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Required information [ The following information applies to the questions dilsplayed below. ] RunHeavy Corporation ( RHC ) Is a corporation that manages a local
Required information The following information applies to the questions dilsplayed below. RunHeavy Corporation RHC Is a corporation that manages a local band. It had the following actuvitles during its first month. a RHC was formed wth an Investment of $ cash, pald in by the leader of the band on January in exchange for common stock b On January RHC purchased music equipment by paying $ cash and signing an $ promissory note payable In three years. c On January RHC booked the band for six concert events, at a price of $ each, but no cash was collected yet. d Of the slx events, four were completed between January and On January cash was collected for three of the four events. The other two bookings were for February concerts, but on January RHC collected half of the $ fee for one of them. On January RHC pald $ cash for the band's trovelrelated costs h On January RHC pald dits band members s total of $ cash for salarles and wages for the first three events As of January the band members hadn't yet been pald wages for the fourth event completed in January, but they would be pald in February at the same rate as for the tirst three events. RHC Is subJect to a tax rate on the company's income before tax. Required: a Prepare an Income statement for January a Prepare an income statement for January b Prepare a classlfied balance sheet for January Complete this question by entering your answers in the tabs below. Req Req B Prepare an income statement for January
Required information
The following information applies to the questions dilsplayed below.
RunHeavy Corporation RHC Is a corporation that manages a local band. It had the following actuvitles during its first
month.
a RHC was formed wth an Investment of $ cash, pald in by the leader of the band on January in exchange for
common stock
b On January RHC purchased music equipment by paying $ cash and signing an $ promissory note payable
In three years.
c On January RHC booked the band for six concert events, at a price of $ each, but no cash was collected yet.
d Of the slx events, four were completed between January and On January cash was collected for three of the four events.
The other two bookings were for February concerts, but on January RHC collected half of the $ fee for one of
them.
On January RHC pald $ cash for the band's trovelrelated costs
h On January RHC pald dits band members s total of $ cash for salarles and wages for the first three events
As of January the band members hadn't yet been pald wages for the fourth event completed in January, but they
would be pald in February at the same rate as for the tirst three events.
RHC Is subJect to a tax rate on the company's income before tax.
Required:
a Prepare an Income statement for January
a Prepare an income statement for January b Prepare a classlfied balance sheet for January
Complete this question by entering your answers in the tabs below.
Req
Req B
Prepare an income statement for January
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