User Account

All Pages

Prepare income statement and balance sheet

Assignment Help Accounting Basics
Reference no: EM131679968

Question -

i. March 1, Chuck Branson, the owner, invested $200,000 cash to start the business.

ii. March 3, Chuck paid $44,000 (GST inclusive) to purchase equipment.

iii. March 8, Chuck purchased supplies totaling $880 (GST inclusive) on credit. The amount is due 60 days later.

iv. March 25, Chuck withdrew $2,000 for personal use.

v. March 29, Chuck received a $220 (GST inclusive) utility bill for March, to be paid in April

vi. March 30, Chuck billed clients $8,800 (GST inclusive) for services performed during the month.

vii. March 31, Depreciation of $5,500 on equipment is charged; supplies used is $300

Prepare Income statement and balance sheet.

Reference no: EM131679968

Questions Cloud

What strategies do you propose to address distractions : What strategies do you propose to address distractions, insufficient resources, poor management systems, or inadequate security practices?
Explain research project food and geography : This research assignment is designed to challenge you to be creative as well as demonstrate subject matter knowledge
Prepare contribution income statement for the year ended : Prepare contribution income statement for the year ended December 31, 2008. HINT: Use a negative sign with both "costs" answers
Explain why the change management principles discussed : Explain why the change management principles discussed in this chapter should be used when managing operating system patches.
Prepare income statement and balance sheet : March 1, Chuck Branson, the owner, invested $200,000 cash to start the business. Prepare Income statement and balance sheet
List five ideas for a worksite wellness program : List five ideas for a worksite wellness program to help employees improve their stress anxiety, fatigue, and boredom.
Percentage of fraudulent claims filed with the company : An insurance company selected a sample of 50 auto claims filed with it and investigated those claims carefully. The company found that 12% of those claims.
Personal risk for developing osteoporosis : To assess your personal risk for developing osteoporosis and bring awareness to steps you can take today to reduce those risks.
Estimate the proportion of all roulette spins on the wheel : What is the value of the point estimate of the proportion of all roulette spins on this wheel in which the ball would land in 0 or 00 slot?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Relationship between the interest rate and the npv

Evaluate the following two cash flow streams using the PP, ROI, NPV, and IRR. Assume a MARR of 8%. Plot a graph showing the relationship between the interest rate and the NPV. Provide an interpretation of your calculations and graph.

  Compute the times interest earned for weltin company

Cather Corporation has made and recorded its quarterly income tax payments. After a final review of taxes for the year, the company identifies an additional.

  What is the difference between a product and a solution and

how does market segmentation differ from market targeting? 2 in the context of marketing what is a products position?

  Discuss fraudulent behavior

Fraudulent Behavior

  Compute all of the materials and labor variances

The predetermined manufacturing overhead rate is $10 per direct labor hour ($16 Ã 1.6). Compute all of the materials and labor variances

  Diference between the common and preferred stock

Mega Inc, has common stock and 6% preferred stock outstanding as follows: Preferred stock: 10,000 shares, $100 par value, cumulative. Common stock 50,000 shares, $50 par value.

  Each department has a different overhead cost driver -

dsl company has two manufacturing departments - the machining department and the assembly department. each department

  What methods company use to determine the cost of inventory

The company uses lower of cost or market to account for its inventory. At the end of the year, do you expect the company to write its inventory down to replacement cost or net realizable value? Explain your answer.

  Analog computers needs to borrow 785000 from the midland

analog computers needs to borrow 785000 from the midland bank. the bank requires a 13 compensating balance. how much

  In chapter 16 we learned that companies under the cost

the historical cost principle states that assets should be recorded at the cost of the consideration given at the time

  On january 1 300000 of par value bonds with a carrying

on january 1 300000 of par value bonds with a carrying value of 310000 is converted to 50000 shares of 5 par value

  Determining the relevant cost

The resale value of the existing stock of the material is 5.45 per liter. New stocks of the material can be readily purchased for 6.20 per liter. What is the relevant cost of the 880 liters of the raw material when deciding how much to bid on the ..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd