there's 2 questions Kissick Co balance sheet and balance statement is one of the question. question #2 has 7 parts.
Following are the transactions and adjustments that occurred during the rst year of operations at Kissick Co. Issued 196,000 shares of $6-parvalue common stock for $1,176,000 in cash. Borrowed $510,000 from Oglesby National Bank and signed a 10% note due in three years. Incurred and paid $410,000 in salaries for the year. Purchased $720,000 of merchandise inventory on account during the year. Sold inventory costing $580,000 for a total of $910,000, all on credit. Paid rent of $110,000 on the sales facilities during the rst 11 months of the year. Purchased $180,000 of store equipment, paying $51,000 in cash and agreeing to pay the difference within 90 days. Paid the entire $129,000 owed for store equipment and $630,000 of the amount due to suppliers for credit purchases previously recorded. Incurred and paid utilities expense of $38,000 during the year. . Collected $845,000 in cash from customers during the year for credit sales previously recorded. . At year-end, accrued $51,000 of interest on the note due to Oglesby National Bank. . At year-end, accrued $10,000 of pastdue December rent on the sales facilities. 3795-99-9?!\" _ I'h. _. Required: a. Prepare an income statement (ignoring income taxes) for Kissick Co's rst year of operations and a balance sheet as of the end of the year. (Hint You may nd it helpful to prepare a T-account for the Cash account since it is affected by most of the transactions.) Complete this question by entering your answers in the tabs below. Required A1 Required A2 Prepare an income statement (ignoring income taxes) for Kissick Co.'s first year of operations as of the end of the year. (Hint: You may find it helpful to prepare a T-account for the Cash account since it is affected by most of the transactions.) Required: a. Prepare an income statement (ignoring income taxes) for Kissick Co.'s rst year of operations and a balance sheet as ofthe end of the year. (Hint. You may nd it helpful to prepare a T-account for the Cash account since it is affected by most of the transactions.) Complete this question by entering your answers in the tabs below. Required A1 Required A2 % Prepare an income statement (ignoring income taxes) for Kissick Co.'s rst year of operations as of the end of the year. (Hint: You may find it helpful to prepare a Taccount for the Cash account since it is affected by most of the transactions.) Cost of goods sold Gross prot Salaries expense Rent expense Utilities expense Interest expense Required A2 > since it is affected by most of the transactions.) (Amounts to be deducted and net loss should be indicated with minus sign.) _ Accounts receivable _ Merchandise inventory Total current assets Total assets $ 0 Liabilities: Accounts payable Interest payable Rent payable Total liabilities $ 0 Stockholders' Equity: Total Stockholders' equity 0 Total liabilities and stockholders' equity $ 0 For each ofthe following situation, solve for a missing amount. In each case, there is only one debit entry and one credit entry in the account during the month. Requirement 1: 3. Accounts Receivable had a balance of $1,080 at the beginning of the month and $810 at the end of the month. Credit sales totaled $10,800 during the month. Calculate the cash collected from customers during the month, assuming that all sales were made on account b. The Supplies account had a balance of $486 at the beginning ofthe month and $657 at the end of the month. The cost of supplies used during the month was $2,106. Calculate the cost of supplies purchased during the month. c. Wages Payable had a balance of $369 at the beginning ofthe month. During the month, $3,420 of wages were paid to employees. Wages Expense accrued during the month totaled $3,690. Calculate the balance of Wages Payable at the end of the month. Requirement 2: Prepare the journal entries for the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 3 4 5 6 Record the credit sales. Note: Enter debits before credits. Event General Journal Debit Credit a1. Record entry Clear entry View general journalRequirement 2: Prepare the journal entries for the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the supplies used during the month. Note: Enter debits before credits. Event General Journal Debit Credit b2. Record entry Clear entry View general journalRequirement 2: Prepare the journal entries for the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 5 6 Record the wages accrued for the month. Note: Enter debits before credits. Event General Journal Debit Credit C1. Record entry Clear entry View general journalRequirement 2: Prepare the journal entries for the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet
