December are paid. 9 Performed services for customers on account. Mailed invoices totaling $8,800. 10 Services are performed for cash customers: $6.160. 20 ICHIULICU SCIVILES TUI LUSLUITICIS VITULLUuril. IVICU HIVUILCO LULUly puuvu. 10 Services are performed for cash customers: $6,160. 16 Wages for the first half of the month are paid on January 16: $1,080. The company receives $2,600 from a customer for an advance order for services to be provided in January and February. 25 Collections from customers on account (see January 9 transaction): $3,520 20. The last 2 weeks wages earned by employees are $540 per employee and will 30a be paid on February 3. 30b A$680 utility bill for January arrived. It is due on February 15. Additional Information for adjusting entries at January 31: a. Supplies on hand on January 31 total $230. The company completed 60% of the deliveries for the customer who paid in advance on January 20. C. Interest is accrued for the bank loan. (Assume a full month for the 1st State Bank loan.) d. Record January depreciation. e. Adjust the prepaid asset (Rent and Insurance) accounts as needed. 2. Post the beginning balances and January transactions to the T-Accounts. Answer is not complete. Beg. > Beg. bal. Jan. 1 Jan. 3 Jan. 7 Jan. 10 Jan. 9 Cash 1,100 2 1,000 2 4,000 420 6 ,160 Accounts Receivable 600 8 ,800 420 3,520 0 1,250 3,000 36,000 580 Jan. 7 Jan. 25 Jan. 2a Jan. 2c Jan. 6 Jan. 8 End. 5,460 bal. 2. Post the beginning balances and January transactions to the T-Accounts. Jan. 9 8 ,800 420 3,520 Jan. 7 Jan. 25 Jan. 1 21,000 Jan. 3 24,000 Jan. 7 420 Jan. 106 ,160 Jan. 20 2 ,600 Jan. 253 ,520 1,250 X 3,000 36,000 580 1,080 Jan. 2a Jan. 2c Jan. 6 Jan. 8 Jan. 16 5,460 End. bal 16,890 Supplies Prepaid Insurance Beg. 0 bal. Jan. 2a 450 700 0 230 Beg. bal. Jan. 2b Jan. 31a 6,600 Jan. 31e End. bal. 920 End. bal. 6,600 Prepaid Rent Equipment Beg. Beg. bal. Jan. 2c 3,000 bal Jan. 6 Jan. 31e 36,000 End 3,000 End. bal. 36,000 bal. Accumulated Depreciation Accounts Payable Beg. Accumulated Depreciation 0 0 Accounts Payable 725 bal. Beg. bal. Jan. 8 Jan. 31d 7 Jan. 2a Jan. 30b End. bal. End. 725 bal. Unearned Revenue 0 Beg. Notes Payable 0 0 Beg. bal. Jan. 31b bal Jan. 20 Jan. 3 End. bal. End. bal. Wages Payable Interest Payable 0 Beg. bal Beg. bal. 0 Jan. 310 Jan. 30a End. bal. Retained Earnings Beg. bal. Contributed Capital 1,000 21.000 Beg. bal. 425 Jan. 1 Jan. 31b End. bal. End. bal. Utilities Expense Beg. Beg. Supplies Expense 00 0 bal. Jan. 30b bal. Jan. 31a End. bal. bal. Insurance Expense Interest Expense 0 O Beg. bal. Jan. 31c Beg. bal. Jan. 31e End. End. bal. bal Rent Expense Depreciation Expense Beg. Beg. bal. bal. Jan. 31e Jan. 31e End. End. bal balStep by Step Solution
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