Semester Case - My Assistant, Inc. 12. Paid $75 on accounts payable. 13. Paid a salary of $1,200 to W.J. 14. Repaid W.T.'s aunt $200 of the total amount owed to her. 15. On June 30, purchased $500 of equipment to assist in the comple- tion of jobs. During the last three months (April, May, and June) of the first fiscal year of operations of My Assistant, a few new types of transactions began to occur. These involve different ways the company is paying for some items, different ways the company is being paid, and the earning of inter- est. In all cases, keep in mind that economic events need to be reported when they occur (when revenues are earned and when expenses are in- curred) regardless of when cash is exchanged. Information for adjusting entries: Below are summaries of transactions completed during April-June. 16. As of June 30, determined that the social media manager is owed her scheduling fee for 10 jobs scheduled and completed over the last few days of the month. 17. Determined that there are $30 of supplies on hand at June 30. 18. The advance payment for advertising (Event 8) was paid on April 1 and was for advertising beginning that same day. 19. The advance payment received from the client (Event 9) was re- ceived on June 1. For this particular client, services are provided equally in each month. 20. Recognized $5 of accrued interest revenue. 1. Paid the social media manager the amount owed from March. 2. Collected $490 of accounts receivable from March. 3. Purchased supplies of $100 on account. 4. Received $3,600 in exchange for completing 240 jobs, less a $180 fee due to PayPal. 5. In April, May, and June completed 140 jobs on account for clients with standing appointments. Each client was billed at the rate of $15 per job. 6. Collected $1,500 of accounts receivable from April and May. 7. Purchased and used gas of $740 in order to complete jobs. 8. Paid the newspaper $600 for advertising for April - September. 9. Collected three months' worth of service fees, $174, in advance from a client with a standing appointment. Because the client is paying advance, W.T. offered a discounted rate of $14.50 per job. Services will be provided in June, July, and August. 10. Paid the social media manager $530. This amount represented her monthly fee and fee for 230 of the jobs scheduled during April, May, and June. 11. Paid friends $960 to complete 80 jobs during April, May, and June. For each of the above transactions, 1. Record the transactions in the appropriate general ledger accounts under an accounting equation. Record the amounts of revenue and expense in the Retained Earnings column. Provide the appropri- ate titles for these accounts in the last column of the table. 2. Prepare the income statement, statement of changes in stockhold- ers' equity and totals necessary for the, balance sheet and state- ment of cash flow for My Assistant, Inc. for its first fiscal year (July 1 - June 30). Assets Liabilities Item Account titles for RE Acct. Rec. $490 Cash $1,507 Ppd Ad. $0 Supp $15 Int. Rec. $0 Equip Fees Pay. $25 Stockholders Equity C. Stock RE $100 $1.687 Acct. Pay. $0 Uneorn Rev. SO Notes Pay. $200 $0 Bal. 4/1 1. 2. My Assistant, Inc. Income Statement For the Year Ending June 30 3. Revenues: 4. 5. 6. 7. 8. Total Revenues 9. Operating Expenses 10. 11 12. 13 Income Statement Work Paper: 14. 15. 1st and 2nd Qtr 3rd Qtr 4th Qtr Total 16 17. 18. Revenues: Service Revenue $8,400 $5,310 19. 20 Interest Revenue Bal. 6/30 Operating Expenses: Collection fee $ 412 $191 Gas Expense 1,025 855 Personal Svc Fee 4.560 1,295 Salary Expense 1.400 1.200 0 25 Supplies Expense Advertising Expense Total Operating Exp. 600 360 $7,997 $3,926 My Assistant, Inc. Statement of Changes in Stockholders' Equity For the Year Ending June 30 Common Stock Retained Earnings Cash Flows Work Paper: Operating Item Investing Financing Total Stockholders' Equity Rec. from customers Pd. for oper. expenses Rec. from issuance of stock Pd. for dividends Rec. from note pay. Repaid No Cash Effect note pay. Beginning Balance 7/1- $13,220 $(11,913) $0 $100 $(100) $500 $(300) Plus: 3/31 Plus: 1. 2. 3. Less: 4. Ending Balance 5. 6. 7. 8. On its balance sheet for the current year, My Assistant should report Total Assets $ Total Liabilities $ 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Totals Total Stockholders' Equity $ Total Liabilities and Stockholders' Equity $ Reconciliation: Net cash flow from operating activities Net cash flow from investing activities Net cash flow from financing activities Net change in cash Beginning cash balance Ending cash balance $ Semester Case - My Assistant, Inc. 12. Paid $75 on accounts payable. 13. Paid a salary of $1,200 to W.J. 14. Repaid W.T.'s aunt $200 of the total amount owed to her. 15. On June 30, purchased $500 of equipment to assist in the comple- tion of jobs. During the last three months (April, May, and June) of the first fiscal year of operations of My Assistant, a few new types of transactions began to occur. These involve different ways the company is paying for some items, different ways the company is being paid, and the earning of inter- est. In all cases, keep in mind that economic events need to be reported when they occur (when revenues are earned and when expenses are in- curred) regardless of when cash is exchanged. Information for adjusting entries: Below are summaries of transactions completed during April-June. 16. As of June 30, determined that the social media manager is owed her scheduling fee for 10 jobs scheduled and completed over the last few days of the month. 17. Determined that there are $30 of supplies on hand at June 30. 18. The advance payment for advertising (Event 8) was paid on April 1 and was for advertising beginning that same day. 19. The advance payment received from the client (Event 9) was re- ceived on June 1. For this particular client, services are provided equally in each month. 20. Recognized $5 of accrued interest revenue. 1. Paid the social media manager the amount owed from March. 2. Collected $490 of accounts receivable from March. 3. Purchased supplies of $100 on account. 4. Received $3,600 in exchange for completing 240 jobs, less a $180 fee due to PayPal. 5. In April, May, and June completed 140 jobs on account for clients with standing appointments. Each client was billed at the rate of $15 per job. 6. Collected $1,500 of accounts receivable from April and May. 7. Purchased and used gas of $740 in order to complete jobs. 8. Paid the newspaper $600 for advertising for April - September. 9. Collected three months' worth of service fees, $174, in advance from a client with a standing appointment. Because the client is paying advance, W.T. offered a discounted rate of $14.50 per job. Services will be provided in June, July, and August. 10. Paid the social media manager $530. This amount represented her monthly fee and fee for 230 of the jobs scheduled during April, May, and June. 11. Paid friends $960 to complete 80 jobs during April, May, and June. For each of the above transactions, 1. Record the transactions in the appropriate general ledger accounts under an accounting equation. Record the amounts of revenue and expense in the Retained Earnings column. Provide the appropri- ate titles for these accounts in the last column of the table. 2. Prepare the income statement, statement of changes in stockhold- ers' equity and totals necessary for the, balance sheet and state- ment of cash flow for My Assistant, Inc. for its first fiscal year (July 1 - June 30). Assets Liabilities Item Account titles for RE Acct. Rec. $490 Cash $1,507 Ppd Ad. $0 Supp $15 Int. Rec. $0 Equip Fees Pay. $25 Stockholders Equity C. Stock RE $100 $1.687 Acct. Pay. $0 Uneorn Rev. SO Notes Pay. $200 $0 Bal. 4/1 1. 2. My Assistant, Inc. Income Statement For the Year Ending June 30 3. Revenues: 4. 5. 6. 7. 8. Total Revenues 9. Operating Expenses 10. 11 12. 13 Income Statement Work Paper: 14. 15. 1st and 2nd Qtr 3rd Qtr 4th Qtr Total 16 17. 18. Revenues: Service Revenue $8,400 $5,310 19. 20 Interest Revenue Bal. 6/30 Operating Expenses: Collection fee $ 412 $191 Gas Expense 1,025 855 Personal Svc Fee 4.560 1,295 Salary Expense 1.400 1.200 0 25 Supplies Expense Advertising Expense Total Operating Exp. 600 360 $7,997 $3,926 My Assistant, Inc. Statement of Changes in Stockholders' Equity For the Year Ending June 30 Common Stock Retained Earnings Cash Flows Work Paper: Operating Item Investing Financing Total Stockholders' Equity Rec. from customers Pd. for oper. expenses Rec. from issuance of stock Pd. for dividends Rec. from note pay. Repaid No Cash Effect note pay. Beginning Balance 7/1- $13,220 $(11,913) $0 $100 $(100) $500 $(300) Plus: 3/31 Plus: 1. 2. 3. Less: 4. Ending Balance 5. 6. 7. 8. On its balance sheet for the current year, My Assistant should report Total Assets $ Total Liabilities $ 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. Totals Total Stockholders' Equity $ Total Liabilities and Stockholders' Equity $ Reconciliation: Net cash flow from operating activities Net cash flow from investing activities Net cash flow from financing activities Net change in cash Beginning cash balance Ending cash balance $