The following events apply to Paradise Vacations's first year of operations: 1. Acquired $36,000 cash from...

Question

Question

The following events apply to Paradise Vacationss first year of operations: 1. Acquired $36,000 cash from the issue of commo

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

	PARADISE VACATIONS
	INCOME STATEMENT
	Revenue		44,350.00


	Expense:-
	Supplies	1,600.00
Less:	Closing supplies	- 310.00
	Other operating expense	14,900.00
	Office space rent(6120*2/12)	1,020.00
	accrued salaries	5,200.00

	Total expense		22,410.00

	Net income		21,940.00

Add a comment

Answer 2

Similar Homework Help Questions

The following events apply to Paradise Vacations's first year of operations: 1. Acquired $36,000 cash from...

The following events apply to Paradise Vacations's first year of operations: 1. Acquired $36,000 cash from the issue of common stock on January 1, 2018. 2. Purchased $1,600 of supplies on account. 3. Paid $6,120 cash in advance for a one-year lease on office space. 4. Earned $44,350 of revenue on account. 5. Incurred $14,900 of other operating expenses on account. 6. Collected $32,000 cash from accounts receivable. 7. Paid $9,800 cash on accounts payable. 8. Paid a $4,600 cash...
The following events apply to Paradise Vacations's first year of operations: 1. Acquired $36,000 cash from...

The following events apply to Paradise Vacations's first year of operations: 1. Acquired $36,000 cash from the issue of common stock on January 1, 2018. 2. Purchased $1,600 of supplies on account. 3. Paid $6,120 cash in advance for a one-year lease on office space. 4. Earned $44,350 of revenue on account. 5. Incurred $14,900 of other operating expenses on account. 6. Collected $32,000 cash from accounts receivable. 7. Paid $9,800 cash on accounts payable. 8. Paid a $4,600 cash...
The following events apply to Paradise Vacations's first year of operations: 1. Acquired $36,000 cash from...

The following events apply to Paradise Vacations's first year of operations: 1. Acquired $36,000 cash from the issue of common stock on January 1, 2018. 2. Purchased $1,600 of supplies on account. 3. Paid $6,120 cash in advance for a one-year lease on office space. 4. Earned $44,350 of revenue on account. 5. Incurred $14,900 of other operating expenses on account. 6. Collected $32,000 cash from accounts receivable. 7. Paid $9,800 cash on accounts payable. 8. Paid a $4,600 cash...

The following events apply to Paradise Vacations's first year of operations: 1. Acquired $36,000 cash from...

The following events apply to Paradise Vacations's first year of operations: 1. Acquired $36,000 cash from the issue of common stock on January 1, 2018. 2. Purchased $1,600 of supplies on account. 3. Paid $6,120 cash in advance for a one-year lease on office space. 4. Earned $44,350 of revenue on account. 5. Incurred $14,900 of other operating expenses on account. 6. Collected $32,000 cash from accounts receivable. 7. Paid $9,800 cash on accounts payable. 8. Paid a $4,600 cash...
The following events apply to Paradise Vacations's first year of operations: 1. Acquired $36,000 cash from...

The following events apply to Paradise Vacations's first year of operations: 1. Acquired $36,000 cash from the issue of common stock on January 1, 2018. 2. Purchased $1,600 of supplies on account. 3. Paid $6,120 cash in advance for a one-year lease on office space. 4. Earned $44,350 of revenue on account. 5. Incurred $14,900 of other operating expenses on account. 6. Collected $32,000 cash from accounts receivable. 7. Paid $9,800 cash on accounts payable. 8. Paid a $4,600 cash...
T-Accounts? Trial Balance? Income statement? Statement of changes? Balance sheet? Statement of cash flows? The following...

T-Accounts? Trial Balance? Income statement? Statement of changes? Balance sheet? Statement of cash flows? The following events apply to Paradise Vacations's first year of operations: 1. Acquired $36,000 cash from the issue of common stock on January 1, 2018. 2. Purchased $1,600 of supplies on account. 3. Paid $6,120 cash in advance for a one-year lease on office space. 4. Earned $44,350 of revenue on account. 5. Incurred $14,900 of other operating expenses on account. 6. Collected $32,000 cash from...

The following events apply to Paradise Vacations’s first year of operations: Acquired $20,000 cash from the...

The following events apply to Paradise Vacations’s first year of operations: Acquired $20,000 cash from the issue of common stock on January 1, 2018. Purchased $800 of supplies on account. Paid $4,200 cash in advance for a one-year lease on office space. Earned $28,000 of revenue on account. Incurred $12,500 of other operating expenses on account. Collected $24,000 cash from accounts receivable. Paid $9,000 cash on accounts payable. Paid a $3,000 cash dividend to the stockholders. Information for Adjusting Entries...
Events Affecting the Year 1 Accounting Period 1. Acquired $77,000 cash from the issue of common...

Events Affecting the Year 1 Accounting Period 1. Acquired $77,000 cash from the issue of common stock. 2. Purchased $4,600 of supplies on account. 3. Purchased land that cost $52,000 cash. 4. Paid $4,600 cash to settle accounts payable created in Event 2. 5. Recognized revenue on account of $76,000. 6. Paid $38,000 cash for other operating expenses. 7. Collected $55,000 cash from accounts receivable. Information for Year 1 Adjusting Entries 8. Recognized accrued salaries of $4,900 on December 31....
Colton Enterprises experienced the following events for Year 1, the first year of operation: Acquired $50,000 cash from...

Colton Enterprises experienced the following events for Year 1, the first year of operation: Acquired $50,000 cash from the issue of common stock. Paid $13,500 cash in advance for rent. The payment was for the period April 1, Year 1, to March 31, Year 2. Performed services for customers on account for $102,000. Incurred operating expenses on account of $42,500. Collected $78,000 cash from accounts receivable. Paid $36,000 cash for salary expense. Paid $34,000 cash as a partial payment on...

Colton Enterprises experienced the following events for Year 1, the first year of operation: Acquired $54,000 cash from...

Colton Enterprises experienced the following events for Year 1, the first year of operation: Acquired $54,000 cash from the issue of common stock. Paid $13,900 cash in advance for rent. The payment was for the period April 1, Year 1, to March 31, Year 2. Performed services for customers on account for $110,000. Incurred operating expenses on account of $44,500. Collected $84,000 cash from accounts receivable. Paid $40,000 cash for salary expense. Paid $35,600 cash as a partial payment on...

The following events apply to Paradise Vacations's first year of operations: 1. Acquired $36,000 cash from...

Homework Answers