Saved Chapter 3 Homework (Algo) 6 Part 5 of 8 11 ints Problem 3-8B Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7) The following information applies to the questions displayed below.) The general ledger of Pipers Plumbing at January 1, 2021, includes the following account balances: Accounts Debits Credits Cash $ 3,750 Accounts Receivable 8,750 Supplies 2.750 Equipment 21,000 Accumulated Depreciation $ 5,000 Accounts Payable 3,000 Utilities Payable 4,000 Deferred Revenue 0 Common Stock 15,500 Retained Earnings 8,750 Totals $36,250 $36,250 eBook Print The following is a summary of the transactions for the year: 3. May 1. January 24 Provide plumbing services for cash, $12,500, and on account, $57,500. 2. March 13 Collect on accounts receivable, $45,500. 6 Issue shares of conmon stock in exchange for $10,000 cash. 4. June 38 Pay salaries for the current year, $31,500. 5. September 15 Pay utilities of $4,000 from 2020 (prior year). 6. November 24 Receive cash in advance from customers, $7,000. 7. December 30 Pay $1,500 cash dividends to stockholders. The following information is available for the adjusting entries. Depreciation for the year on the machinery is $5,000 Plumbing supplies remaining on hand at the end of the year equal $1,000. Of the $7,000 peld in advance by customers, $5,500 of the work has been completed by the end of the year. Accrued utilities at year-end amounted to $7,500. Problem 3-8B Part 8 W 6 Problem 3-8B Part 8 Part 5 of 8 8-a. Prepare an income statement for the year ended December 31, 2021. 11.11 points PIPERS PLUMBING Income Statement For the Year Ended December 31, 2021 Service Revenue eBook Print Expenses: Salaries Expense Supplies Expense Depreciation Expense Utilities Expense References Total expenses 0 8-b. Prepare a classified balance sheet for the year ended December 31, 2021. (Amounts to be deduct minus sign.) PIPERS PLUMBING Required information 5 of B 8-b. Prepare a classified balance sheet for the year ended December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.) look PIPERS PLUMBING Balance Sheet December 31, 2021 Assets Liabilities rint Current Assets Current Liabilities: Cash rences Accounts Receivable Supplies 0 0 Total current assets Long-term Assets: Total Current Liabilities Stockholder's Equity 0 Total Stockholder's Equity 0 Total Liabilities and Stockholders' Equity $ $ Total Assets 0 6 5 of 8 Required information Problem 3-8B Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7) [The following information applies to the questions displayed below.] The general ledger of Pipers Plumbing at January 1, 2021, includes the following account balances: Credits Debits $ 3,750 8,750 2,750 21, eee Book Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Utilities Payable Deferred Revenue Common Stock Retained Earnings Totals $ 5,000 3,000 4,000 @ 15,500 8,750 $36,25 $36,250 rences The following is a summary of the transactions for the year 1. January 24 Provide plumbing services for cash, $12,500, and on account, $57.500. 2. March 13 Collect on accounts receivable, $45,500. 3. May 6 Issue shares of common stock in exchange for $10,000 cash. 4. June 38 Pay salaries for the current year, $31,500. 5. September 15 Pay utilities of $4,000 from 2020 (prior year). 6. November 24 Receive cash in advance from customers, $7,000. 7. December 30 Pay $1,500 cash dividends to stockholders. The following information is available for the adjusting entries. Depreciation for the year on the machinery is $5,000. Plumbing supplies remaining on hand at the end of the year equal $1,000. Of the $7,000 paid in advance by customers, $5,500 of the work has been completed by the end of the year. Accrued utilities at year-end amounted to $7,500. ARA Prey 9 BRE Next >
