Show journal entry and income statement

Assignment Help Managerial Accounting
Reference no: EM133003656

Question - Gonzalez Engineering completed the following transactions in the month of June. Using the following transactions, record journal entries, create financial statements, and assess the impact of each transaction on the financial statements.

Jun. 1 Maria Gonzalez, the owner, invested $108,000 cash, office equipment with a value of $7,000, and $64,000 of drafting equipment to launch the company in exchange for common stock.

Jun. 2 The company purchased land worth $51,000 for an office by paying $9,100 cash and signing a long-term note payable for $41,900.

Jun. 3 The company purchased a portable building with $53,000 cash and moved it onto the land acquired on June 2.

Jun. 4 The company paid $4,200 cash for the premium on an 18-month insurance policy.

Jun. 5 The company completed and delivered a set of plans for a client and collected $7,800 cash.

Jun. 6 The company purchased $22,400 of additional drafting equipment by paying $11,500 cash and signing a long-term note payable for $10,900.

Jun. 7 The company completed $17,200 of engineering services for a client. This amount is to be received in 30 days.

Jun. 8 The company purchased $1,350 of additional office equipment on credit.

Jun. 9 The company completed engineering services for $22,800 on credit.

Jun. 10 The company received a bill for rent of equipment that was used on a recently completed job. The $1,500 rent cost must be paid within 30 days.

Jun. 12 The company collected $8,600 cash in partial payment from the client billed on June 9.

Jun. 14 The company paid $2,000 cash for wages to a drafting assistant.

Jun. 17 The company paid $1,350 cash to settle the account payable created in on June 8.

Jun. 20 The company paid $1,025 cash for minor maintenance of its drafting equipment.

Jun. 23 The company paid $9,560 cash in dividends.

Jun. 28 The company paid $2,000 cash for wages to a drafting assistant.

Jun. 29 The company paid $2,660 cash for advertisements on the web during June.

Required - Show Journal Entry, Income Statement, St, Retained Earnings, and Balance Sheet?

Reference no: EM133003656

Questions Cloud

How much is the second payment made : Interest will be accrued at 5% compounded quarterly. How much is the second payment made 15 months from today if it pays off the remaining balance
Calculate the difference in full costing net income : Calculate the difference in full costing net income and variable costing net income without preparing either income statement
Compute the fair value of the contract : The historic rate was 1.350 while the current rate for same expiry date is 1.500. Compute the fair value of the contract
Explain what we understand by firm specific risk : (a.) Carefully show how you would derive the Security Market Line from portfolio theory. mutual fund 1
Show journal entry and income statement : Gonzalez Engineering completed the following transactions in the month of June. Show Journal Entry, Income Statement, St, Retained Earnings
Securitization facilitate market completeness : Explain how loan commitments and securitization facilitate market completeness. Why is this valuable in a return/risk context for the lender and the borrower (i
Market value of the assets of a corporation : The market value of the assets of a corporation is currently $290.0 million but the owners wish to only use as collateral a value that will result in an interes
Discuss three benefits of move to ghanaian economy : One of the most important structural changes affecting the banking community in Ghana is the drive towards consolidation. Discuss three benefits of this move to
What are the best investment options : What are the best investment options that TVA group Inc should invest in? Explain/with calculation if possible.

Reviews

Write a Review

Managerial Accounting Questions & Answers

  Compute the ending balance in work in process

Prepare a schedule reflecting the cost of each of the four jobs - prepare journal entries to record the transactions and compute the ending balance in Work in Process.

  What amount should be shown in the cash budget

What amount should be shown in the cash budget for the cash balance at the end of July? Chatelain Company is preparing its budget for the third quarter.

  What is the value of ending inventory

The company produced 37,000 units, and sold 29,000 units, leaving 8,000 units in inventory at year-end. What is the value of ending inventory

  What is total profit per product using the selling prices

What is the total profit per product using the selling prices determined in part (a)? Use negative signs with answers, if appropriate.

  What is the company nonoperating return

What is the company nonoperating return? The 2016 balance sheet of The New York Times Company shows net operating profit margin (NOPM)

  What is the stock price if the discount rate

What is the stock price if the discount rate for the stock is 10%? What is the dividend yield?

  Find what is the firms operating cash flow

If the tax rate is 30%, what is the firm's operating cash flow? (Do not round your intermediate calculations. Enter your answer in millions rounded)

  Determine the quantity variance and the cost variance

Determine the quantity variance. Ruby Company produces a chair that requires 7 yards of material per unit. The standard price of one yard

  Prepare a note that will send via email to the controller

Prepare a note that you will send via email to the controller of the company to respond to his request.

  What professional and personal traits are necessary

What professional and personal traits are necessary for the position?

  Compute the anticipated break-even sales

Philip Company,Compute the sales (in units) required to realize an operating profit of $8,000. Compute the anticipated break-even sales.

  Compute inventoriable cost per unit for january

Compute inventoriable cost per unit for January. Sales for January month totaled 88844 units with variable manufacturing costs of 7 per unit.

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