please i need hel with this assignment
Grid Iron Prep Inc. (GIP) is a service business incorporated in January of the current year to provide personal training for athletes aspiring to play college football. The following transactions occurred during the month ended January 31. a. GIPI issued stock in exchange for $110,000 cash on 1/01. b. GIPI purchased a gymnasium building and gym equipment on 102 for $51,000, 80% of which related to the gymnasium and 20% to the equipment C. GIPI paid $300 cash on 1/03 to have the gym equipment refurbished before it could be used. d. GIPI provided $5,000 in training on 1/04 and expected collection in February GIPI collected $37,000 cash in training fees on 1/10, of which $34,500 related to January and $2,500 related to February 1. GIPI paid $23,500 of wages and $6,000 in utilities on 130. 9. GIPI will depreciate the gymnasium building using the straight-line method over 10 years with a residual value of $2,500. Gym equipment will be depreciated using the double-declining balance method, with an estimated residual value of $2,000 at the end of its four-year useful life. Record depreciation on 1/31 equal to one-twelfth the yearly amount n. GIPI received a bill on 1/31 for $170 for advertising done on 1/31. The bill has not been paid or recorded. GIPI uses the aging method for estimating doubtful accounts and, on 1/31, will record an estimated 3 percent of its under-30-day-old accounts as not collectible. j. GIPI's income tax rate is 30%. Assume depreciation for tax is the same amount as depreciation for financial reporting purposes. Answer is not complete. General General Statement of Requirement Income Trial Balance Journal Statement Retained Balance Sheet Ledger Earnings Choose the appropriate accounts to be reported on the income statement. However, you will need to calculate and enter the amount of the Income before Income Tax Expense and net income or loss for the period. (Round your final answers to the nearest whole dollar amount.) GRIDIRON PREP INC. Income Statement For the Month Ended January 31 Revenue Service Revenue 39,500 0 Expenses Salaries and Wages Expense Utilities Expenso Depreciation Expense Advertising Expense Bad Debt Expense 23,500 6,000 757 170 150 0 $ Total Expenses Income before Income Tax Expense Income Tax Expense Net Income 1 30,577 33,005 150 32,855 Answer is not complete. General General Requirement Statement of Income Journal Trial Balance Retained Ledger Statement Balance Sheet Earnings Prepare the statement of retained earnings for the month ended January 31. You will need to determine and enter the accounts and balances to prepare the Statement of Retained Earnings. (Round your final answers to the nearest whole dollar amount.) GRID IRON PREP, INC Statement of Retained Earnings For the Month Ended January 31 Balance, January 1 Net Income Less: Dividends Balance, January 31 32,855 Income Statement Balance Sheet >
