GRID IRON PREP, INC. Statement of Retained Earnings For the Month Ended January 31 |
|
Balance, January 1 |
0 |
Net income |
6213 |
Dividends declared |
0 |
Balance, January 31 |
$6213 |
Net income = (revenue – (Wages expense+ Utilities expense+ Depreciation expense+ Advertising expense+ Bad debt expense)*(1-tax rate)
Revenues = 39000-6000+9000 = $42000
Depreciation expense = ((((53000*80%)-3000)/10)+(((53000*20%)+600)*50%)))/12 = 795
Bad debt expense = 9000*3% = $270
Net income = (42000-(24000+7000+795+290+770+270))*(1-30%) = $6213
Grid Iron Prep Inc. (GIPI) is a service business incorporated in January of the current year...
Grid Iron Prep Inc. (GIPI) is a service business incorporated in January of the current year to provide personal training for athletes aspiring to play college football. The following transactions occurred during the month ended January 31. a. GIPI issued stock in exchange for $290,000 cash on 1/01 b. GIPI purchased a gymnasium building and gym equipment on 1/02 for $53,000, 80% of which related to the gymnasium and 20% to the equipment. c. GIPI paid $600 cash on 1/03...
Grid Iron Prep Inc. (GIPI) is a service business incorporated in January of the current year to provide personal training for athletes aspiring to play college football. The following transactions occurred during the month ended January 31. GIPI issued stock in exchange for $290,000 cash on 1/01. GIPI purchased a gymnasium building and gym equipment on 1/02 for $53,000, 80% of which related to the gymnasium and 20% to the equipment. GIPI paid $600 cash on 1/03 to have the...
Grid Iron Prep Inc. (GIPI) is a service business incorporated in January of the current year to provide personal training for athletes aspiring to play college football. The following transactions occurred during the month ended January 31. GIPI issued stock in exchange for $140,000 cash on 1/01. GIPI purchased a gymnasium building and gym equipment on 1/02 for $54,000, 80% of which related to the gymnasium and 20% to the equipment. GIPI paid $600 cash on 1/03 to have the...
Grid Iron Prep Inc. (GIPI) is a service business incorporated in January of the current year to provide personal training for athletes aspiring to play college football. The following transactions occurred during the month ended January 31. 1. GIPI issued stock in exchange for $100,000 cash on 1/01. 2. GIPI purchased a gymnasium building and gym equipment on 1/02 for $50,000, 80% of which related to the gymnasium and 20% to the equipment. 3. GIPI paid $260 cash on 1/03...
Grid Iron Prep Inc. (GIPI) is a service business incorporated in January of the current year to provide personal training for athletes aspiring to play college football. The following transactions occurred during the month ended January 31 a. GIPI issued stock in exchange for $100,000 cash on 1/01 b. GIPI purchased a gymnasium building and gym equipment on 1/02 for $50,000, 80% of which related to the gymnasium and 20% to the equipment. c GIPI paid $260 cash on 1/03...
I have done the journal entries, but I am not sure that they are correct. Grid Iron Prep Inc. (GIPI) is a service business incorporated in January of the current year to provide personal training for athletes aspiring to play college football. The following transactions occurred during the month ended January 31. a. GIPI issued stock in exchange for $140,000 cash on 1/01. b. GIPI purchased a gymnasium building and gym equipment on 1/02 for $54,000, 80% of which related...
GIPI will depreciate the gymnasium building using the straight-line method over 10 years with a residual value of $5,000. Gym equipment will be depreciated using the double-declining-balance method, with an estimated residual value of $4,500 at the end of its four-year useful life. Record depreciation on 1/31 equal to one-twelfth the yearly amount. Record the transaction. -The General journal below is wrong when i clicked on check answer, if someone could correct it that would be great, thank you! Grid...
Requirement General Journal General Ledger Trial Balance Income Statement Statement of Retained Earnings Balance Sheet Grid Iron Prep Inc. (GIPI) is a service business incorporated in January of the current year to provide personal training for athletes aspiring to play college football. The following transactions occurred during the month ended January 31. Prepare journal entries to record the transactions and adjustments listed in (a)-(j). Review the accounts as shown in the General Ledger and Trial Balance tabs. (If no entry...
I need help with these problems. Please help me. Thank you. General Journal tab - Prepare journal entries to record the transactions and adjustments listed in (a)-(). Review the accounts as shown in the General Ledger and Trial Balance tabs. General Ledger tab - Each journal entry is posted automatically to the general ledger. Trial Balance tab - You may view the trial balance. Income Statement tab - Use the drop-down to select the accounts properly included on the income...
I don't understand why my Accounts Receivable, Buildings and Equipment are wrong. Can somebody please help me correct this? Thank You! Grid Iron Prep Inc. (GIPI) is a service business incorporated in January of the current year to provide personal training for athletes aspiring to play college football. The following transactions occurred during the month ended January 31. a. GIPI issued stock in exchange for $160,000 cash on 1/01. b. GIPI purchased a gymnasium building and gym equipment on 1/02...