Need help from 27 35 i have tried it 3 or 4 times now 01 June 1 Byte of Accounting, Inc acquired $67,600 in cash from Lauryn and issued 2,600 shares of its common stock 02 June 1 Byte of Accounting, Inc issued 2,620 shares of its common stock to x after $28,600 in cash and computer equipment with a fair market value of $39,520 were received 03 June 1 Byte of Accounting, Inc issued 1,788 shares of its common stock after acquiring from Courtney $32,500 in cash, computer equipment with a fair market value of $13,000 and office equipment with a fair value of $988 04 June 2 A down payment of $30,000 in cash was made on additional computer equipment that was purchased for $150,000 A five year note was executed by Byte for the balance 05 June 4 Additional office equipment costing $500 was purchased on credit from Discount Computer Corporation 06 June 8 Unsatisfactory office equipment costing $100 was returned to Discount Computer for credit to be applied against the outstanding balance owed by Byte 07 June 10 Byte paid $23,000 on the balance it owed on the June 2 purchase of computer equipment 08 June 14 A one year insurance policy covering its computer equipment was purchased by Byte for $6,312 in cash The effective date of the policy was June 16 09 June 16 A check in the amount of $6,250 was received for consulting revenue 10 June 16 Byte purchased a building and the land it is on for $143,000, to house its repair facilities and to store computer equipment The lot on which the building is located is valued at $23,000 The balance of the cost is to be allocated to the building Byte made a cash down payment of $14,300 and executed a mortgage for the balance The mortgage is payable in eight equal annual installments beginning July 1 11 June 17 Cash of $3,200 was paid for rent for June and July Put the total amount into the Prepaid Rent account 13 June 21 Accounts payable in the amount of $400 were paid 14 June 21 A fax machine for the office was purchased for $875 cash 15 June 21 Billed various miscellaneous local customers $4,600 for consulting services performed 16 June 22 Paid salaries of $835 to equipment operators for the week ending June 18 17 June 22 Received a bill for $1,265 from Computer Parts and Repair Co for repairs to the computer equipment 18 June 22 Paid the advertising bill that was received on June 17 19 June 23 Purchased office supplies for $680 on credit Record the purchase as an increase to the assets 20 June 23 Cash in the amount of $3,685 was received on billings 21 June 28 Billed $5,280 to miscellaneous customers for services performed to June 25 22 June 29 Paid the bill received on June 22, from Computer Parts and Repairs Co 23 June 29 Cash in the amount of $5,001 was received for billings 24 June 29 Paid salaries of $835 to equipment operators for the week ending June 25 25 June 30 Received a bill for the amount of $990 from O G Oil and Gas Co 27 The rent payment made on June 17 was for June and July Expense the amount associated with one month's rent 28 A physical inventory showed that only $281 00 worth of office supplies remained on hand as of June 30 29 The annual interest rate on the mortgage payable was 9 00 percent Interest expense for one half month should be computed because the building and land were purchased and the liability incurred on June 16 30 Information relating to the prepaid insurance may be obtained from the transaction recorded on June 14 Expense the amount associated with one half month's insurance 31 A review of Bytes job worksheets show that there are unbilled revenues in the amount of $5,500 for the period of June 28 30 32 The fixed assets have estimated useful lives as follows Building 31 5 years Computer Equipment 5 0 years Office Equipment 7 0 years Use the straight line method of depreciation Management has decided that assets purchased during a month are treated as if purchased on the first day of the month The buildings scrap value is $7,000 The office equipment has a scrap value of $450 The computer equipment has no scrap value Calculate the depreciation for one month 33 A review of the payroll records show that unpaid salaries in the amount of $501 00 are owed by Byte for three days, June 28 30 34 The note payable relating to the June 2, and 10 transactions is a five year note, with interest at the rate of 12 percent annually Interest expense should be computed based on a 360 day year IMPORTANT NOTE The original note on the computer equipment purchased on June 2 was $120,000 On June 10, eight days later, $23,000 was repaid Interest expense must be calculated on the $120,000 for eight days In addition, interest expense on the $97,000 balance of the loan ($120,000 less $23,000 $97,000) must be calculated for the 20 days remaining in the month of June Income taxes are to be computed at the rate of 25 percent of net income before taxes 35 IMPORTANT NOTE Since the income taxes are a percent of the net income you will want to prepare the Income Statements through the Net Income Before Tax line The worksheet contains all of the accounts and their balances which you can then transfer to the appropriate financial statement

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Need help from 27-35 i have tried it 3 or 4 times now 01. June 1: Byte of Accounting, Inc. acquired $67,600 in cash from

Need help from 27-35 i have tried it 3 or 4 times now

01.	June 1: Byte of Accounting, Inc. acquired $67,600 in cash from Lauryn and issued 2,600 shares of its common stock.
02.	June 1: Byte of Accounting, Inc. issued 2,620 shares of its common stock to x after $28,600 in cash and computer equipment with a fair market value of $39,520 were received.
03.	June 1: Byte of Accounting, Inc. issued 1,788 shares of its common stock after acquiring from Courtney $32,500 in cash, computer equipment with a fair market value of $13,000 and office equipment with a fair value of $988.

04.	June 2: A down payment of $30,000 in cash was made on additional computer equipment that was purchased for $150,000. A five-year note was executed by Byte for the balance.
05.	June 4: Additional office equipment costing $500 was purchased on credit from Discount Computer Corporation.
06.	June 8: Unsatisfactory office equipment costing $100 was returned to Discount Computer for credit to be applied against the outstanding balance owed by Byte.
07.	June 10: Byte paid $23,000 on the balance it owed on the June 2 purchase of computer equipment.
08.	June 14: A one-year insurance policy covering its computer equipment was purchased by Byte for $6,312 in cash. The effective date of the policy was June 16.
09.	June 16: A check in the amount of $6,250 was received for consulting revenue.
10.	June 16: Byte purchased a building and the land it is on for $143,000, to house its repair facilities and to store computer equipment. The lot on which the building is located is valued at $23,000. The balance of the cost is to be allocated to the building. Byte made a cash down payment of $14,300 and executed a mortgage for the balance. The mortgage is payable in eight equal annual installments beginning July 1.
11.	June 17: Cash of $3,200 was paid for rent for June and July. Put the total amount into the Prepaid Rent account.
13.	June 21: Accounts payable in the amount of $400 were paid.
14.	June 21: A fax machine for the office was purchased for $875 cash.
15.	June 21: Billed various miscellaneous local customers $4,600 for consulting services performed.
16.	June 22: Paid salaries of $835 to equipment operators for the week ending June 18.
17.	June 22: Received a bill for $1,265 from Computer Parts and Repair Co. for repairs to the computer equipment.
18.	June 22: Paid the advertising bill that was received on June 17.
19.	June 23: Purchased office supplies for $680 on credit. Record the purchase as an increase to the assets.
20.	June 23: Cash in the amount of $3,685 was received on billings.
21.	June 28: Billed $5,280 to miscellaneous customers for services performed to June 25.
22.	June 29: Paid the bill received on June 22, from Computer Parts and Repairs Co.
23.	June 29: Cash in the amount of $5,001 was received for billings.
24.	June 29: Paid salaries of $835 to equipment operators for the week ending June 25.
25.	June 30: Received a bill for the amount of $990 from O & G Oil and Gas Co.
27.	The rent payment made on June 17 was for June and July. Expense the amount associated with one month's rent.
28.	A physical inventory showed that only $281.00 worth of office supplies remained on hand as of June 30.
29.	The annual interest rate on the mortgage payable was 9.00 percent. Interest expense for one-half month should be computed because the building and land were purchased and the liability incurred on June 16.
30.	Information relating to the prepaid insurance may be obtained from the transaction recorded on June 14. Expense the amount associated with one half month's insurance.
31.	A review of Bytes job worksheets show that there are unbilled revenues in the amount of $5,500 for the period of June 28-30.
32.	The fixed assets have estimated useful lives as follows:
	Building - 31.5 years
	Computer Equipment - 5.0 years
	Office Equipment - 7.0 years
	Use the straight-line method of depreciation. Management has decided that assets purchased during a month are treated as if purchased on the first day of the month. The buildings scrap value is $7,000. The office equipment has a scrap value of $450. The computer equipment has no scrap value. Calculate the depreciation for one month.
33.	A review of the payroll records show that unpaid salaries in the amount of $501.00 are owed by Byte for three days, June 28 - 30.
34.	The note payable relating to the June 2, and 10 transactions is a five-year note, with interest at the rate of 12 percent annually. Interest expense should be computed based on a 360 day year.
	[IMPORTANT NOTE: The original note on the computer equipment purchased on June 2 was $120,000. On June 10, eight days later, $23,000 was repaid. Interest expense must be
	calculated on the $120,000 for eight days. In addition, interest expense on the $97,000 balance of the loan ($120,000 less $23,000 = $97,000) must be calculated for the 20 days remaining in the month of June.]
Income taxes are to be computed at the rate of 25 percent of net income before taxes.	35
[IMPORTANT NOTE: Since the income taxes are a percent of the net income you will want to prepare the Income Statements through the Net Income Before Tax line. The worksheet contains all of the accounts and their balances which you can then transfer to the appropriate financial statement.]