Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Utilizing the information given below generate the first 3 financial statements on the next two pages for Dec. 31 of 2016 for Billy Bob Inc.
Utilizing the information given below generate the first 3 financial statements on the next two pages for Dec. 31 of 2016 for Billy Bob Inc. Cash... ....25,000 Accounts receivable......... 10,000 Cash withdrawals by owner.... ..13,000 Owners investment..... ....180,0000 .... Service Revenue earned............... .......60,000 Rent expense... .......12,000 Prepaid insurance...... ......... 1,500 Land........... ...180,000 Salaries expense....... .....16,000 Telephone expense...... ...4,000 Computer equipment.. ........7,000 Office equipment.......... ............. .4,500 Deprec. Expense - computer equipment......2,000 Accounts payable... 3,000 Deprec. Expense - office equipment...........1,600 Notes payable... -30,000 Interest expense.... .... 1,400 44..... Interest revenue....... 5,000 ...... Utilizing the information from above information for Billy Bob Inc. and the information provided below, generate a Statement of Cash Flows on Dec. 31, 2016 on the nest page. Owners original investment was 13,500 cash and 166,500 land The rent, salaries and paid in full and 1000 cash is paid on the telephone expense with the rest on account Both the service revenue and the interest revenue have been received in cash Billy Bob Inc. paid cash for the total amount for the computer and office equipment
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started