Performed service as the DJ of a fundraing event of a large international charity on Jan 10th Got a cheque of $10.500 for your service and $15.750 on account to be collected on Jan 31st 1 6 points On January 14th, paid a local radio 90 days (16 days in January, 28 days in February, 31 days in March and 15 days in April) of advertising for $4.725 starting on January 16th And on the same day, paid $4,725 of insurance for the months from January to March (whole month coverage for January, February, and March). On January 17th provided the music for three small events. One promised to pay the $4.200 on Feb 7th the other will pay the $4.200 by the end of January, while the third event of $5,250 will be paid on March 2nd. 01:27:24 On January 19th, hired a car painter to freshen up the look of the van (this will not change the value or the useful life of the van). The work is completed by Jan 21st Paid $1.050 on Jan 19th and paid $2,625 on Feb 19th and the rest $2,100 on March 19th On January 20th collected and paid for 800 pieces of nicely designed brochures. Total Cost $4,200. Distributed 150 brochures in January, 250 brochures In February, and 300 brochures in March. On January 23rd, two envents were served. Provided services in a morning event at local church and collected $3,150 for your service. And one big event was serviced in the afternoon, the bill of $21.000 was paid 50% before the beginning of the event and the rest will be paid in 30 days. On January 28th, received the bill from the lawyer that helped you to set up the company for $7.875 payable by Feb 15th. (Hint: treat this as an asset). You have paid the bill on time. On January 29th, received a deposit of $9,450 for servicing a fund raising event in February, and received a deposit of $15,750 for servicing a wedding in March. 1 On January 31st, collect $15,750 from the event on January 10th and got a phone call indicating the $4,200 owed for the January 17th event will be paid sometime in February. Bank changes monthly service fee of $525, and in addition, bank charges 6% per year for interest on start up loan, both fees will be automatically deducted from chequing account at the end of each month. 6 points Declared dividends to yourself of $100 per 1,000 shares on January 31st all dividends declared in the current month will be paid in the next month. 8 01:27:15 Required: 1. Prepare the statement of proof of cash by January 31st 2. Prepare the Income Statement (accrual accounting) for the Month of January 3. Prepare the Balance Sheet (accrual accounting) as of January 31st Required 1 Required 2 Required 3 1 Prepare the Balance Sheet (accrual accounting) as of January 31 st. (Round your answers to 2 decimal places. Negative amounts should be indicated by a minus sign. Leave no cells blank - be certain to enter "0" wherever required.) Amount 6 points Current Assets Cash 01:26:46 Accounts Receivable Prepaid Rent Prepaid Advertising Prepaid Insurance Prepaid Brochures Music files Van Repair Non current assets: Organization Costs Van Accumulated Depreciation - Van Music equipment Accumulated Depreciation - Equipment Total assets Liabilities: MC Performed service as the DJ of a fundraing event of a large international charity on Jan 10th Got a cheque of $10.500 for your service and $15.750 on account to be collected on Jan 31st 1 6 points On January 14th, paid a local radio 90 days (16 days in January, 28 days in February, 31 days in March and 15 days in April) of advertising for $4.725 starting on January 16th And on the same day, paid $4,725 of insurance for the months from January to March (whole month coverage for January, February, and March). On January 17th provided the music for three small events. One promised to pay the $4.200 on Feb 7th the other will pay the $4.200 by the end of January, while the third event of $5,250 will be paid on March 2nd. 01:27:24 On January 19th, hired a car painter to freshen up the look of the van (this will not change the value or the useful life of the van). The work is completed by Jan 21st Paid $1.050 on Jan 19th and paid $2,625 on Feb 19th and the rest $2,100 on March 19th On January 20th collected and paid for 800 pieces of nicely designed brochures. Total Cost $4,200. Distributed 150 brochures in January, 250 brochures In February, and 300 brochures in March. On January 23rd, two envents were served. Provided services in a morning event at local church and collected $3,150 for your service. And one big event was serviced in the afternoon, the bill of $21.000 was paid 50% before the beginning of the event and the rest will be paid in 30 days. On January 28th, received the bill from the lawyer that helped you to set up the company for $7.875 payable by Feb 15th. (Hint: treat this as an asset). You have paid the bill on time. On January 29th, received a deposit of $9,450 for servicing a fund raising event in February, and received a deposit of $15,750 for servicing a wedding in March. 1 On January 31st, collect $15,750 from the event on January 10th and got a phone call indicating the $4,200 owed for the January 17th event will be paid sometime in February. Bank changes monthly service fee of $525, and in addition, bank charges 6% per year for interest on start up loan, both fees will be automatically deducted from chequing account at the end of each month. 6 points Declared dividends to yourself of $100 per 1,000 shares on January 31st all dividends declared in the current month will be paid in the next month. 8 01:27:15 Required: 1. Prepare the statement of proof of cash by January 31st 2. Prepare the Income Statement (accrual accounting) for the Month of January 3. Prepare the Balance Sheet (accrual accounting) as of January 31st Required 1 Required 2 Required 3 1 Prepare the Balance Sheet (accrual accounting) as of January 31 st. (Round your answers to 2 decimal places. Negative amounts should be indicated by a minus sign. Leave no cells blank - be certain to enter "0" wherever required.) Amount 6 points Current Assets Cash 01:26:46 Accounts Receivable Prepaid Rent Prepaid Advertising Prepaid Insurance Prepaid Brochures Music files Van Repair Non current assets: Organization Costs Van Accumulated Depreciation - Van Music equipment Accumulated Depreciation - Equipment Total assets Liabilities: MC