Prepare journal entry-balance sheet-income statement

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Reference no: EM131263147

Prepare journal entry, balance sheet, income statement and cash flow statement for the following city of superman for the year ended december 31, 2015 In 2015, received in cash revenues of $50,000 Sold services in 2015 of $1,000 but not received in cash until 2016 In 2015, paid payroll in cash of $7,000 In 2015, purchased $200 worth of pipe (not inventory) but did not pay for ir until 2016 In 2015, bought a truck for $5,000 in cash Depreciate the truck over 5 years (no partial year) In 2015, purchased $1,000 in marketable securities At December 31, 2015, the securities decreased in value by $100 In June 2015, sold a truck with the following attributes; Purchased in 2013 for $5,000 Accumulated depreciation as of June 2015, was $4,000 Sold the truck in June 2015 for $500 Requirements Record all journal entries as of December 31, 2015 Develop the Balance Sheet and Income Statement for 2015 Prepare the Cashflow Statement for 2015 Direct Method Reconcile cash from operations (direct method) to cash from operating activities (indirect method)

Reference no: EM131263147

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