On Time Delivery Service is attempting to disrupt the package delivery industry. The company allows customers...
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On Time Delivery Service is attempting to disrupt the package delivery industry. The company allows customers to use an app to track the exact location of their package at all times (with GPS). Its proprietary computer algorithm allows the company to estimate the delivery time of its packages very accurately. The company has taken on a round of venture capital investment in the most recent year. The following account balances relate to the company's December 31, 2017 year-end financial statements: Depreciation expense Wages expense Common shares (Jan 1, 2017) Supplies expense Interest expens Income tax refund (negative expense) 7,000 168,000 215,000 184,000 8,000 Computers Delivery equipment Cash Interest payable Notes: 24,000 Accumulated depreciation equipment 61,000 230,000 Accumulated depreciation - computers 42,000 10,000 Accounts receivable 17,000 Supplies 6,000 Insurance expense 15,000 12,000 Bank loan payable Delivery revenue Dividends Retained earnings (Jan 1, 2017) Accounts payable 9,000 140,000 260,000 10,000 94,000 18,000 The company issued $250,000 of common shares during the year. There were no shares repurchased during the year. The current portion of the bank loan payable was $30,000. Required: a.) Prepare an income statement for the year ended December 31, 2017. December 31, 2017. b.) Prepare a statement of changes in equity for the year ended December 31, 2017. c.) Prepare a statement of financial position in a Balance Sheet. On Time Delivery Service is attempting to disrupt the package delivery industry. The company allows customers to use an app to track the exact location of their package at all times (with GPS). Its proprietary computer algorithm allows the company to estimate the delivery time of its packages very accurately. The company has taken on a round of venture capital investment in the most recent year. The following account balances relate to the company's December 31, 2017 year-end financial statements: Depreciation expense Wages expense Common shares (Jan 1, 2017) Supplies expense Interest expens Income tax refund (negative expense) 7,000 168,000 215,000 184,000 8,000 Computers Delivery equipment Cash Interest payable Notes: 24,000 Accumulated depreciation equipment 61,000 230,000 Accumulated depreciation - computers 42,000 10,000 Accounts receivable 17,000 Supplies 6,000 Insurance expense 15,000 12,000 Bank loan payable Delivery revenue Dividends Retained earnings (Jan 1, 2017) Accounts payable 9,000 140,000 260,000 10,000 94,000 18,000 The company issued $250,000 of common shares during the year. There were no shares repurchased during the year. The current portion of the bank loan payable was $30,000. Required: a.) Prepare an income statement for the year ended December 31, 2017. December 31, 2017. b.) Prepare a statement of changes in equity for the year ended December 31, 2017. c.) Prepare a statement of financial position in a Balance Sheet.
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Related Book For
Transportation A Global Supply Chain Perspective
ISBN: 9781337406642
9th Edition
Authors: Robert A. Novack, Brian Gibson, Yoshinori Suzuki, John J. Coyle
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