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Please help me with a General Journal, with adjustments An adjusted trial balance Income Statement Statement of retained earnings A classified balance sheet A statement
Please help me with a
General Journal, with adjustments
An adjusted trial balance
Income Statement
Statement of retained earnings
A classified balance sheet
A statement of cash flows
Thank you for your help.
Brothers Grim began operations of their shop (Grim, Incorporated) on January 1, 2021. The annual reporting period ends December 31 . The trial balance on January 1, 2022, follows (the amounts are rounded to thousands of dollars to simplify): Transactions and events during 2022 (summarized in thousands of dollars) follow: a. Borrowed $12 cash on March 1 using a short-term note. b. Purchased land on March 2 for future building site; paid cash, $9. c. Issued additional shares of common stock on April 3 for $23. d. Purchased software on July 4,$10 cash. e. Purchased supplies on account on October 5 for future use, $18. f. Paid accounts payable on November 6,$13. g. Signed a $25 service contract on November 7 to start February 1, 2022. h. Recorded revenues of $160 on December 8 , including $40 on credit and $120 collected in cash. i. Recognized salaries and wages expense on December 9,$85 paid in cash. j. Collected accounts receivable on December 10,$24. Data for adjusting journal entries as of December 31 : k. Unrecorded amortization for the year on software, $5. I. Supplies counted on December 31, 2021, $10. m. Depreciation for the year on the equipment, $6 n. Interest of $1 to accrue on notes payable. o. Salaries and wages earned but not yet paid or recorded, $12. p. Income tax for the year was $8. It will be paid in 2022 . The Brothers Grim, Inc. recorded journal entries for transactions (a) through (j) as follows: 6. Requirement: During the year of 2023 , Brothers Grim, lnc reported net income of $3,250. The company reported the following activities: a. Increase in inventory of $310. b. Depreciation of $2,100. c. Increase of $2,080 in prepaid expenses. d. Payments of $3,700 on long-term debt. e. Purchased new spa equipment for $7,492. f. Payments on accounts payable exceeded purchases by $230. g. Collections on accounts receivable exceeded credit sales by $769. h. Issued $11,000 of common stock. Brothers Grim began operations of their shop (Grim, Incorporated) on January 1, 2021. The annual reporting period ends December 31 . The trial balance on January 1, 2022, follows (the amounts are rounded to thousands of dollars to simplify): Transactions and events during 2022 (summarized in thousands of dollars) follow: a. Borrowed $12 cash on March 1 using a short-term note. b. Purchased land on March 2 for future building site; paid cash, $9. c. Issued additional shares of common stock on April 3 for $23. d. Purchased software on July 4,$10 cash. e. Purchased supplies on account on October 5 for future use, $18. f. Paid accounts payable on November 6,$13. g. Signed a $25 service contract on November 7 to start February 1, 2022. h. Recorded revenues of $160 on December 8 , including $40 on credit and $120 collected in cash. i. Recognized salaries and wages expense on December 9,$85 paid in cash. j. Collected accounts receivable on December 10,$24. Data for adjusting journal entries as of December 31 : k. Unrecorded amortization for the year on software, $5. I. Supplies counted on December 31, 2021, $10. m. Depreciation for the year on the equipment, $6 n. Interest of $1 to accrue on notes payable. o. Salaries and wages earned but not yet paid or recorded, $12. p. Income tax for the year was $8. It will be paid in 2022 . The Brothers Grim, Inc. recorded journal entries for transactions (a) through (j) as follows: 6. Requirement: During the year of 2023 , Brothers Grim, lnc reported net income of $3,250. The company reported the following activities: a. Increase in inventory of $310. b. Depreciation of $2,100. c. Increase of $2,080 in prepaid expenses. d. Payments of $3,700 on long-term debt. e. Purchased new spa equipment for $7,492. f. Payments on accounts payable exceeded purchases by $230. g. Collections on accounts receivable exceeded credit sales by $769. h. Issued $11,000 of common stockStep by Step Solution
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