Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please check photos and answer ((( cash Basis ))) MAKE SURE TO ANSWER FIRST PAGE AS WELL (TRANSACTION PAGE) fx 1 a. 1 . b.
please check photos and answer
fx 1 a. 1 . b. C. d. . e. ABC Co. had the following transactions during January 2020: Individual deposited $50,000 into ABC Co.'s bank account in exchange for stock ABC Co. received a loan from the Bank of UIW for $500,000 ABC CO. purchased a building for $500,000 ABC Co. provides services of $50,000 to customers on account on 1/1 ABC Co. purchased a 6 month insurance policy for $12,000 ABC Co. provided services to customers for $10,000 on account ABC Co. received cash of $20,000 for services not yet provided during the month, ABC Co. paid expenses of $5,000 ABC Co. paid dividends of $5,000 ABC Co. received $10,000 for services previously provided in transaction (1) 11 f. h. i. 21 j. 24 11 0 41 HH Transactions.Cash Income Str + fx > B C D E F G H 1 2 3 4 ABC Co. Income Statement For the Period Ending Jan 31, 2020 5 6 7 8 9 10 11 12 13 14 15 16 Revenue Fees Earned (Sales) Rental Income Total Revenue Expenses Misc Expense Rent Expense Supplies Expense Interest Expense Utilities Expense Wages Expense 17 18 19 20 21 22 Total Expenses Net Income(Loss) 23 24 25 26 27 28 29 30 31 32 33 34 35 Insactions. Cash Income Stmt. Cash + B D 1 2 3 ABC Co. Statement of Retained Earnings For Period Ending Jan 31, 2020 4 5 6 7 8 9 Retained Earnings Jan 1, 2019 Add: Net Income Less: Dividends Increase in Retained Earnings Retained Earnings Jan 31, 2019 10 11 12 13 14 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 412 TH Stmt. Cash Retained Earnings.... + fx 4 B C D E F G H ABC CO. Balance Sheet As of Jan 31, 2020 Assets Cash Accounts Receivable Note Receivable Prepaid Insurance Office Equipment Supplies Land 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 Total Assets Liabilities Accounts Payable Unearned Revenue Note Payable Total Liablities Owner's Equity Capital Stock Retained Earnings Total Owner's Equity Total Liabilities & Owner's Equity II Earnings.C... Balance Sheet.Cash + ((( cash Basis )))
MAKE SURE TO ANSWER FIRST PAGE AS WELL (TRANSACTION PAGE)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started