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11 Grid Iron Prep inc (GIP) is a service business incorporated in January of the current year to provide personal training for athietes aspiring to play college football. The following transactions occurred during the month ended January 425 a. GIP issued stock in exchange for $180,000 cash on VOI b. GIP purchased a gymnasium building and gym equipment on 1/02 for 556,000, 80% of which related to the Gymnasium and 20% to the equipment GIPI paid $500 cash on 103 to have the gym equipment refurbished before could be used d. GIPI provided $5,000 in training on 104 and expected collection in February GIP collected $44000 cash in training fees on 1/10, of which 539.000 related to January and $5.000 related to February GIPI paid $25.000 of wages and $8.500 in titles on 30 . GIDI will depreciate the gymnasium building using the reight-line method over 10 years with a residual value of $6.000 m equipment will be depreciated using the double-dedining balance method with an estimated residuale af $2.500 at the end of its four year useful life Record depreciation on 31 equal to one twelfth the yearly amount GIP received a bill on 131 for $120 for advertising done on 131 Thebit has not been paid or recorded GIP es trening method for estimating doubtful accounts and on 31. wil record an estimated 3 percent of tender 30-day od accounts as not collectible GIPTS income tax rate is 30%. Astume depreciation for tax is the same amount as depreciation for financial reporting purposes. Trcon Doner Genere Prepar journal entries to recordation and stand- cancetabur ered for a transtorvented by the dou) Vow 11 View transaction ist Journal entry worksheet 10 Statement of Requirement General General Income Retained Trial Balance Ba Journal Ledger Statement Earnings Choose the appropriate accounts to be reported on the income statement. However, you amount of the Income before Income Tax Expense and net income or loss for the period. nearest whole dollar amount.) GRID IRON PREP INC. Income Statement For the Month Ended January 31 eBook Revenue 44,000 Print 25.000 120 References Service Revenue Expenses Salaries and Wages Expenso Advertising Expense Bad Debt Expense Ultes Expense Depreciation Expense 150 8.500 811 0 34.581 $ Total Expenses Income before Income Tax Expense Income Tax Expense Net Income Trial Balance Statement of Retained Earn f. GIPI paid $25,000 of wages and $8,500 in utilities on 1/30. 9. GIPI will depreciate the gymnasium building using the straight-line method over 10 years equipment will be depreciated using the double-declining-balance method, with an estir its four-year useful life. Record depreciation on 1/31 equal to one-twelfth the yearly amou h. GIPI received a bill on 1/31 for $120 for advertising done on 1/31. The bill has not been pal 1. GIPI uses the aging method for estimating doubtful accounts and, on 1/31, will record an accounts as not collectible. J. GIPI's income tax rate is 30%. Assume depreciation for tax is the same amount as deprec Statement of General General Income Requirement Trial Balance Retained Balance SH Journal Statement Ledger Earnings Prepare the statement of retained earnings for the month ended January 31. You will need to de accounts and balances to prepare the Statement of Retained Earrings. (Round your final answer amount.) ht B Oce GRID IRON PREP, INC Statement of Retained Earnings For the Month Ended January 31 Balance, January 1 Not Income Less: Dividends Balance, January 31 o Income Statement Balance Sheet > Use the dropdowns to select the accounts properly included on the balance sheet. However, you will need of the Accounts receivable (net of Allowance for Doubtful Accounts), Buildings, Equipment (net of Accumul Common stock and Retained earnings. (Round your final answers to the nearest whole dollar amount.) GRID IRON PREP INC Balance Sheet As of January 31 Assets Current Assets Cash Accounts Receivable Total Current Assets Buildings OOK 134,000 134,000 Total Assets $ 134,000 Liabilities Current Liabilities Accounts Payable Income Tax Payable 120 0 0 120 5 180,000 Total Current Liabilities Stockholder's Equity Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity 180,000 180, 120 Statement of Requirement General General Income Retained Trial Balance Ba Journal Ledger Statement Earnings Choose the appropriate accounts to be reported on the income statement. However, you amount of the Income before Income Tax Expense and net income or loss for the period. nearest whole dollar amount.) GRID IRON PREP INC. Income Statement For the Month Ended January 31 eBook Revenue 44,000 Print 25.000 120 References Service Revenue Expenses Salaries and Wages Expenso Advertising Expense Bad Debt Expense Ultes Expense Depreciation Expense 150 8.500 811 0 34.581 $ Total Expenses Income before Income Tax Expense Income Tax Expense Net Income Trial Balance Statement of Retained Earn f. GIPI paid $25,000 of wages and $8,500 in utilities on 1/30. 9. GIPI will depreciate the gymnasium building using the straight-line method over 10 years equipment will be depreciated using the double-declining-balance method, with an estir its four-year useful life. Record depreciation on 1/31 equal to one-twelfth the yearly amou h. GIPI received a bill on 1/31 for $120 for advertising done on 1/31. The bill has not been pal 1. GIPI uses the aging method for estimating doubtful accounts and, on 1/31, will record an accounts as not collectible. J. GIPI's income tax rate is 30%. Assume depreciation for tax is the same amount as deprec Statement of General General Income Requirement Trial Balance Retained Balance SH Journal Statement Ledger Earnings Prepare the statement of retained earnings for the month ended January 31. You will need to de accounts and balances to prepare the Statement of Retained Earrings. (Round your final answer amount.) ht B Oce GRID IRON PREP, INC Statement of Retained Earnings For the Month Ended January 31 Balance, January 1 Not Income Less: Dividends Balance, January 31 o Income Statement Balance Sheet > Use the dropdowns to select the accounts properly included on the balance sheet. However, you will need of the Accounts receivable (net of Allowance for Doubtful Accounts), Buildings, Equipment (net of Accumul Common stock and Retained earnings. (Round your final answers to the nearest whole dollar amount.) GRID IRON PREP INC Balance Sheet As of January 31 Assets Current Assets Cash Accounts Receivable Total Current Assets Buildings OOK 134,000 134,000 Total Assets $ 134,000 Liabilities Current Liabilities Accounts Payable Income Tax Payable 120 0 0 120 5 180,000 Total Current Liabilities Stockholder's Equity Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity 180,000 180, 120