Question

Please Answer the questions I got wrong(#5,#8,#10).

Comprehenslve Accounting Cycle Revlew 11-02 (Part Level Submisslon) Karen Noonan opened Shamrock Cleaning Services Inc. on February 1, 2022. During February, the following transactions were completed: Issued 4,200 shares of Shamrock Cleaning Services common stock for $10,920. Each share has a $1.50 par Borrowed $6,720 on a 2-year, 6% note payable. Paid $7,580 to purchase used floor and window cleaning equipment from a company going out of business ($4,050 was for the floor equipment and $3,530 for the window equipment). Paid $180 for February Internet and phone services. Purchased cleaning supplies for $820 on account. Feb. 1 1 1 Hired 4 employees. Each will be paid $400 per 5-day work week (Monday- Friday). 4 Employees wili begin working Monday, February 9. Obtained insurance coverage for $8,270 per year. Coverage runs from February 1, 2022, 5 through January 31, 2023. Karen paid $2,068 cash for the first quarter of coverage. Discussions with the insurance agent indicated that providing outside window cleaning services would cost too much to insure. Karen sold the window cleaning equipment for $3,320 cash Billed customers $3,280 for cleaning services performed through February 13, 2022. Received $468 from a customer for 4 weeks of cleaning services to begin February 21, 2022. (By paying in advance, this customer received 10 % off the normal weekly fee of $130.) Paid $250 on amount owed on cleaning supplies. Paid $3 per share to buy 250 shares of Shamrock Cleaning Services common stock from a shareholder who disagreed with management goals. The shares will be held as treasury shares. Billed customers $3,610 for cleaning services performed through February 20. Paid cash for employees' wages for 2 weeks (February 9-13 and 16-20). Collected $2,100 cash from customers billed on February 16. Paid $180 for Internet and phone services for March. Declared and paid a cash dividend of $0.30 per share. 16 17 18 20 23 24 25 27 28 un Ln

Answer 1

5) Insurance Expense:

= $2068( for quarter i.e for 3 month) ÷ 3

= $689

8) Salary and wages Expense:

= 4 employees × $400

= $1600

10) Income tax expense:

$ 3207 × 20%

= $641

Sales( $3280 + $ 3610+ 3190)	$ 10080
Less:
Utility Expense ( internet & phone)	( $180)
Salary & wages exp ( $3200 + 1600)	($4800)
Insurance Expense	( $689)
Dep. Exp	($76)
Bad Debt Exp.	($404)
Supplies Exp	($480)
Interest Expense	( $34)
Loss on disposal ( $3530 - $ 3320)	($210)
Income before tax	$3207