Tell me Share Con Paste B Dictate Se Pine AutoSave Suso = 4_reed_sons_assignment Saved to my Mac Home Insert Draw Design Layout References Mailings Review >> X Calibri (Bo... - A Aa EEE A I U obxX ALA a 211 Styles Styles Module 4 Assignment Record the transactions listed below in the Module 4 Assignment Workbook. Reed & Sons Painters has a balance sheet at December 31, 2016 as follows. Cash $12,000 Accounts Receivable 3,000 Inventory 5,000 Prepaid Rent 9,000 Current Assets 29,000 Equipment 27,000 Accumulated Depreciation (6,750) Equipment, Net 20,250 Noncurrent Assets 20,250 Total Assets 49,250 Accounts Payable 8,240 Wages Payable 1,000 Current Liabilities 9,240 Loans Payable 13,000 Noncurrent Liabilities 13,000 Total Liabilities 22,240 Common Stock 10,500 16,510 Retained Earnings Total Shareholders' Equity 27,010 49,250 Total Liabilities and Shareholders' Equity A Focus Page 1 of 3 English (United States) AutoSave CEF B65 Q 4_feed_sons_assignment - Saved to my Mac References Mailings Review >> Tell me ame Insert Draw Design Layout Share Comments Calibri (Bo.. - A A B I J v x x ALA A. aste Dictate Styles Styles Pane Sensitivity SCHOOL OF BUSINESS ACCT6374 Financial Accounting Reed & Sons entered into the following transactions during 2017 1. On January 1, purchased a patent for $4,000. 2. On January 1, paid $5,000 in cash to repay part of the principal on the loan. 3. Performed painting services for customers totaling $32,500, of which $13,000 was on credit and the rest was for cash. 4. Paid cash to employees of $14,000 for wages. This cash payment included the wages payable at December 31, 2016. 5. Paid shareholders a cash dividend totaling $3,800. 6. Collected $3,000 from customers for services to be delivered in a future period. 7. Sold painting supplies to customers for $7,250 cash. The cost of the inventory sold was $3,100. 8. Collected cash from customers of $2,200 for outstanding accounts receivable. 9. Paid suppliers $1,900. 10. Issued common stock for $5,200. 11. Invested excess cash in short-term investments of $1,700. 12. Paid misc. operating expenses of $8,500. 13. Purchased inventory on credit of $2,500. 14. The equipment is depreciated over 8 years of useful life on a straight-line basis. Record the depreciation for 2017, 15. The patent is amortized over 8 years. Record amortization for 2017. It is recorded in the patent account instead of a separate accumulated amortization account. 16. The prepaid rent on the balance sheet represents rent for two years for the rental period beginning on January 1, 2017. Record the rent that was consumed during 2017. 17. The interest rate on the remaining balance in loans payable is 4%, and it will be paid in January of 2018 18. $1,500 of the services related to transaction 6 were delivered by the end of the year. 19. Tax expense for the year was $3,400 and will be repaid in 2018. Directions: 1. Enter the beginning balances in the Module 4 Assignment Workbook. 2. Record the 19 transactions listed above in the template. 3. Prepare the income statement, statement of retained earnings, balance sheet, and direct cash flow statement using the template. Note: Not every row or column in the template will be used. 170) Focus Page 1 of 2 English (United States) AA38 x > fx B 1 Reed & Sons Beg Balance Sheet 1 2 3 $ 6 2 2 8 10 (4,000) (5,000) 19,500 114,000) 3.800) 13,000 3,000 7,250 12,000 3,000 5,000 9,000 27,000 (6,750) 2,200 (1,900) 12.200) 1,900 3,100 4,000 49,250 8,240 1,000 13,000 (14,000) -5000 Labels for Direct Cash Flow Statement: Operating (0) 3 Investing l)or Financing (F) 4 Cash 5 Accounts Receivable 6 Inventory 7. Prepaid Rent 8 Equipment 9. Accumulated Depreciation 10 Patents 11 Short Term Investments 12 13 14 15 16 17 Total Assets 18 AA (AL+ASE) 19 20 Accounts Payable 21 Wages Payable 22 Loans Payable 23 Unearned Revenue 24 Interest Payable 25 Taxes Payable 26 Total Liabilities 27 28 29 30 31 Common Stock 32 Retained Earnings 33 Sales 34 COGS 35 Wage Bepense 36 Operating Expenses 37 Depreciation Expense 38 Amortization Expense 39 Rent Expense 40 Interest Expense 41 Tax Expense 42 41 44 45 ge 46 Total SH Equity 47 Total Liabilities & SH Equity 3,000 22,240 10,500 16,510 5,200 (5,200) 32,500 7,250 3,100 2002 27.010 49,250 50 51 52 54 56 57 58 Tell me Share Con Paste B Dictate Se Pine AutoSave Suso = 4_reed_sons_assignment Saved to my Mac Home Insert Draw Design Layout References Mailings Review >> X Calibri (Bo... - A Aa EEE A I U obxX ALA a 211 Styles Styles Module 4 Assignment Record the transactions listed below in the Module 4 Assignment Workbook. Reed & Sons Painters has a balance sheet at December 31, 2016 as follows. Cash $12,000 Accounts Receivable 3,000 Inventory 5,000 Prepaid Rent 9,000 Current Assets 29,000 Equipment 27,000 Accumulated Depreciation (6,750) Equipment, Net 20,250 Noncurrent Assets 20,250 Total Assets 49,250 Accounts Payable 8,240 Wages Payable 1,000 Current Liabilities 9,240 Loans Payable 13,000 Noncurrent Liabilities 13,000 Total Liabilities 22,240 Common Stock 10,500 16,510 Retained Earnings Total Shareholders' Equity 27,010 49,250 Total Liabilities and Shareholders' Equity A Focus Page 1 of 3 English (United States) AutoSave CEF B65 Q 4_feed_sons_assignment - Saved to my Mac References Mailings Review >> Tell me ame Insert Draw Design Layout Share Comments Calibri (Bo.. - A A B I J v x x ALA A. aste Dictate Styles Styles Pane Sensitivity SCHOOL OF BUSINESS ACCT6374 Financial Accounting Reed & Sons entered into the following transactions during 2017 1. On January 1, purchased a patent for $4,000. 2. On January 1, paid $5,000 in cash to repay part of the principal on the loan. 3. Performed painting services for customers totaling $32,500, of which $13,000 was on credit and the rest was for cash. 4. Paid cash to employees of $14,000 for wages. This cash payment included the wages payable at December 31, 2016. 5. Paid shareholders a cash dividend totaling $3,800. 6. Collected $3,000 from customers for services to be delivered in a future period. 7. Sold painting supplies to customers for $7,250 cash. The cost of the inventory sold was $3,100. 8. Collected cash from customers of $2,200 for outstanding accounts receivable. 9. Paid suppliers $1,900. 10. Issued common stock for $5,200. 11. Invested excess cash in short-term investments of $1,700. 12. Paid misc. operating expenses of $8,500. 13. Purchased inventory on credit of $2,500. 14. The equipment is depreciated over 8 years of useful life on a straight-line basis. Record the depreciation for 2017, 15. The patent is amortized over 8 years. Record amortization for 2017. It is recorded in the patent account instead of a separate accumulated amortization account. 16. The prepaid rent on the balance sheet represents rent for two years for the rental period beginning on January 1, 2017. Record the rent that was consumed during 2017. 17. The interest rate on the remaining balance in loans payable is 4%, and it will be paid in January of 2018 18. $1,500 of the services related to transaction 6 were delivered by the end of the year. 19. Tax expense for the year was $3,400 and will be repaid in 2018. Directions: 1. Enter the beginning balances in the Module 4 Assignment Workbook. 2. Record the 19 transactions listed above in the template. 3. Prepare the income statement, statement of retained earnings, balance sheet, and direct cash flow statement using the template. Note: Not every row or column in the template will be used. 170) Focus Page 1 of 2 English (United States) AA38 x > fx B 1 Reed & Sons Beg Balance Sheet 1 2 3 $ 6 2 2 8 10 (4,000) (5,000) 19,500 114,000) 3.800) 13,000 3,000 7,250 12,000 3,000 5,000 9,000 27,000 (6,750) 2,200 (1,900) 12.200) 1,900 3,100 4,000 49,250 8,240 1,000 13,000 (14,000) -5000 Labels for Direct Cash Flow Statement: Operating (0) 3 Investing l)or Financing (F) 4 Cash 5 Accounts Receivable 6 Inventory 7. Prepaid Rent 8 Equipment 9. Accumulated Depreciation 10 Patents 11 Short Term Investments 12 13 14 15 16 17 Total Assets 18 AA (AL+ASE) 19 20 Accounts Payable 21 Wages Payable 22 Loans Payable 23 Unearned Revenue 24 Interest Payable 25 Taxes Payable 26 Total Liabilities 27 28 29 30 31 Common Stock 32 Retained Earnings 33 Sales 34 COGS 35 Wage Bepense 36 Operating Expenses 37 Depreciation Expense 38 Amortization Expense 39 Rent Expense 40 Interest Expense 41 Tax Expense 42 41 44 45 ge 46 Total SH Equity 47 Total Liabilities & SH Equity 3,000 22,240 10,500 16,510 5,200 (5,200) 32,500 7,250 3,100 2002 27.010 49,250 50 51 52 54 56 57 58