Prepare the income statement of Blythe Spirit Consulting Inc

Assignment Help Accounting Basics
Reference no: EM132865925

Question - The following amounts summarize the financial position of Blythe Spirit Consulting, Inc. on May 31, 2020:

Cash 1300

Accounts Receivable 1000

Land 12000

Accounts Payable 8000

Common Shares 4000

Retained earnings 2300

During June 2020, the business completed these transactions:

a. Received cash of $5,000, and issued common shares.

b. Performed services for a client, and received cash of $7,600.

c. Paid $4,000 on accounts payable.

d. Purchased supplies on account, $1,500.

e. Collected cash from a customer on account, $1,000.

f. Consulted on the design of a business report, and billed the client for services rendered, $2,500.

g. Recorded the following business expenses for the month: paid office rent, $900; paid advertising, $300.

h. Declared and paid a cash dividend of $2,000.

Requirements -

1. Prepare the income statement of Blythe Spirit Consulting, Inc. for the month ended June 30, 2020. List expenses in decreasing order by amount.

2. Prepare the entity's statement of retained earnings for the month ended June 30, 2020.

3. Prepare the balance sheet of Blythe Spirit Consulting, Inc. at June 30, 2020.

4. Journalize and post transactions.

Reference no: EM132865925

Questions Cloud

Corporate and personal choices regarding the environment : Please read the case study "Corporate and Personal Choices Regarding the Environment of the Future" from the chapter 4 of the Business ethics textbook that you
Discuss shortage of staffing in healthcare : Discuss the shortage of staffing in healthcare. Which positions are in short supply, and why? What can be done to alleviate the shortage?
Compare the four categories of ebusiness models : Question 1: Compare disruptive and sustaining technologies, and explain how the Internet and WWW caused business disruption?
What is the marxist critique of capitalism : What is the Marxist critique of capitalism? Do you agree or disagree? Explain your reasoning and provide examples to support your argument.
Prepare the income statement of Blythe Spirit Consulting Inc : Prepare the income statement of Blythe Spirit Consulting, Inc. for the month ended June 30, 2020. List expenses in decreasing order by amount
Identify company stake holders : 1: Identify company stake holders and there varying interest and discuss how company goes about managing stakeholder interest in practice
Explain one of the perfect political systems of plato : Explain one of the perfect political systems of Plato, Bacon, Marx, or Skinner. Use evidence (cite sources) to support your response from assigned
How could defend the argument that re-redistricting violated : How could defend an argument that re-redistricting was not illegal, and how could you defend the argument that re-redistricting violated
Service positioning versus product process : Compare and contrast the service positioning matrix and the product process matrix in terms of their differences and similarities.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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!

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