Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

urgent !!! please answer all of them in excel form, thanks. Question 11 [30 marks] - Required Hawks Management Consulting inc, prepares quarterly financial statements

urgent !!! please answer all of them in excel form, thanks.image text in transcribed

Question 11 [30 marks] - Required Hawks Management Consulting inc, prepares quarterly financial statements (le, every three months). Use the information provided to prepare: Hawks Management Consulting Inc. had the following account balances at the beginning of January 2023: 1) Joumal entries to record aW transactions and all necessary quarter end adjusting joumal entries. 18 Morks 2) T accounts for each account showing opening balances (if applicable), transactions and final talances at March 31, 2023. 5 Morkst 3) A single-step 5tatement of Income for the three months ended March 31, 2023. 3 Marks: 4) A classified Statement of Financial Position at March 31, 2023. 4 Marks- Hawks Management Consulting Inc, had the following transactions occurred during the three months ended March 31, 2023 Jan. 1 Rented an office at a monthly rent of $700. Paid the landlord $8,400 representing twelve manths rent in advance for the poriod January 1 to December 31,2023 . Jan. 1 Purchased office equiprnent for $40,000. Paid $10,000 cash and signed a note payable for 530,000 . The note payable bears interest at a rate of 8% per year. Interest is payable annually on January 1 . The note amount of $30,000 is payable on January 1,2025. Jan 31 Received $7,200 cash from a customer, Mr. Walker, as a deposit for consulting services to be performed equally in March, April, and May 2023. The consulting services were subsequently performed as scheduled. Fob. 5 Collocted $6,800 cash from a custamer for cansulting services porfarmed in December 2022.- Fab. 15 Performed consulting services in the ambunt of $5,000 for Mr. Jim Bean. Mr. Bean agreed to pay Hawks Management Consulting inc. on June 1,2023.t Feb. 25 Purchased supplies inventory for $3,300 on account. The amount is to be paid on April 20 , 2023. Feb 26 Declared and paid a dividend to shareholders of $4,000, Fob.28 Paid trade payables of $6,900. Feb 28 Performed consulting services during February 2023 for Ms. Hagerty. Ms. Hegarty had paid far the services in December 2022 by paying $8,200 in cash to Hawks Management Consulting inc, Mar. 9 Performed consulting services for Mr. Mamo and received full cash payment of $3,000. Mar. 31 Paid $3,000 in cash to employees for wages earned during the three months ended Mar. 31. 2015. The employees earned a further $2,000 ( $5,000 total) that will be paid to them in April 2023. Mar. 31 Recrived a $500 accounting bill far accaunting services recenved during the period Jan. 1 to Mar. 31. The accounting bill will be paid in April. Mar. 31 Counted supplies inventory and determined that there were $1,500 in supplies inventory remaining, Mar. 31 Recorded depreciation on the office equipment of $1200 and made other necessary quarter end adiustion entries. Jenore income towese Question 11 [30 marks] - Required Hawks Management Consulting inc, prepares quarterly financial statements (le, every three months). Use the information provided to prepare: Hawks Management Consulting Inc. had the following account balances at the beginning of January 2023: 1) Joumal entries to record aW transactions and all necessary quarter end adjusting joumal entries. 18 Morks 2) T accounts for each account showing opening balances (if applicable), transactions and final talances at March 31, 2023. 5 Morkst 3) A single-step 5tatement of Income for the three months ended March 31, 2023. 3 Marks: 4) A classified Statement of Financial Position at March 31, 2023. 4 Marks- Hawks Management Consulting Inc, had the following transactions occurred during the three months ended March 31, 2023 Jan. 1 Rented an office at a monthly rent of $700. Paid the landlord $8,400 representing twelve manths rent in advance for the poriod January 1 to December 31,2023 . Jan. 1 Purchased office equiprnent for $40,000. Paid $10,000 cash and signed a note payable for 530,000 . The note payable bears interest at a rate of 8% per year. Interest is payable annually on January 1 . The note amount of $30,000 is payable on January 1,2025. Jan 31 Received $7,200 cash from a customer, Mr. Walker, as a deposit for consulting services to be performed equally in March, April, and May 2023. The consulting services were subsequently performed as scheduled. Fob. 5 Collocted $6,800 cash from a custamer for cansulting services porfarmed in December 2022.- Fab. 15 Performed consulting services in the ambunt of $5,000 for Mr. Jim Bean. Mr. Bean agreed to pay Hawks Management Consulting inc. on June 1,2023.t Feb. 25 Purchased supplies inventory for $3,300 on account. The amount is to be paid on April 20 , 2023. Feb 26 Declared and paid a dividend to shareholders of $4,000, Fob.28 Paid trade payables of $6,900. Feb 28 Performed consulting services during February 2023 for Ms. Hagerty. Ms. Hegarty had paid far the services in December 2022 by paying $8,200 in cash to Hawks Management Consulting inc, Mar. 9 Performed consulting services for Mr. Mamo and received full cash payment of $3,000. Mar. 31 Paid $3,000 in cash to employees for wages earned during the three months ended Mar. 31. 2015. The employees earned a further $2,000 ( $5,000 total) that will be paid to them in April 2023. Mar. 31 Recrived a $500 accounting bill far accaunting services recenved during the period Jan. 1 to Mar. 31. The accounting bill will be paid in April. Mar. 31 Counted supplies inventory and determined that there were $1,500 in supplies inventory remaining, Mar. 31 Recorded depreciation on the office equipment of $1200 and made other necessary quarter end adiustion entries. Jenore income towese

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions