Question
Prepare the Income Statement, Statement of Shareholders' Equity, and Balance Sheet for the period ending April 30, 2016 April 1, 2016 The stockholders purchase 7,500
Prepare the Income Statement, Statement of Shareholders' Equity, and Balance Sheet for the period ending April 30, 2016
April 1, 2016 | The stockholders purchase 7,500 shares of $10 par value stock. Total cash received is $75,000. | |
April 1, 2016 | The company took a $30,000 business loan from a local bank. The loan is | |
"interest only" loan for three years at a fixed rate of 10%. A ballon payment of the | ||
principal will be due in 3 years. The montly interest payment is due by the 10th | ||
of the following month. | ||
April 1, 2016 | Management rents a combination office and garage facility for $1,000 per month and pays | |
April 1, 2016 | Purchased a truck valued at $45,000 with a $15,000 down payment and a 4-year $30,000 note payable | |
April 1, 2016 | Purchased used equipment and trailers for $25,000 cash. The equipment and trailers have a 5-year useful life | |
April 2, 2016 | Purchased on account Lawn & Garden Supplies in the amount of $6,000 from Wintergreen Garden Center. | |
April 4, 2016 | Dorsey contracted with two local businesses, Preston Hill B & B and Grace's Diner to provide monthly llandscaping service at a rate | |
of $650 per month. Dorsey Landscape will bill the businesses at the end of each month. | ||
April 6, 2016 | Purchased $500 of office supplies on account from ABC Office Supply. | |
April 8, 2016 | Paid invoice from Insurance company for 4 months of coverage beginning April 1, 2015 | |
April 10, 2016 | Receipts of cash from landscaping services in the amount of $5,200 were deposited to bank. | |
April 14, 2016 | Paid 1/2 of amount owed to Wintergreen Garden Center. | |
April 16, 2016 | Paid $1,200 in wage expense for the period April 1 - April 15, 2015. | |
Aprl 19, 2016 | Paid ABC Office Supply invoice for purchases on April 6, 2016. | |
April 20, 2016 | Received $7,500 in cash and checks for landscaping services rendered. | |
April 24, 2016 | Returned $500 worth of lawn and garden supplies to Wintergreen Garden Center and received | |
credit on account. | ||
April 25, 2016 | Received $1,000 advance deposit from customer for landscaping work to be stared in May 2016. | |
April 28, 2016 | Paid remaining balance owed to Wintergreen Garden Center. | |
April 30, 2016 | Truck Payment # 1 - Total $690.88 (Principal = $565.88; Interest = $125.00) | |
April 30, 2016 | Paid $1,400 in wages expense for the period April 16 - April 30, 2016. | |
April 30, 2016 | Pay credit card in full with the following charges incurred in April 2016: Gasoline - $625; Equipment | |
April 30, 2016 | Sent invoices to Grace's Diner and Preston Hill B & B for monthly lawn service. | |
April 30, 2016 | Paid dividends to shareholders in the amount of $500. |
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