Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Is anyone able to help me on part D? I've tried two different answers, still not getting the right question and not sure what I'm

Is anyone able to help me on part D? I've tried two different answers, still not getting the right question and not sure what I'm doing wrong. image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

Comprehensive Accounting Cycle Review 11-2 (Part Level Submission) Karen Noonan opened Splish Brothers Inc. on February 1, 2017. During February, the following transactions were completed: Feb. 1 Issued 4,600 shares of Splish Brothers common stock for $13,000. Each share has a $1.50 par. 1 Borrowed $8,000 on a 2-year, 6 note payable Paid $9,020 to purchase used floor and window cleaning equipment from a company going out of business ($4,720 was for the floor equipment and $4,300 for the window equipment 1 Paid $220 for February Internet and phone services. 3 Purchased cleaning supplies for $980 on account 4 Hired 4 employees. Each will be paid $480 per 5-day work week (Monday- Friday). Employees will begin working Monday, February 9 obtained insurance coverage for $9,840 per year. Coverage runs from February 1, 2017, through January 3 2018. Karen paid $2,460 cash for the first quarter of coverage 5 Discussions with the insurance agent indicated that providing outside window cleaning services would cost too much to insure. Karen sold the window cleaning equipment for $3,950 cash 16 Billed customers $3,900 for cleaning services performed through February 1 2017 17 Received $432 from a customer for 4 weeks of cleaning services to begin February 21, 2017 18 Paid $300 on amount owed on cleaning supplies. Paid $3 per share to buy 300 shares of Splish Brothers common stock from a shareholder who disagreed with management goals. The shares will be held as 20 treasury shares. 23 Billed customers $4,300 for cleanlng services performed through February 20 24 Paid cash for employees' wages for 2 weeks (February 9-13 and 16-20). 25 Collected $2,500 cash from customers billed on February 16 27 Paid $220 for Internet and phone services for March. 28 Declared and paid a cash dividend of $0.35 per share

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Health Care Marketing Audit A Complete Guide

Authors: Gerardus Blokdyk

2020 Edition

0655947469, 978-0655947462

More Books

Students also viewed these Accounting questions

Question

Identify the cause of a performance problem. page 363

Answered: 1 week ago