Q Search Sheet 9+ Share AutoSum , 49 Q H Fill .00 0 Insert Delete Format .00 Conditional Format Formatting as Table Cell Styles Clear Sort & Filter Find & Select Home Insert Draw Page Layout Formulas Data Review View X Cut Calibri (Body) 11 A- A+ Wrap Text General Copy Paste = + Format Merge & Center $ B6 4 X v fx The following is a list of transactions for 2020 for Amazing Grace Event Catering: (Assume this is ABC D E F F K L M N N 12 13 a. The Does purchase a new catering van for the business by getting a loan from their bank for 14 $25,000. The Does estimate that the van will have a useful life of 60 months and at the 15 end of its useful life, the van will be worth $5,000. 16 b. John pays for insurance on the catering van in the amount of $250. L 0 Q R S T U V w Y Z AA AB AC AD AE AF AG 17 18 c. John Doe purchases catering supplies on Amazon for $500 and pays in cash. 19 20 21 22 23 d. There are several events schedule for the week so Jane Doe purchases food from a local supplier for $4,500 on account. The amount is due in 30 days 24 25 e. The first catering event is a Missions trip fundraiser at a local church on a Wednesday evening. The fee for the event is $3,700 and is paid in cash at the end of the event. $ The second event is a Gala for a local non-profit organization on a Friday evening. The fee for the event is $5,500 on account and is due in 30 days. g. The third event is a wedding on a Saturday afternoon. The fee for the event is also $5,500 on account and is due in 30 days. . 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 h. The Does hired 3 waiter for each event and promised to pay $250 per event. The Does paid the waiters the next Friday for their services. They receive payment for the wedding event from transaction f. j. At the end of the month, the Does received a bill for the utilities for the month in the amount of $1,500. The bill is due in 30 days. k. Jane pays the food supplier for the food purchased in transaction c. 42 43 44 1. Amazing Grace Event Catering paid a cash distribution to John and Jane Doe in the amount of $4,000. 45 46 m. The Does make a payment in the amount of $425 on the loan from the bank used to purchase the catering van in transaction a. 47 48 49 n. Depreciation expense on the catering van is recorded for the month (round to the nearest whole number) 50 51 52 53 54 55 Assume these transactions are recorded in chronological order. Instructions Transactions Journal Entries TAccounts Income Statement Balance Sheet Stmt of Changes in Equity Statement of Cash Flows + Ready B a + 103% Q Search Sheet Draw Page Layout Formulas Data Review View 9+ Share a Home Insert * Cut Copy Paste Format Calibri (Body) 11 A- A Wrap Text Number WO AutoSum , Fill 49 H A Merge & Center $ 7 % ) .00 0 Insert Delete Format .00 Conditional Format Formatting as Table Cell Styles Clear Sort & Filter Find & Select M35 fox B C D E F G H 1 K L M N R s T U V w X Y Z AA AB AC AD AE AF AG AH AI TACCOUNTS Accounts Receivable Catering van Accumulated Depreciation Cash 10,000 10,000 0 0 0 0 0 0 0 Accounts Payable Note Payable - Bank Cash Distributions Equity Ex 10,000 2 3 4 5 6 7 EX . 8 9 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 0 0 0 0 0 0 10,000 0 0 Revenue Cost of Goods Sold Wage Expense Insurance Expense 0 0 0 0 0 0 0 0 0 Supplies Expense Utilities Expense Depreciation Expense 0 0 0 0 0 0 0 Instructions Transactions Journal Entries T Accounts Income Statement Balance Sheet Stmt of Changes in Equity Statement of Cash Flows + Ready a + 81% Q Search Sheet Home Draw Page Layout Formulas Data Review View + Share Insert X Cut AutoSum , Calibri (Body) 11 A- A Wrap Text Number 49 Q Copy H Fill Paste A Merge & Center $ % ) 2.0 .00 .00 0 Delete Insert Conditional Format Formatting as Table Cell Styles Format Format Clear Sort & Filter Find & Select J9 ABC D 1 K L M N o O R S T U V w X Y 7 Z AA AB AC AD AE AF AG AH AI 1 2 3 E F G H AMAZING GRACE EVENT CATERING INCOME STATEMENT FOR THE MONTH ENDED JANUARY 31, 2020 4 5 6 % 0 Calculate the Gross profit % 7 8 Revenue 9 10 Cost of Goods Sold 11 12 Gross Profit 13 IT 14 Operating Expenses 14 Operat 15 Wage Expense 16 Insurance Expense . 17 / Supplies Expense 18 Utilities Expense 19 Depreciation Expense 20 Total Operating Expenses 21 22 Net Income (Loss) 23 24 25 26 0 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 Instructions Transactions Journal Entries T Accounts Income Statement Balance Sheet Stmt of Changes in Equity Statement of Cash Flows + Ready @ 1 + 100% Q Search Sheet Draw Page Layout Formulas Data Review View 9+ Share Home Insert * Cut Copy Paste Format Calibri (Body) 11 A- A - Wrap Text Number OM AutoSum , Fill A9 Q. H BI U A Merge & Center $ % ) .00 0 Insert Delete Format .00 Conditional Format Cell Formatting as Table Styles Clear Sort & Filter Find & Select J33 4 x vfx =J29+J31 ABC D E F G H 1 J K L M N o P Q R S T U V w X Y Z 1 2 3 AMAZING GRACE EVENT CATERING BALANCE SHEET JANUARY 31, 2020 4 0 0 0 5 6 Assets 7 8 Current Assets 9 Cash 10 Accounts Receivable 11 Total Current Assets 12 13 Property, Plant and Equipment 14 Catering van 15 Accumulated Depreciation 16 Net Property Plant and Equipment 17 18 Total Assets 19 20 21 Liabilities and Stockholder's Equity 22 23 Current Liabilities 24 Accounts Payable 25 26 Long-Term Liabilities 27 Note Payable - Bank 28 29 Total Liabilities 30 31 Equity 32 33 Total Liabilities and Stockholder's Equity 34 35 10.00 0 Instructions Transactions Journal Entries TAccounts Income Statement Balance Sheet Stmt of Changes in Equity Statement of Cash Flows + Select destination and press ENTER or choose Paste @ + 123% Q Search Sheet Home Draw Page Layout Formulas Data Review View 9+ Share Insert * Cut Copy 11 AutoSum , Calibri (Body) A- A Wrap Text Number 49 H Fill Paste A Merge & Center $ % ) .00 .0 Insert Delete Format .00 Format Conditional Format Formatting as Table Cell Styles Clear Sort & Filter Find & Select J13 fx ABC D E F G G H H 1 L M N 0 P o R S T v w X Y Z AA AB AC AD AE AF AG 1 2 3 AMAZING GRACE EVENT CATERING STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED DECEMBER 31, 2019 4 5 6 Equity 7 Beginning Balance 8 Equity Investment 9 Net Income (Loss) 10 Less: Cash Distributions 11 12 Total Equity 13 1. III . 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 Instructions Transactions Journal Entries T Accounts Income Statement Balance Sheet Stmt of Changes in Equity Statement of Cash Flows + Ready a + 100% Q Search Sheet Home Draw Page Layout Formulas Data Review View 9+ Share Insert X Cut 11 Calibri (Body) AutoSum , A- A Wrap Text Number 49 H Copy Fill Paste U A Merge & Center $ % ) .00 .0 Insert Delete Format .00 Format Conditional Format Formatting as Table Cell Styles Clear Sort & Filter Find & Select J7 X fox A B C D E F G G H H 1 L M N 0 P o R S T v w X Y Z Z AA AB AC AD AE AF AG 1 2 3 AMAZING GRACE EVENT CATERING STATEMENT OF CASH FLOWS FOR THE MONTH ENDED JANUARY 31, 2020 4 5 6 Operating Activities 7 Net Income (Loss) 8 Adjustments to Reconcile Net Income (Loss) to Net Cash 9 Provided by (Used in) Operating Activities 10 Depreciation Expense 11 Changes in Operating Assets and Liabilities m. 12 Accounts Receivable 13 Accounts Payable 14 Net Cash Provided by (Used in) Operating Activities 15 16 Investing Activities 17 Purchase of Catering van 18 19 Financing Activities 20 Net Borrowings from Note Payable-Bank 21 Proceeds from Equity Investment 22 Payment of Cash Dividends 23 Total Cash Provided by (Used in) Operating Activities 24 25 Net Change in Cash OM | DOO 0 0 26 0 0 27 Cash - Beginning 28 29 Cash - Ending 30 31 32 33 34 35 36 37 38 39 40 41 42 43 Instructions Transactions Journal Entries T Accounts Income Statement Balance Sheet Stmt of Changes in Equity Statement of Cash Flows + Ready @ 1 + 100%