Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Transactions during 2018 (summarized in thousands of dollars) follow: a. Borrowed $18 cash on July 1,2018 , signing a six-month note payable. b. Purchased equipment

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

Transactions during 2018 (summarized in thousands of dollars) follow: a. Borrowed $18 cash on July 1,2018 , signing a six-month note payable. b. Purchased equipment for $21 cash on July 2,2018. c. Issued additional shares of common stock for $4 on July 3 . d. Purchased software on July 4,$4 cash. e. Purchased supplies on July 5 on account for future use, $6. f. Recorded revenues on December 6 of $53, including $10 on credit and $43 received in cash. g. Recognized salaries and wages expense on December 7 of $26; paid in cash. h. Collected accounts receivable on December 8,$7. i. Paid accounts payable on December 9,$8. j. Received a $4 cash deposit on December 10 from a hospital for a contract to start January 5, 2019. Data for adjusting journal entries on December 31 : k. Amortization for 2018,$2. I. Supplies of $4 were counted on December 31, 2018. m. Depreciation for 2018,$2. n. Accrued interest of $1 on notes payable. o. Salaries and wages incurred but not yet paid or recorded, $4. p. Income tax expense for 2018 was $5 and will be paid in 2019 . 6-a. Prepare an income statement. 6-b. Prepare the statement of retained earnings. 6-c. Prepare the balance sheet. Complete this question by entering your answers i Prepare an income statement. (Enter your answers in tho 6-a. Prepare an income statement. 6-b. Prepare the statement of retained earnings. 6-c. Prepare the balance sheet. Complete this question by entering your answers Prepare the statement of retained earnings. (Enter your Complete this question by entering your answers in the tabs below

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Corporate Financial Reporting And Analysis A Global Perspective

Authors: S. David Young, Jacob Cohen, Daniel A. Bens

4th Edition

1119494575, 978-1119494577

More Books

Students also viewed these Accounting questions