Please help get this complete and correct. What is missing here?
Vanishing Games Corporation (VGC) operates a massively multiplayer online game, charging players a monthly subscription of $13. At the start of January 2018, VGC’s income statement accounts had zero balances and its balance sheet account balances were as follows:
Cash | $ | 2,230,000 | |
Accounts Receivable | 211,000 | ||
Supplies | 16,700 | ||
Equipment | 928,000 | ||
Buildings | 425,000 | ||
Land | 1,630,000 | ||
Accounts Payable | 134,000 | ||
Deferred Revenue | 132,000 | ||
Notes Payable (due 2025) | 123,000 | ||
Common Stock | 2,900,000 | ||
Retained Earnings | 2,151,700 | ||
In addition to the above accounts, VGC’s chart of accounts includes the following: Service Revenue, Salaries and Wages Expense, Advertising Expense, and Utilities Expense. The following transactions occurred during the January month:
Required:
Solution:
Assets | = | Liabilities | + | Stockholders` Equity | ||||
a | Cash | $ 71,750 | ||||||
Accounts Receivable | $ (71,750) | |||||||
b | Equipment Cash | $ 40,800 | ||||||
Cash | $ (15,600) | Notes Payable(long term) | $ 25,200 | |||||
c | Cash | $ (15,100) | Advertisement Expense | $ (15,100) | ||||
d | Supplies | $ 4,500 | Accounts payable | $ 4,500 | ||||
e | Cash | $ 220,000 | Service Revenue | $ 220,000 | ||||
f | Cash | $ (4,500) | Accounts payable | $ (4,500) | ||||
g | Cash | $ 89,700 | Service Revenue | $ 179,400 | ||||
Accounts Receivable | $ 89,700 | |||||||
h | Cash | $ (370,000) | Salaries and Wages Expense | $ (370,000) | ||||
i | Accounts payable | $ 5,750 | Utilities Expense | $ (5,750) |
Notes
1) All income are added to equity and expenses are deducted from equity.
2) Negative amount are should be in brackets.
Please help get this complete and correct. What is missing here? Vanishing Games Corporation (VGC) operates...
Can anyone solve this? Required information [The following information applies to the questions displayed below.] Vanishing Games Corporation (VGC) operates a massively multiplayer online game, charging players a monthly subscription of $13. At the start of January 2018, VGC’s income statement accounts had zero balances and its balance sheet account balances were as follows: Cash $ 2,230,000 Accounts Receivable 211,000 Supplies 16,700 Equipment 928,000 Buildings 425,000 Land 1,630,000 Accounts Payable 134,000 Deferred Revenue 132,000 Notes Payable (due 2025) 123,000 Common...
Required information [The following information applies to the questions displayed below.] Vanishing Games Corporation (VGC) operates a massively multiplayer online game, charging players a monthly subscription of $12. At the start of January 2018, VGC’s income statement accounts had zero balances and its balance sheet account balances were as follows: Cash $ 1,590,000 Accounts Receivable 245,000 Supplies 17,800 Equipment 922,000 Buildings 435,000 Land 1,250,000 Accounts Payable 137,000 Deferred Revenue 140,000 Notes Payable (due 2025) 81,000 Common Stock 2,800,000 Retained Earnings...
Vanishing Games Corporation (VGC) operates a massively multiplayer online game, charging players a monthly subscription of $10. At the start of January 2018, VGC’s income statement accounts had zero balances and its balance sheet account balances were as follows: Cash$1,810,000Accounts Receivable224,000Supplies23,400Equipment916,000Buildings446,000Land1,950,000Accounts Payable120,000Deferred Revenue91,000Notes Payable (due 2025)159,000Common Stock2,600,000Retained Earnings2,399,400 In addition to the above accounts, VGC’s chart of accounts includes the following: Service Revenue, Salaries and Wages Expense, Advertising Expense, and Utilities Expense. The following transactions occurred during the January month: Received $68,500 cash...
Required information The following information applies to the questions displayed below) Vanishing Games Corporation (VGC) operates a massively multiplayer online game, charging players a monthly subscription of $12. At the start of January 2018, VGC's income statement accounts had zero balances and its balance sheet account balances were as follows: Cash Accounts Receivable Supplies pent Building Land Accounts Payable Deferred Revenue Notes Payable due 2025) Common stock Retained Earnings $1,590.000 265,000 17,800 922.000 435,000 1,250.000 137.000 140,000 01.000 2.800,000 1,301.800...
[The following information applies to the questions displayed below. Vanishing Games Corporation (VGC) operates a massively multiplayer online game, charging players a monthly subscription of $10. At the start of January 2018, VGC's income statement accounts had zero balances and its balance sheet account balances were as follows: Cash Accounts Receivable Supplies Equipment Buildings Land Accounts Payable Deferred Revenue Notes Payable (due 2025) Common Stock Retained Earnings $2,860,000 202,000 19,200 905,000 518,000 1,100,000 143,000 110,000 69,000 2,000,000 2,482,200 In addition...
Required information The following information applies to the questions displayed below.) Vanishing Games Corporation (VGC) operates a massively multiplayer online game charging players a monthly subscription of $12. At the start of January 2018, VGC's income statement accounts had zero balances and its balance sheet account balances were as follows: Caah Accounts Receivable Supplies Equipment Marding Land Accounts Payable Deferred Revenue Notes Payable (due 2025 ) Common Stock Retained Earnings $1,590,000 245.000 17,800 922,000 435,000 1.250,00 137,600 140.000 81,000 2.800,000...
Required information [The following information applies to the questions displayed below! Vanishing Games Corporation (VGC) operates a massively multiplayer online game, charging players a monthly subscription of $12. At the start of January 2018, VGC income statement accounts had zero balances and its balance sheet account balances were as follows: Can Accounts Receivable Supplies Taipent baldin Land Accounts Payable Deferred Reven Notes Payable (due 2025) Common stock Retained Earnings $1,500,000 245.000 17.800 922.000 435,000 1.250.000 137.000 240.000 81.000 2.800.000 1,101,00...
On the right track? Vanishing Games Corporation (VGC) operates a massively multiplayer online game, charging players a monthly subscription of $13. At the start of January 2018, VGC’s income statement accounts had zero balances and its balance sheet account balances were as follows: Cash $ 2,340,000 Accounts Receivable 238,000 Supplies 17,000 Equipment 899,000 Buildings 467,000 Land 2,170,000 Accounts Payable 121,000 Deferred Revenue 121,000 Notes Payable (due 2025) 76,000 Common Stock 2,800,000 Retained Earnings 3,013,000 In addition to the above accounts,...
Vanishing Games Corporation (VGC) operates a massively multiplayer online game, charging players a monthly subscription of $11. At the start of January 2018, VGC's income statement accounts had zero balances and its balance sheet account balances were as follows: Cash Accounts Receivable Supplies Equipment Buildings Land Accounts Payable Deferred Revenue Notes Payable (due 2025) Common Stock Retained Earnings $2,150,000 203,000 19,500 881,000 512,000 1,420,000 122,000 77,000 153,000 2,100,000 2,733,500 In addition to the above accounts, VGC's chart of accounts includes...
Required information The following information applies to the questions displayed below. Vanishing Games Corporation (VG operates a massively multiplayer online game, charging players a monthly subscription of $12. At the start of January 2018, VGC's income statement accounts had zero balances and its balance sheet account balances were as follows: Cash Accounts Rece Supplies Equipment Buildings Land Accounts Payable Deferred Revenue Notes Payable (due 2025) Common Stock Retained Earning $1.599,00 245.ee 12.888 922,090 435.ee 1.250, 137.ee 140,000 81.eee 2,800.00 1...