Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help me thank you so much!! Spicewood Stables, Incorporated, was established in Dripping Springs, Texas, on April 1. The company provides stables, care for

please help me thank you so much!! image text in transcribed
image text in transcribed
Spicewood Stables, Incorporated, was established in Dripping Springs, Texas, on April 1. The company provides stables, care for animals, and grounds for riding and showing horses. You have been hired as the new assistant controller. The following transactions for April are provided for your review. a. Received contributions from investors and issued $300,000 of common stock on April 1 . b. Acquired a barn for $222,000. On April 2, the company paid half the amount in cash and signed a three-year note payable for the balance. c. Provided $16,900 in animal care services for customers on April 3, all on credit. d. Rented stables to customers who cared for their own animals; recelved cash of $19,000 on April 4 for rent earned this month. e. On April 5, recelved $1,850 cash from a customer to board her horse in May, June, and July (record as Deferred Revenue). f. Purchased and received hay and feed supplies on account on April 6 for $4,100. g. Paid \$2,000 on accounts payable on April 7 for previous purf hases. h. Received $1,300 from customers on April 8 on accounts receivable. i On April 9, prepaid a two-year insurance policy for $6,000 for coverage starting in May. 1. On April 28, paid $1,120 in cash for water and utilities used this month. k. Paid \$15,500 in wages on April 29 for work done this month. 1. Received an electric utility bill on April 30 for $2,800 for usage in Aprit; the bill will be paid next month. Required: 1. Prepare the journal entry for each of the above tronsactions. 2. Post the transaction activity from requirement 1 to the T.Accounts below. All accounts begin with zero balances because this is the first month of operations. 3. Prepare an unadjusted trial balance as of April 30. 4-a. Refer to the revenues and expenses shown on the unadjusted trial balance. Based on this information, calculate preliminary net income and net profit margin. 4-b. Determine whether the net profit margin is better or worse than the 30.0 percent earned by a close competitor. Answer is not complete. Complete this question by entering your answers in the tabs below. Prepare an unadjusted trial balance as of April 30

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Product Costing Concepts And Applications

Authors: Ralph S. Polimeni

3rd Edition

0072390840, 978-0072390841

More Books

Students also viewed these Accounting questions

Question

Did the researcher use triangulation?

Answered: 1 week ago

Question

=+How can you personalize the language?

Answered: 1 week ago

Question

=+Can your message work in another locale?

Answered: 1 week ago

Question

=+Can you create an idea that spins out?

Answered: 1 week ago