Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Need help filling out multiple step income statement Multiple - Step Income Statement For the Year Ended, December 3 1 , 2 0 2 4

Need help filling out multiple step income statement Multiple-Step Income Statement
For the Year Ended, December 31,2024
\table[[Sales Revenue,,333,200.00
lacon Machines Company began operations on November 1,2024. The main operating goal of the company is to sell high end obots. Customers may pay using cash or if appropriate, credit is extended to customers with terms 315,n30.
he company uses the perpetual inventory method and a FIFO cost system. The company follows a calendar year, with all djusting entries made at the end of the accounting period, December 31. The company uses the straight-line depreciation or all depreciable assets. The company has decided to use the Allowance method to account for uncollectible accounts. At he end of the period, based on industry standards, the company believes 2% of the balance in accounts recievable will be ncollectible. The company purchases robots for resale only as such they carry them as inventory.
he company has two employees, one is a sales technician, salary of $2000 per month and the other employee is the office hanager with a salary of $9000 per month. Payroll is processed on the last day of the month, and paid on the first day of the ollowing month. This means the November 30 payroll with accrue into Salaries Payable and then be paid on Decemember 1.
Required:
Make sure your student ID is correct, this will change the information. Macon Machines Company engaged in the following ransactions for November and December. Record the following transactions on the Daily Transactions tab.
Note: Place debits first, credits second but do NOT indent credits. If more than one debit or credit, please list in alphabetical o o receive full credit. Round to the penny unless otherwise noted.
1-Nov The owner invested $530000 into the company in exchange for 5,000 shares of common stock.
1-Nov The company purchased a computer system for $10000 and signed a one-year note for the entire balance. The note is due November 1,2025 and has an annual rate of interest of 3%.
2-Nov Paid for two years rent on the office space, $10600.
3-Nov Purchased 10 robots at a total cost of $5000 each for C hh, FOB Destination.
4-Nov Purchased $2500 of supplies on account, term n30.
15-Nov Purchased 12 robots at a total cost of $5500 each on account, terms n30, FOB Destination. Shipping of $150 was paid to shipping company by the appropriate party.
17-Nov Paid for the supplies purchased on November 4.
18-Nov Paid for a two-year insurance policy for the store, $6000. The policy was effective beginning December 1,2024.
20-Nov Sold 15 robots for $8500 each on account, terms 315,n30, the company uses FIFO to find the cost of goods sold. The rob were shipped FOB Shipping Point. Record the sales revenue first.
28-Nov Received payment in full on account from the November 20 sale.

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

Step: 3

blur-text-image

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

Survey of Accounting

Authors: Thomas Edmonds, Christopher Edmonds, Philip Olds, Frances McNair, Bor Yi Tsay

5th edition

1259631125, 978-1259631122

More Books

Students also viewed these Accounting questions

Question

The perturbations of Uranus led to what greater discovery?

Answered: 1 week ago