lenovo ent Acct 3220 001002003 Corp Financial Rprtng Microsoft Internet Explorer provided by Storetision ACCT 3220 001 002 DC3 You are presented with a series of transactions for Dumbo Corp. Assume that these transactions are the only transactions that have occurred since the formation of the firm. Based on those transactions, prepare and submit each of the following fnancial statements for Dumbo: 1. Multi-step Income Statement for the Year ended 12/31/2014. 2. Comparative, Classified Balance Sheets as of12/31/2013 and 1231/2014. Note: You can find example account titles on the "The AccountingEquation and Typical Accounts" handout or in Chapter 2 of the textbook. 2013 Transactions: $80,000 in cash. Dumbo pays for an insurance policy that covers the period 2/1/14 7131VI4. Dumbo pays the entire S4,200 amount in cash on 8/1/13. 3. 101 13: Dumbo signs a contract to rent a building for 12 months at a rate of S1,200 per month. The contract begins on 3 1/14. Dumbo makes an initial payment of $6,000 and will pay the remainder of the rental fees at the end of the contract 4. 10/1/13: Dumbo signs an employment agreement with Jane Smith, Ms. Smith will begin working on 1/114, eaming $180,000 per year, She will be paid on the 15th of each month for the prior month's work (e.g., her first paycheck will be issued on February 15 as payment for January's services). all of these payments are made they will not be shown explicitly in this list of transactions.] 5. 13: Dumbo buys (and receives) 4,800 cases of merchandise inventory for s252,000 lenovo ent Acct 3220 001002003 Corp Financial Rprtng Microsoft Internet Explorer provided by Storetision ACCT 3220 001 002 DC3 You are presented with a series of transactions for Dumbo Corp. Assume that these transactions are the only transactions that have occurred since the formation of the firm. Based on those transactions, prepare and submit each of the following fnancial statements for Dumbo: 1. Multi-step Income Statement for the Year ended 12/31/2014. 2. Comparative, Classified Balance Sheets as of12/31/2013 and 1231/2014. Note: You can find example account titles on the "The AccountingEquation and Typical Accounts" handout or in Chapter 2 of the textbook. 2013 Transactions: $80,000 in cash. Dumbo pays for an insurance policy that covers the period 2/1/14 7131VI4. Dumbo pays the entire S4,200 amount in cash on 8/1/13. 3. 101 13: Dumbo signs a contract to rent a building for 12 months at a rate of S1,200 per month. The contract begins on 3 1/14. Dumbo makes an initial payment of $6,000 and will pay the remainder of the rental fees at the end of the contract 4. 10/1/13: Dumbo signs an employment agreement with Jane Smith, Ms. Smith will begin working on 1/114, eaming $180,000 per year, She will be paid on the 15th of each month for the prior month's work (e.g., her first paycheck will be issued on February 15 as payment for January's services). all of these payments are made they will not be shown explicitly in this list of transactions.] 5. 13: Dumbo buys (and receives) 4,800 cases of merchandise inventory for s252,000
