Reference no: EM131304405
Accounting problem -
Green Services was founded on January 2 and offers various technology services. During the first quarter of operations, the following events occurred:
a. In January, Green provided and billed clients for $42,000 of consulting services. Clients paid for these services in March.
b. In January, Green collected $25,000 from clients for services provided during the month.
c. In February, Green provided and billed clients for $45,000 of consulting services. Green collected $12,000 in February and the remaining amount in March.
d. In March, Green Collected $34,000 from clients for services provided during the month and billed clients an additional $21,000 for services provided.
e. Green pays employees at the end of each month for services provided. Monthly payroll was $12,000, $13,000 and $15,000 in January, February and March respectively.
F. Green pays it utility bills at the end of each month. Utilities bills totaled $800, $850 and $1,000 in January, February and March respectively.
G. Green hired an independent contractor who provided $1,200 of services in February. The contractor was paid in March.
Required:
1. Provide journal entries to record the transactions using the accrual method of accounting.
2. Determine Green's net income for the first quarter using the accrual method of accounting.
3. Prepare Green's Balance Sheet for the First Quarter.
4. Assuming March 31 is Green's year-end, prepare March 31 closing entries.
5. Prepare Green's March 31 statement of Retained Earnings.
6. Prepare Green's Statement March 31 statement of Cash Flows using the indirect method.
|
Plot stress strain curve by changing the tip displacement
: An elastoplastic bar is clamped at the left end, and variable displacements are applied at the right end, as shown in the table. Plot the stress-strain curve by changing the tip displacement by 1 mm increments.
|
|
What is the potential for advancement in this career
: ow much this career pays, on average, in your location.How "new" your career is to the market.How much training is generally required to enter the field in this career?What is the potential for advancement in this career.
|
|
What risk do you face from price fluctuations
: In each of the following situations, what risk do you face from price fluctuations? What would have to be true of a derivatives security if the security were to help you to hedge this risk?
|
|
How would you justify to the executive board
: How would you justify to the executive board that three levels of management should be implemented in the organization? In your initial post, please include an explanation of the function that each level performs and why it is important.
|
|
Determine green net income for the first quarter
: Green Services was founded on January 2 and offers various technology services. Determine Green's net income for the first quarter using the accrual method of accounting. Prepare Green's Balance Sheet for the First Quarter. Assuming March 31 is Green..
|
|
How might you use swaps to reduce your risk
: Suppose that you manage a bank that has made many loans at a fixed interest rate. You are worried that inflation might rise and the value of the loans will decline.
|
|
Examine the impact that the selected ethical climate has
: Examine the impact that the selected ethical climate and structure has on the organization's culture. Justify your response.
|
|
Determine the initial velocity and acceleration
: A stop watch is started as the object passes a point such that s=0 when t=0 .it takes 2 seconds for the object to travel 14 metres from the point and 5 seconds to travel 50m from the point. determine the initial velocity and acceleration.
|
|
Develop and improve competitive advantage of your country
: B301 B: Making Sense of Strategy II - Apply Diamond of National Advantage to critically analyze, compare and contrast competitiveness of your country(Bahrain, Jordan, Lebanon, Oman, Saudi Arabia, Egypt or Sudan)to that of China which is fast emergi..
|