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Part 2. Assume there were no transactions (.e., no sales or purchases) during the year 20X2 for Vandelay Industries A) Prepare the journal entry to record the depreciation for 20X2 Account title Debit Credit B) Prepare an income statement for 20x2. Note: this will be a very short income statement. Vandelay Industries Income Statement For the year ended December 31, 20X2 Less: Operating Expenses 0 C. Prepare a balance sheet for 20x2. Note: this will look similar to the balance sheet for 20X2, but there will be a few differences. Vandelay Industries Balance Sheet As of December 31, 20X2 Current Assets Cash 0 Accounts Rec. 12,000 Merchandise Inventory 3,000 Long-term Assets Computer Equipment 15,000 0 Total Assets 10 8,200 Current Liabilities Accounts Payable Stockholders' Equity Common Stock 75,000 Retained Earnings 14,000 Total Liabilities and Stockholders' Equity 89,000 97,200 Part 3. Assume that Vandelay Industries sold the computer on January 1, 20X3 for $2,000. After selling the computer, there were no other transactions during 20X3. A) Prepare the journal entry to record the sale of the computer on January 1. Account title Debit Credit B) Prepare an income statement for 20X3. Note: this will be a very short income statement. Vandelay Industries Income Statement For the year ended December 31, 20X3 $ C. Prepare a balance sheet for 20X3. Note: this will look similar to the balance sheet for 20X3, but there will be a few differences. Vandelay Industries Balance Sheet As of December 31, 20X3 Current Assets Cash 79,200 Accounts Rec. 12,000 Merchandise Inventory 3,000 94,200 Total Assets 94,200 Current Liabilities Accounts Payable Stockholders' Equity Common Stock 8,200 75,000 0 Total Liabilities and Stockholders' Equity A) B) Johnny had 2 apples at the beginning of the day. He purchased 5 during the day. At the end of the day, Johnny had I apple. How many did he eat? Johnny had I apple at the beginning of the day. He had 3 at the end of the day. Johnny bragged that he had eaten 9 apples. How many did he purchase? A company had $4,000 dollars in inventory at the beginning of year. The company purchased $8,000 dollars of inventory during the year. At the end of the year, the company had $2,000 of inventory left over. How much inventory did the company sell during the year_ C) What type of account is Cost of Goods Sold (Highlight one or delete the wrong answers)? a. Asset b. Liability c. Stockholder's Equity d. Revenue e. Expense Part 1 20x1 is the first year of operations for Vandelay Industries. Consider the following transactions: 1-Jan value) Edmunds 11th edition Reference (with Date: Transactions during 20x1 chapters) 1-Jan Acquired $75,000 cash from the issue of common stock at par value Proprietorships, Partnerships, etc. - Ch11 Paid $15,000 cash for computer (3 year useful life and no salvage Acct. Long-Term Operational Assets - Ch8 16-Feb Purchased $10,000 of inventory on account. Acct. for a Merchandising Business - Ch4 30-Mar Paid $1,800 of accounts payable. Acct. for a Merchandising Business - Ch4 Sold merchandise for $37,000 on account. The merchandise 20-Jul originally cost $7,000. Acct. for a Merchandising Business - Ch4 1-Aug Received $25,000 cash from accounts receivable Acct. for a Merchandising Business - Ch4 19-Nov Paid a dividend of $6,000 cash to the stockholders. Proprietorships, Partnerships, etc. - Ch11 31-Dec Record straight-line depreciation on computer system. Acct. Long-Term Operational Assets - Che