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Need help with updating Financial statements (type in missing numbers). Not all lines will contain numbers. Transactions provided to us that should be used in
Need help with updating Financial statements (type in missing numbers). Not all lines will contain numbers.
Transactions provided to us that should be used in updating the Financial statements.
Orca Company Income Statement For Period Ended April 30th Sales Revenue Sales Revenue (Sales Discounts) (Sales Return) Net Sales Cost of Goods Sold (Cost of Goods Sold) Gross Profit Operating Revenues Service Revenue 4,500.00 4,500.00 Total Operating Revenue Operating Expenses (Salaries Expense) Depreciation Expense) (Supplies Expense) Total Operating Expenses Income (Loss) from Operations 4,500.00 Interest, Gains or Losses Interest Revenue (Interest Expense) Gain (Loss) Income before Taxes (Income Tax Expense - 20%) Net Income (Loss) 4,500.00 4,500.00 30,750.00 Orca Company Balance Sheet For Period Ending April 30th Current Assets Cash Accounts Receivable Inventory Supplies Prepaid Rent Total Current Assets Long-Term Assets Land Equipment Buildings (Accumulated Depreciation) Net Long-Term Assets Total Assets 10,000.00 250.00 500.00 41,500.00 3,000.00 3,000.00 44,500.00 10,000.00 Current Liabilities Accounts Payable Supplies Payable Salaries Payable Deferred Revenue Income Tax Payable Total Current Liabilities Long-Term Liabilities Long-Term Notes Payable Bond Payable Total Long-Term Liabilities Total Liabilities 10,000.00 5,000.00 5,000.00 15,000.00 25,000.00 4,500.00 Stockholder's Equity Common Stock Retained Earnings (Dividends) Total Stockholder's Equity Total Liabilities & Stockholder's Equity 29,500.00 44,500.00 Assets = Liabilites + Equity? Yes Orca Company Statement of Stockholders' Equity For Period Ending April 30th Common Stock Retained Earnings Total Equity Beginning Balance Issuance of Common Stock 25,000.00 25,000.00 Net Income 4,500.00 4,500.00 Dividends Ending Balance 25,000.00 4.500.00 29,500.00 Accounting Project Transaction Listing Accounting Cycle Project Transactions (1/31) . Orca Company pays its supplier for inventory purchased on 1/2/2022 (owed $5,000) Orca Company provides services worth $5,000 and is paid in cash Orca Company allocates $20,000 for payment to employees for salaries. Orca Company purchases a building using a note payable for $480,000 at 5.00% annual interest and Orca Company puts $15,000 down. Accounting Cycle Project Transactions (2/2) Schedules a service to be performed later, but receives the $3,000 for the service now Pays the supplier for inventory purchased on 1/9 (owed $5,000) Pays the employee salaries allocated on 1/31 for the month of January ($20,000) Pays January utilities of $1,750 Pays rent for February ($500) Accounting Cycle Project Transactions (2/4) Provides services to a customer worth $16,000. The customer pays for half of the service now and the rest is on account Purchases liability insurance for its business starting in February at $12,000 for the year. Note all $12,000 is paid immediately Purchases $2,000 of supplies, on account. The supplies purchased on 1/1 have all been used. Purchases a $30,000 equity stake (investment) in a start-up company Orca Company prepares its January adjusting and closing entries (performed together in class on 2/7) Accounting Cycle Project Transactions (2/7) Sells Common Stock for $50,000 Provides Services to Customers worth $10,000 and is paid in cash Purchases new advertisements for $4,400 Pays for supplies purchased on 2/4 Provides the services to customers scheduled on 2/2 A customer approaches Orca Company and requests a service worth $6,000. The customer pays Orca Company $2,000 now and will pay the other $4,000 once the service is provided. Orca Company Income Statement For Period Ended April 30th Sales Revenue Sales Revenue (Sales Discounts) (Sales Return) Net Sales Cost of Goods Sold (Cost of Goods Sold) Gross Profit Operating Revenues Service Revenue 4,500.00 4,500.00 Total Operating Revenue Operating Expenses (Salaries Expense) Depreciation Expense) (Supplies Expense) Total Operating Expenses Income (Loss) from Operations 4,500.00 Interest, Gains or Losses Interest Revenue (Interest Expense) Gain (Loss) Income before Taxes (Income Tax Expense - 20%) Net Income (Loss) 4,500.00 4,500.00 30,750.00 Orca Company Balance Sheet For Period Ending April 30th Current Assets Cash Accounts Receivable Inventory Supplies Prepaid Rent Total Current Assets Long-Term Assets Land Equipment Buildings (Accumulated Depreciation) Net Long-Term Assets Total Assets 10,000.00 250.00 500.00 41,500.00 3,000.00 3,000.00 44,500.00 10,000.00 Current Liabilities Accounts Payable Supplies Payable Salaries Payable Deferred Revenue Income Tax Payable Total Current Liabilities Long-Term Liabilities Long-Term Notes Payable Bond Payable Total Long-Term Liabilities Total Liabilities 10,000.00 5,000.00 5,000.00 15,000.00 25,000.00 4,500.00 Stockholder's Equity Common Stock Retained Earnings (Dividends) Total Stockholder's Equity Total Liabilities & Stockholder's Equity 29,500.00 44,500.00 Assets = Liabilites + Equity? Yes Orca Company Statement of Stockholders' Equity For Period Ending April 30th Common Stock Retained Earnings Total Equity Beginning Balance Issuance of Common Stock 25,000.00 25,000.00 Net Income 4,500.00 4,500.00 Dividends Ending Balance 25,000.00 4.500.00 29,500.00 Accounting Project Transaction Listing Accounting Cycle Project Transactions (1/31) . Orca Company pays its supplier for inventory purchased on 1/2/2022 (owed $5,000) Orca Company provides services worth $5,000 and is paid in cash Orca Company allocates $20,000 for payment to employees for salaries. Orca Company purchases a building using a note payable for $480,000 at 5.00% annual interest and Orca Company puts $15,000 down. Accounting Cycle Project Transactions (2/2) Schedules a service to be performed later, but receives the $3,000 for the service now Pays the supplier for inventory purchased on 1/9 (owed $5,000) Pays the employee salaries allocated on 1/31 for the month of January ($20,000) Pays January utilities of $1,750 Pays rent for February ($500) Accounting Cycle Project Transactions (2/4) Provides services to a customer worth $16,000. The customer pays for half of the service now and the rest is on account Purchases liability insurance for its business starting in February at $12,000 for the year. Note all $12,000 is paid immediately Purchases $2,000 of supplies, on account. The supplies purchased on 1/1 have all been used. Purchases a $30,000 equity stake (investment) in a start-up company Orca Company prepares its January adjusting and closing entries (performed together in class on 2/7) Accounting Cycle Project Transactions (2/7) Sells Common Stock for $50,000 Provides Services to Customers worth $10,000 and is paid in cash Purchases new advertisements for $4,400 Pays for supplies purchased on 2/4 Provides the services to customers scheduled on 2/2 A customer approaches Orca Company and requests a service worth $6,000. The customer pays Orca Company $2,000 now and will pay the other $4,000 once the service is providedStep by Step Solution
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