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| Accounting Solutions Inc | |||||||||||
| Income Statement | |||||||||||
| For the year ended December 31 | Depreciation | revised in 2020 | |||||||||
| 2018 | 2019 | 2020 | Cost | 22700 | cost | 22700+2800 | |||||
| Revenue (A) | $31,300 | $34,300 | $37,250 | Life | 5 | cost | 25500 | ||||
| Expenses | Salvage | 3950 | Accumulated | life | 6 | ||||||
| Depreciation | $9,080.00 | $5,448.00 | $3,777.78 | 1 | $9,080.00 | $9,080.00 | Salvage | 3950 | |||
| Sales tax | $1,400 | 0 | 0 | 2 | $5,448.00 | $14,528.00 | Deprec - 2020 | $3,777.78 | |||
| Repairs and Maintenance fees | $1,360 | $3,060 | $940 | 3 | $3,268.80 | $17,796.80 | Accumulated | $18,305.78 | |||
| Total Expenses (B) | $11,840.00 | $8,508.00 | $4,717.78 | ||||||||
| Net income (A-B) | $19,460.00 | $25,792.00 | $32,532.22 | ||||||||
| Accounting Solutions Inc | |||
| Statement of changes in equity | |||
| For the year ended December 31 | |||
| 2018 | 2019 | 2020 | |
| Beginning Common Stock | 0 | 60000 | 60000 |
| Issue of common stock | 60000 | 0 | 0 |
| Ending common Stock (A) | 60000 | 60000 | 60000 |
| Beginning retained earnings | 0 | 19460 | 45252 |
| Add:Net profit/(loss) for the year | 19460 | 25792 | 32532.22 |
| Ending retained earnings (B) | 19460 | 45252 | 77784.22 |
| Total Stockholders equity (A+B) | 79460 | 105252 | 137784.2 |
| Accounting Solutions Inc | Cash A/c | 2018 | 2019 | 2020 | |||||
| Balance Sheet | opening cash balance | 0 | 65840 | 97080 | |||||
| As of December 31 | Issue of common stock | 60000 | |||||||
| 2018 | 2019 | 2020 | Purchased Computer | -22700 | -2800 | ||||
| Assets | Sales tax | -1400 | |||||||
| Cash | 65840 | 97080 | 130590 | revenue | 31300 | 34300 | 37250 | ||
| Computer systems | 22700 | 22700 | 25500 | Maintenace | -1360 | -1340 | -940 | ||
| Repairs | -920 | ||||||||
| Total Assets (A) | 88540 | 119780 | 156090 | Service | -800 | ||||
| Liabilities | |||||||||
| Accumulated depreciation | 9080 | 14528 | 18305.78 | ending cash balance | 65840 | 97080 | 130590 | ||
| Stockholders Equity | |||||||||
| common stock | 60000 | 60000 | 60000 | ||||||
| Retained earnings | 19460 | 45252 | 77784.22 | ||||||
| Total Stockholders Equity | 79460 | 105252 | 137784.2 | ||||||
| Total Liabilities and Stockholders Equity (B) | 88540 | 119780 | 156090 | ||||||
| Accounting Solutions Inc | |||
| Cashflow statement | |||
| 2018 | 2019 | 2020 | |
| Beginning cash balance | 0 | 65840 | 97080 |
| Cashflow from operating activities | |||
| Sales tax | -1400 | ||
| Collected from clients | 31300 | 34300 | 37250 |
| Maintenance fees | -1360 | -3060 | -940 |
| Net Cashflow from operating activities (A) | 28540 | 31240 | 36310 |
| Cashflow from Investing activities | |||
| Computer systems | -22700 | -2800 | |
| Net Cashflow from Investing activities(B) | -22700 | 0 | -2800 |
| Cashflow from Financing activities | |||
| Issue of common stock | 60000 | ||
| Net Cashflow from Financing activities ( C) | 60000 | 0 | 0 |
| Net changes in cash (A+B+C) | 65840 | 31240 | 33510 |
| Ending cash balance (beginning + net changes) | 65840 | 97080 | 130590 |
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Required information [The following information applies to the questions displayed below.] The following transactions pertain...
Required information [The following information applies to the questions displayed below.] The following transactions pertain to...
Required information [The following information applies to the questions displayed below.] The following transactions pertain to Accounting Solutions Inc. Assume the transactions for the purchase of the computer and any capital improvements occur on January 1 each year. 2018 1. Acquired $60,000 cash from the issue of common stock 2. Purchased a computer system for $24,000. It has an estimated useful life of five years and a $3,230 salvage value. 3. Paid $1,300 sales tax on the computer system. 4....
The following transactions pertain to Accounting Solutions Inc. Assume the transactions for the purchase of the...
The following transactions pertain to Accounting Solutions Inc. Assume the transactions for the purchase of the computer and any capital improvements occur on January 1 each year. Year 1 Acquired $70,000 cash from the issue of common stock. Purchased a computer system for $22,800. It has an estimated useful life of five years and a $2,520 salvage value. Paid $1,900 sales tax on the computer system. Collected $34,590 in fees from clients. Paid $1,050 in fees for routine maintenance to...
The following transactions pertain to Accounting Solutions Inc. Assume the transactions for the purchase of the...
The following transactions pertain to Accounting Solutions Inc. Assume the transactions for the purchase of the computer and any capital improvements occur on January 1 each year. Year 1 1. Acquired $63,000 cash from the issue of common stock. 2. Purchased a computer system for $22,700. It has an estimated useful life of five years and a $2,810 salvage value. 3. Paid $2,000 sales tax on the computer system. 4. Collected $36,230 in fees from clients. 5. Pald $1.490 in...
Required Information [The following information applies to the questions displayed below.] The following transactions apply to...
Required Information [The following information applies to the questions displayed below.] The following transactions apply to Jova Company for 2018, the first year of operation: 1. Issued $10,000 of common stock for cash. 2. Recognized $210.000 of service revenue earned on account. 3. Collected $162,000 from accounts receivable. 4. Paid operating expenses of $125,000. 5. Adjusted accounts to recognize uncollectible accounts expense. Jova uses the allowance method of accounting for uncollectible accounts and estimates that uncollectible accounts expense will be...
Required information [The following information applies to the questions displayed below.] Alcorn Service Company was formed...
Required information [The following information applies to the questions displayed below.] Alcorn Service Company was formed on January 1, 2018. Events Affecting the 2018 Accounting Period 1. Acquired $75,000 cash from the issue of common stock 2. Purchased $4,200 of supplies on account. 3. Purchased land that cost $48,000 cash. 4. Paid $4,200 cash to settle accounts payable created in Event 2. 5. Recognized revenue on account of $72,000. 6. Paid $36,000 cash for other operating expenses. 7. Collected $53,000...
Required information [The following information applies to the questions displayed below.] Milea Inc. experienced the following...
Required information
[The following information applies to the questions
displayed below.]
Milea Inc. experienced the following events in 2018, its first
year of operations:
Received $15,500 cash from the issue of common stock.
Performed services on account for $45,000.
Paid the utility expense of $1,300.
Collected $31,530 of the accounts receivable.
Recorded $8,700 of accrued salaries at the end of the
year.
Paid a $1,250 cash dividend to the stockholders.
Prepare the income statement. MILEA INC. Income Statement For the...
Required information (The following information applies to the questions displayed below) Milea Inc. experienced the following...
Required information (The following information applies to the questions displayed below) Milea Inc. experienced the following events in 2018. its first year of operations: 1. Received $16.500 cash from the issue of common stock 2. Performed services on account for $45,000 3. Paid the utility expense of $1,400. 4. Collected $39,580 of the accounts receivable, 5. Recorded $7.400 of accrued salaries at the end of the year. 6. Paid a $1.250 cash dividend to the stockholders b. Prepare the income...
Required information The following information applies to the questions displayed below. Alcorn Service Company was formed...
Required information The following information applies to the questions displayed below. Alcorn Service Company was formed on January 1, 2018. Events Affecting the 2018 Accounting Period 1. Acquired $66,000 cash from the issue of common stock. 2. Purchased $2,400 of supplies on account. 3. Purchased land that cost $30,000 cash. 4. Paid $2,400 cash to settle accounts payable created in Event 2 5. Recognized revenue on account of $54,000. 6. Paid $27,000 cash for other operating expenses. 7. Collected $44,000...
Required information [The following information applies to the questions displayed below.] Leach Inc. experienced the following...
Required information
[The following information applies to the questions
displayed below.]
Leach Inc. experienced the following events for the first two
years of its operations:
2018:
Issued $10,000 of common stock for cash.
Provided $100,000 of services on account.
Provided $27,000 of services and received cash.
Collected $73,000 cash from accounts receivable.
Paid $18,000 of salaries expense for the year.
Adjusted the accounting records to reflect uncollectible
accounts expense for the year. Leach estimates that 9 percent of
the ending...
Help Required information The following information applies to the questions displayed below.) Alcorn Service Company was...
Help Required information The following information applies to the questions displayed below.) Alcorn Service Company was formed on January 1, 2018. Events Affecting the 2018 Accounting Period 1. Acquired $64,000 cash from the issue of common stock. 2. Purchased $2,000 of supplies on account. 3. Purchased land that cost $26.000 cash. 4. Paid $2,000 cash to settle accounts payable created in Event 2. 5. Recognized revenue on account of $50,000. 6. Paid $25,000 cash for other operating expenses. 7. Collected...
Required information [The following information applies to the questions displayed below.] The following transactions pertain to Accounting Solutions Inc. Assume the transactions for the purchase of the computer and any capital improvements occur on January 1 each year. 2018 1. Acquired $60,000 cash from the issue of common stock 2. Purchased a computer system for $24,000. It has an estimated useful life of five years and a $3,230 salvage value. 3. Paid $1,300 sales tax on the computer system. 4....
The following transactions pertain to Accounting Solutions Inc. Assume the transactions for the purchase of the computer and any capital improvements occur on January 1 each year. Year 1 1. Acquired $63,000 cash from the issue of common stock. 2. Purchased a computer system for $22,700. It has an estimated useful life of five years and a $2,810 salvage value. 3. Paid $2,000 sales tax on the computer system. 4. Collected $36,230 in fees from clients. 5. Pald $1.490 in...
Required Information [The following information applies to the questions displayed below.] The following transactions apply to Jova Company for 2018, the first year of operation: 1. Issued $10,000 of common stock for cash. 2. Recognized $210.000 of service revenue earned on account. 3. Collected $162,000 from accounts receivable. 4. Paid operating expenses of $125,000. 5. Adjusted accounts to recognize uncollectible accounts expense. Jova uses the allowance method of accounting for uncollectible accounts and estimates that uncollectible accounts expense will be...
Required information [The following information applies to the questions displayed below.] Alcorn Service Company was formed on January 1, 2018. Events Affecting the 2018 Accounting Period 1. Acquired $75,000 cash from the issue of common stock 2. Purchased $4,200 of supplies on account. 3. Purchased land that cost $48,000 cash. 4. Paid $4,200 cash to settle accounts payable created in Event 2. 5. Recognized revenue on account of $72,000. 6. Paid $36,000 cash for other operating expenses. 7. Collected $53,000...
Required information
[The following information applies to the questions
displayed below.]
Milea Inc. experienced the following events in 2018, its first
year of operations:
Received $15,500 cash from the issue of common stock.
Performed services on account for $45,000.
Paid the utility expense of $1,300.
Collected $31,530 of the accounts receivable.
Recorded $8,700 of accrued salaries at the end of the
year.
Paid a $1,250 cash dividend to the stockholders.
Prepare the income statement. MILEA INC. Income Statement For the...
Required information (The following information applies to the questions displayed below) Milea Inc. experienced the following events in 2018. its first year of operations: 1. Received $16.500 cash from the issue of common stock 2. Performed services on account for $45,000 3. Paid the utility expense of $1,400. 4. Collected $39,580 of the accounts receivable, 5. Recorded $7.400 of accrued salaries at the end of the year. 6. Paid a $1.250 cash dividend to the stockholders b. Prepare the income...
Required information The following information applies to the questions displayed below. Alcorn Service Company was formed on January 1, 2018. Events Affecting the 2018 Accounting Period 1. Acquired $66,000 cash from the issue of common stock. 2. Purchased $2,400 of supplies on account. 3. Purchased land that cost $30,000 cash. 4. Paid $2,400 cash to settle accounts payable created in Event 2 5. Recognized revenue on account of $54,000. 6. Paid $27,000 cash for other operating expenses. 7. Collected $44,000...
Required information
[The following information applies to the questions
displayed below.]
Leach Inc. experienced the following events for the first two
years of its operations:
2018:
Issued $10,000 of common stock for cash.
Provided $100,000 of services on account.
Provided $27,000 of services and received cash.
Collected $73,000 cash from accounts receivable.
Paid $18,000 of salaries expense for the year.
Adjusted the accounting records to reflect uncollectible
accounts expense for the year. Leach estimates that 9 percent of
the ending...
Help Required information The following information applies to the questions displayed below.) Alcorn Service Company was formed on January 1, 2018. Events Affecting the 2018 Accounting Period 1. Acquired $64,000 cash from the issue of common stock. 2. Purchased $2,000 of supplies on account. 3. Purchased land that cost $26.000 cash. 4. Paid $2,000 cash to settle accounts payable created in Event 2. 5. Recognized revenue on account of $50,000. 6. Paid $25,000 cash for other operating expenses. 7. Collected...
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