Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Using the information below, 1. Prepare the general ledger 2. Prepare the multiple step income statement 3. Prepare the owner's equity statement 4. Prepare the

Using the information below,

1. Prepare the general ledger

2. Prepare the multiple step income statement

3. Prepare the owner's equity statement

4. Prepare the classified balance sheet

  1. APR-1 the JW-Corp Received $200,000 in Exchange for 40,000 shares of Common Stock.
  2. APR-1 the JW-Corp Borrowed $150,000 from US-Bank on a Note, Due in 5 Years with 8% Interest Paid Monthly.
  3. APR-2 the JW-Corp Purchased a Building for $360,000 (25 year life), with $60,000 Cash Down Payment and signed a Note with SCHWAB BANK for the Remainder Due in 10 Years with Interest Due Monthly at a 6% Rate.
  4. APR-2 the JW-Corp purchased a Delivery Truck (5 Year and 200,000 Mile Life) for $90,000 on a Note Due with FORD Corp with Interest Accrued Monthly at a 12% Rate. The Total Interest and Principal are DUE in 6 Months.
  5. APR-5 = JW-Corp received $105,000 from the TARGET Corp for BIKES we Will Deliver Later.
  6. APR-6 = JW-Corp Purchased 1500 BIKES at $88 Each on Account from SPECIALIZED Corp.
    1. FYI = JW-Corp uses a Perpetual FIFO Inventory System
  7. APR-7 = JW-Corp Purchased 2000 BIKES at $95 Each on Account from SPECIALIZED Corp.
  8. APR-10 = JW-Corp paid this Months Rent Expense of $18,000 with a Check
  9. APR-15 = JW-Corp received this Months Phone Bill from ATT for $7,000 to pay Later.
  10. APR-18 = JW-Corp received this Months Utility Bill from PGE for $8,000 to be paid Later.
  11. APR-19 = JW-Corp Sold 1000 BIKES for $210 each on account to the COSTCO Corp.
  12. APR-20 = JW-Corp Sold and Delivered 1100 BIKES for $180 each to the TARGET Corp. from the Order and Check received in Trans#5. We Billed the Customer the Remainder on Account.
  13. APR-22 = JW-Corp Paid $161,000 with a Check to SPECIALIZED Corp on Account.
  14. APR-24 = JW-Corp Sold 1200 BIKES to the COSTCO Corp for $175 each, on account.
  15. APR-25 = JW-Corp received a check from COSTCO Corp for $233,000 on account.
  16. APR-26 = JW-Corp paid $29,000 for Current Months Salaries with a Check.
  17. APR-27= JW-Corp bought Back 5,000 Shares of Common Stock from Investors for $3.00 per Share with Electronic Transfers of Cash to the Stock Brokerage Firm.
  18. APR-28 = JW-Corp Paid Dividends of $2.20 per Share to Current Shareholders via EFT.
  19. APR-29 = JW-Corp Recorded the Following Items from the monthly Bank Reconciliation.
    1. Bank Fees Expense of $400, Investment Income of $1,400
  20. APR-30 = JW-Corp Recorded the Estimated Allowance for Un-collectible accounts at 5.00% of The Month End TOTAL Accounts Receivable Balance.
  21. APR-30 = JW-Corp recorded one month of Interest Expense Paid on the US BANK Loan. Tr#2
  22. APR-30 = JW-Corp recorded one month of Interest Expense Paid to Schwab Bank. Tran#3
  23. APR-30 = JW-Corp recorded one month of Interest Expense PAYABLE to Ford Later. Tran#4
  24. APR-30 = JW-Corp recorded Depreciation Expense on the Building (Tran#3) for the Month using the Straight-Line Method.
  25. APR-30 = JW-Corp recorded Depreciation Expense on the Truck (Tran#4) Using the Units-of Production-Activity Method. The Truck was Driven 12,000 Miles during the Month.
  26. APR-30 = JW-Corp Recorded Income Tax Expense Payable for the Month, at 30% Tax Rate.

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_2

Step: 3

blur-text-image_3

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

Gleim CIA Review Part 3 Internal Audit Knowledge Elements

Authors: Irvin N. Gleim

2018 Edition

1618541153, 978-1618541154

More Books

Students also viewed these Accounting questions

Question

Explain the steps involved in training programmes.

Answered: 1 week ago

Question

d. Who are important leaders and heroes of the group?

Answered: 1 week ago