Two methods to prepare financial statement
In accrual method matching concept is followed ,expenses and income related to period are recognized in Income statement.
In cash basis ,cash receipts and cash disbursement are recorded.
Problem 3-11 On January 1, 2017, Norma Smith and Grant Wood formed a computer sales and...
Problem 3-11 On January 1, 2017, Norma Smith and Grant Wood formed a computer sales and service company in Soapsville, Arkansas, by investing $91,468 cash. The new company, Oriole Sales and Service, has the following transactions during January. 1. Pays $12,000 in advance for 3 months’ rent of office, showroom, and repair space. 2. Purchases 44 personal computers at a cost of $1,672 each, 10 graphics computers at a cost of $2,672 each, and 29 printers at a cost of...
2. On January 1, 2020, Norma Smith and Grant Wood formed a computer sales and service company in Soapsville, Arkansas, by investing $91,772 cash. The new company, Blossom Sales and Service, has the following transactions during January. 1. Pays $9,000 in advance for 3 months' rent of office, showroom, and repair space. Purchases 43 personal computers at a cost of $1,688 each. 9 graphics computers at a cost of $2,688 each, and 28 printers at a cost of $488 each...
Problem 3-11 On January 1, 2017, Norma Smith and Grant Wood formed a computer sales and service company in Soapsvile, Arkansas, by investing $90,000 cash. The new company, Arkansas Sales and Service, has the following transactions during January. 1. Pays $6,000 in advance for 3 months' rent of office, showroom, and repair space 2. Purchases 40 personal computers at a cost of $1,500 each, 6 graphics computers at a cost of $2,500 each, and 25 printers at a cost of...
On January 1, 2020, Norma Smith and Grant Wood formed a computer sales and service company in Soapsville, Arkansas, by investing $90,936 cash. The new company, Coronado Sales and Service, has the following transactions during January. 1. Pays $9,000 in advance for 3 months’ rent of office, showroom, and repair space. 2. Purchases 42 personal computers at a cost of $1,644 each, 8 graphics computers at a cost of $2,644 each, and 27 printers at a cost of $444 each,...
On January 1, 2020, Norma Smith and Grant Wood formed a computer
sales and service company in Soapsville, Arkansas, by investing
$90,176 cash. The new company, Nash Sales and Service, has the
following transactions during January.
1.
Pays $6,000 in advance for 3 months’ rent of office, showroom,
and repair space.
2.
Purchases 42 personal computers at a cost of $1,604 each, 8
graphics computers at a cost of $2,604 each, and 27 printers at a
cost of $404 each,...
On January 1, 2020, Norma Smith and Grant Wood formed a computer sales and service company in Soapsville, Arkansas, by investing $90,708 cash. The new company, Bonita Sales and Service, has the following transactions during January. 1. Pays $6,000 in advance for 3 months’ rent of office, showroom, and repair space. 2. Purchases 44 personal computers at a cost of $1,632 each, 10 graphics computers at a cost of $2,632 each, and 29 printers at a cost of $432 each,...
View Policies Current Attempt in Progress On January 1, 2020, Norma Smith and Grant Wood formed a computer sales and service company in Soapsville, Arkansas, by investing $90,404 cash. The new company, Concord Sales and Service, has the following transactions during January 1 2. 3. Pays $12,000 in advance for 3 months' rent of office, showroom, and repair space. Purchases 45 personal computers at a cost of $1,616 each, 11 graphics computers at a cost of $2,616 each, and 30...
Question 4 of 9 3.5/7 E View Policies Show Attempt History Current Attempt in Progress 1. 2. On January 1, 2020, Norma Smith and Grant Wood formed a computer sales and service company in Soapsville, Arkansas, by investing $91,316 cash. The new company, Sheffield Sales and Service, has the following transactions during January Pays $12,000 in advance for 3 months' rent of office, showroom, and repair space. Purchases 42 personal computers at a cost of $1,664 each, 8 graphics computers...
MARTINEZ PEREZ, CONSULTING ENGINEER TRIAL BALANCE DECEMBER 31, 2017 Debit $29,500 56,400 Credit Cash Accounts Receivable Allowance for Doubtful Accounts Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Notes Payable Owner's Capital Service Revenue Rent Expense (13 months of rent) Salaries and Wages Expense Utilities Expenses Office Expense Totals $718 1,730 1,050 33,800 8,450 7,200 35,342 112,964 9,334 30,360 1,750 750 $164,674 $164,674 1. Fees received in advance from clients $6,010, which were recorded as revenue 2. Services performed for clients that...
Brian Vian owns and manages a computer repair service, following trial is the balance on December 31, 2016 (the end of its fiscal year) VIAN REPAIR SERVICE Trial Balance December 31, 2016 Debit Credit Cash Accounts Receivable 8,000 15,000 13,000 3,000 20,000 Supplies Prepaid Rent Equipment Accounts Payable Owner's Capital $19,000 40,000 $59,000 $59,000 Summarized transactions for January 2017 were as follows. 1. Advertising costs, paid in cash, $1,000. 2. Additional supplies acquired on account $4,200. 3. Miscellaneous expenses, paid...