Complete this question by entering your answers in the tabs below. Prepare the income Statement (accrual basis) for the Month of July. (Rlound your answers to 2 decimel places, Leave no cells blank- be certain to enter "0" wherever required.) Prepare the statement of proof of cash by July 31st. (Round your answers to 2 decimal places, Leave no cells blank - be certain to enter " 0 " wherever required.) At General Drinks you ordered on account a total of 135 cases of soft drinks per month, to be delivered on the first of each month, for a $3.9 a case. Payment for the total of four months is due on June 30th. At the end of the month there were 6 coses in inventory You spoke to the owner of the local bakery to source Crolssants and other assorted baked goods to sell for the funclraiser. You agreed on daily deliverles on Fridays, Saturdays and Sundays for a total of 405 units per month. You will pay $1.0 for each item on the last doy of the month. If demand is high, you will phone the bakery and more units wil be delivered on site after spm for free. When needed you go to the local supermarket to purchase Coffee Creamer, Sugar and Mik, paying \$135 cash during the month. Ail is used in the monsh. Every Friday morning you start setting everything up. You have been lucky to recrut other volunteers that wil help you set up, manage and dismantle the booth every weekend. You got a schedule thatguatantees a minimum of 2 people in the booth at any time. The events during July were succestful, everything was sold with only six full coses of soft drinks left. Soles of hems for the month was $5,400, there was a donation jor that hod $1,620 which was deposited at month end in the bank. The cash odvance will be returned on September 10th together with the total funds raised in the summer. To solve the problem assume the opening balance for the month is $3,780 for cash, $1,215 for Coffee, coffee cups and lids and $2,065.50 for retained earnings. The opening balance of Bevereges inventory is zero. Required: 1. Prepare the statement of proof of cash by July 31st 2. Prepare the income Statement (accrual basis) for the Month of July, 3. Prepare the Balance Sheet (accrual basis) as of July 31tht. Complete this question by entering your answers in the tabs below. Prepare the statement of proof of cash by July 31tht. (Round your answers to 2 decimal places, Leave no cells biack - be certain to enter " 0 " wherever required.) Fundralsing Opportunity You are in your second year in the BCom progrom at York University and came back home for the summer. In post summers you have hold several part time jobs, In your spare time, you are a very octive fundraiser for Paws Support and their international missions. You had the fundraising idea of operating a booth to sell soft drinks, coffee, croissants, and other baked goods in the library park where all community events are held between May and August. They include all sorts of neighbourhood porties that showcase local street ort dealers, performers, local shoppes and artists. You approached Paws Support with the idea and o week later you got the approval to create the booth and were given a $2700 advancement to cover the start up costs. Once you got the funds on Moy 1st, planning started. Among the activities performed you got donations, permits, signage, tent, display cases, water, electrical connections and the municipal permit for the booth. One of the first steps is to pay in cash on May 1st to the Municipolity for the booth permit (cost $540 for the season, 1 day or 4 months same cont, so it is expensed in May) and cleaning fees (pay for a refundable deposit of $270 that wil be returned on August 31st if the boot receives no ticket from the municipality inspectors). You were elated because the Library will ollow your booth to conect and use the Library utilities. Watec, Drain, and Electricity connections, use and dismantle after the event had a cost of $675 per month paid in cash on the last doy of each month, first payment on May 313t. This fee includes safe storage of the booth and equipment during week days. Next stop was at Equipment Rental to rent display cases, porteble sink, warming oven, refigerator, tables, two coffee markers, and o cash register for $405 per month. For the month of May add $270 for a refundable deposit that will be reimbursed after all the equipment has been returned in good shape (rectuce the rent payable on Sep 5th, Rent is due on the ffth day of the following month (May payment and the deposir ore due on June 5th. On May 1st you ordered a Booth Tent that will last three summers (12 months) for $810 and signage for the booth for $270 that is immediotely expensed, poid for both with your MasterCard whose bolance will be due on July 2nd. A total of $2.025 has been pieorder on Moy 1st for coffee, coffee cups, lids, and stir Stix. Dellvery scheculed for Moy 10th, one third of the total purchase nas been used in the month of July. Poyment of 50s each are due on May 15th and July is th. Complete this question by entering your answers in the tabs below. Prepare the Balance Sheet (accrual basis) as of July 31tt. (Rlound your answers to 2 decimal places. Negative amounts should be indicated by a minus sign. Leave no cells blank- be certain to enter " 0 " wherever reguired.) Complete this question by entering your answers in the tabs below. Prepare the income Statement (accrual basis) for the Month of July. (Rlound your answers to 2 decimel places, Leave no cells blank- be certain to enter "0" wherever required.) Prepare the statement of proof of cash by July 31st. (Round your answers to 2 decimal places, Leave no cells blank - be certain to enter " 0 " wherever required.) At General Drinks you ordered on account a total of 135 cases of soft drinks per month, to be delivered on the first of each month, for a $3.9 a case. Payment for the total of four months is due on June 30th. At the end of the month there were 6 coses in inventory You spoke to the owner of the local bakery to source Crolssants and other assorted baked goods to sell for the funclraiser. You agreed on daily deliverles on Fridays, Saturdays and Sundays for a total of 405 units per month. You will pay $1.0 for each item on the last doy of the month. If demand is high, you will phone the bakery and more units wil be delivered on site after spm for free. When needed you go to the local supermarket to purchase Coffee Creamer, Sugar and Mik, paying \$135 cash during the month. Ail is used in the monsh. Every Friday morning you start setting everything up. You have been lucky to recrut other volunteers that wil help you set up, manage and dismantle the booth every weekend. You got a schedule thatguatantees a minimum of 2 people in the booth at any time. The events during July were succestful, everything was sold with only six full coses of soft drinks left. Soles of hems for the month was $5,400, there was a donation jor that hod $1,620 which was deposited at month end in the bank. The cash odvance will be returned on September 10th together with the total funds raised in the summer. To solve the problem assume the opening balance for the month is $3,780 for cash, $1,215 for Coffee, coffee cups and lids and $2,065.50 for retained earnings. The opening balance of Bevereges inventory is zero. Required: 1. Prepare the statement of proof of cash by July 31st 2. Prepare the income Statement (accrual basis) for the Month of July, 3. Prepare the Balance Sheet (accrual basis) as of July 31tht. Complete this question by entering your answers in the tabs below. Prepare the statement of proof of cash by July 31tht. (Round your answers to 2 decimal places, Leave no cells biack - be certain to enter " 0 " wherever required.) Fundralsing Opportunity You are in your second year in the BCom progrom at York University and came back home for the summer. In post summers you have hold several part time jobs, In your spare time, you are a very octive fundraiser for Paws Support and their international missions. You had the fundraising idea of operating a booth to sell soft drinks, coffee, croissants, and other baked goods in the library park where all community events are held between May and August. They include all sorts of neighbourhood porties that showcase local street ort dealers, performers, local shoppes and artists. You approached Paws Support with the idea and o week later you got the approval to create the booth and were given a $2700 advancement to cover the start up costs. Once you got the funds on Moy 1st, planning started. Among the activities performed you got donations, permits, signage, tent, display cases, water, electrical connections and the municipal permit for the booth. One of the first steps is to pay in cash on May 1st to the Municipolity for the booth permit (cost $540 for the season, 1 day or 4 months same cont, so it is expensed in May) and cleaning fees (pay for a refundable deposit of $270 that wil be returned on August 31st if the boot receives no ticket from the municipality inspectors). You were elated because the Library will ollow your booth to conect and use the Library utilities. Watec, Drain, and Electricity connections, use and dismantle after the event had a cost of $675 per month paid in cash on the last doy of each month, first payment on May 313t. This fee includes safe storage of the booth and equipment during week days. Next stop was at Equipment Rental to rent display cases, porteble sink, warming oven, refigerator, tables, two coffee markers, and o cash register for $405 per month. For the month of May add $270 for a refundable deposit that will be reimbursed after all the equipment has been returned in good shape (rectuce the rent payable on Sep 5th, Rent is due on the ffth day of the following month (May payment and the deposir ore due on June 5th. On May 1st you ordered a Booth Tent that will last three summers (12 months) for $810 and signage for the booth for $270 that is immediotely expensed, poid for both with your MasterCard whose bolance will be due on July 2nd. A total of $2.025 has been pieorder on Moy 1st for coffee, coffee cups, lids, and stir Stix. Dellvery scheculed for Moy 10th, one third of the total purchase nas been used in the month of July. Poyment of 50s each are due on May 15th and July is th. Complete this question by entering your answers in the tabs below. Prepare the Balance Sheet (accrual basis) as of July 31tt. (Rlound your answers to 2 decimal places. Negative amounts should be indicated by a minus sign. Leave no cells blank- be certain to enter " 0 " wherever reguired.)
