Question 5: The following account balances were taken from the financial statements of Indirect Cable Inc. as of December 31, 2019, Accounts Payable Accounts Receivable Accumulated Depreciation - Equipment Advertising Expense Cash Common Stock Dividends Equipment Land $ 34,000 39,000 8.000 10,100 68,200 69,000 8,900 134,000 163,650 Notes Payable due in 2025 Prepaid Insurance Rent Revenue Retained Earnings, 1/1/19 Salaries & Wages Expense Service Revenue Supplies Unearned Revenue Utilities Expense $ 62,000 3,500 5,000 180,000 23,900 115,400 30,250 19,900 11,800 Calculate the below totals/amounts based on the above account balances Revenues Current Assets Expenses Property, Plant & Equipment Net Income Current Liabilities Retained Earnings 12/31/2019 Long Term Liabilities Please show your work/calculations in the space below: ACCT 201 Case Fall 2019 Page 5 Question 6. In June, 2019, L&M Children's Boutique, Inc. was established in Lafayette, Louisiana, to provide designer clothing for infants and children in the Acadiana area. Bubbles Breaux and Anastasia Lee are the major stockholders in this corporation. Use the following data to prepare the journal entries for the following transactions that occurred during the month of October. June 1 3 10 Stockholders (Bubbles & Anastasia) invested $90,000 cash in the business. Purchased shelves and cash register for $25,000; paid $6,000 down and signed a 1 year 6% note for the balance. Hired Trixie Keyes as a sales person. Sold 25 pairs of designer diapers for $60 each as well as 10 summer swim sets consisting of a sun-blocking swim suit and matching hat) for $150 each. All customers paid cash at the time of service. Purchased supplies for $1,300 on account. Completed and delivered a special order of customized clothing for a 3 year old for $1,000 on account. Received $700 when a customer purchased a gift card to be used in September. Collected $600 from the transaction on October 17. Paid $6,000 for a one-year insurance policy effective July 1, 2019. Paid $1,000 rent and $800 for utilities used during the month. Paid receptionist $1,500 for July. 20 26 29 Question 5: The following account balances were taken from the financial statements of Indirect Cable Inc. as of December 31, 2019, Accounts Payable Accounts Receivable Accumulated Depreciation - Equipment Advertising Expense Cash Common Stock Dividends Equipment Land $ 34,000 39,000 8.000 10,100 68,200 69,000 8,900 134,000 163,650 Notes Payable due in 2025 Prepaid Insurance Rent Revenue Retained Earnings, 1/1/19 Salaries & Wages Expense Service Revenue Supplies Unearned Revenue Utilities Expense $ 62,000 3,500 5,000 180,000 23,900 115,400 30,250 19,900 11,800 Calculate the below totals/amounts based on the above account balances Revenues Current Assets Expenses Property, Plant & Equipment Net Income Current Liabilities Retained Earnings 12/31/2019 Long Term Liabilities Please show your work/calculations in the space below: ACCT 201 Case Fall 2019 Page 5 Question 6. In June, 2019, L&M Children's Boutique, Inc. was established in Lafayette, Louisiana, to provide designer clothing for infants and children in the Acadiana area. Bubbles Breaux and Anastasia Lee are the major stockholders in this corporation. Use the following data to prepare the journal entries for the following transactions that occurred during the month of October. June 1 3 10 Stockholders (Bubbles & Anastasia) invested $90,000 cash in the business. Purchased shelves and cash register for $25,000; paid $6,000 down and signed a 1 year 6% note for the balance. Hired Trixie Keyes as a sales person. Sold 25 pairs of designer diapers for $60 each as well as 10 summer swim sets consisting of a sun-blocking swim suit and matching hat) for $150 each. All customers paid cash at the time of service. Purchased supplies for $1,300 on account. Completed and delivered a special order of customized clothing for a 3 year old for $1,000 on account. Received $700 when a customer purchased a gift card to be used in September. Collected $600 from the transaction on October 17. Paid $6,000 for a one-year insurance policy effective July 1, 2019. Paid $1,000 rent and $800 for utilities used during the month. Paid receptionist $1,500 for July. 20 26 29