Little Lou Company | |||||
General Ledger | |||||
Cash | |||||
Common stock | 5,000 | Advertisement | 200 | ||
Service Revenue | 2,000 | Prepaid Advt | 1,000 | ||
Unearned service revenue | 6,000 | Operating Expenses | 25,000 | ||
Service Revenue | 80,000 | Accounts payable | 1,800 | ||
Accounts Receivable | 30,000 | Dividend | 500 | ||
Notes Payable | 20,000 | ||||
Balance | 1,14,500 | ||||
Common stock | |||||
Cash | 5,000 | ||||
Balance | 5,000 | ||||
Supplies | |||||
Accounts Payable | 2,000 | Closing Inventory | 150 | ||
Balance | 1,850 | ||||
Accounts Payable | |||||
Cash | 1,800 | Supplies | 2,000 | ||
Balance | 200 | ||||
Service Revenue | |||||
Cash | 2,000 | ||||
Cash | 80,000 | ||||
Accounts Receivable | 60,000 | ||||
Balance | 1,42,000 | ||||
Accounts Receivable | |||||
Service Revenue | 60,000 | Cash | 30,000 | ||
Balance | 30,000 | ||||
Operating Expenses | |||||
Cash | 25,000 | ||||
Balance | 25,000 | ||||
Advt. | |||||
Cash | 200 | ||||
Balance | 200 | ||||
Prepaid Advt. | |||||
Cash | 1,000 | ||||
Balance | 1,000 | ||||
Unearned Service Revenue | |||||
Cash | 6,000 | ||||
Balance | 6,000 | ||||
Notes Payable | |||||
Cash | 20,000 | ||||
Balance | 20,000 | ||||
Dividend | |||||
Cash | 500 | ||||
Balance | 500 | ||||
Interest Revenue | |||||
Interest Receivable | 100 | ||||
Balance | 100 | ||||
Interest Receivable | |||||
Interest Revenue | 100 | ||||
Balance | 100 | ||||
Wages | |||||
Wages Payable | 4,200 | ||||
Balance | 4,200 | ||||
Wages Payable | |||||
Wages | 4,200 | ||||
Balance | 4,200 |
Little Lou Company | |||||
Net Income Statement for September | |||||
Service Revenue | 1,42,000 | ||||
Total Revenue | 1,42,000 | ||||
Expenses: | |||||
Supplies | 1,850 | ||||
Operating | 25,000 | ||||
Advt. | 200 | ||||
Wages | 4,200 | ||||
31,250 | |||||
Net Operating Income | 1,10,750 | ||||
Interest Revenue | 100 | ||||
Net Income | 1,10,850 |
Net income for September $110,850
Amount to Retained Earnings $110,850
Amount left in Retained Earnings after Dividend $110,350
Little Lou Company | |||||
Statement of Shareholders Equity on Sep 30 | |||||
Common Stock | RE | Total SE | |||
Beginning | 0 | ||||
Plus | 5,000 | 5000 | |||
Plus | 1,10,850 | 110850 | Net Income | ||
Less | -500 | -500 | Dividend Paid | ||
Ending | 5000 | 110350 | 115350 |
Little Lou Company | |||||
Item | Computations | Total to report $ | |||
Net Income | 142,000+100-1850-25000-4200-200 | 110,850 | |||
Total Assets | 114500+150+30000+1000+100 | 145,750 | (cash+inventory+AR+prepaid advt+Interest receivable) | ||
Total Liabilities | 200+6000+4200+20000 | 30,400 | (AP+unearned revenue+Wages payable+Loan) | ||
Total SE | 5,000+110850-500 | 115,350 | |||
Cash Flow From operating | 110750-150-30000-1000+200+6000+4200 | 90,000 | Net operating income - increase in current assets + increase in current liabilities | ||
Cash Flow From Investing | 0 | 0 | |||
Cash Flow From Financing | 5000+20000-500 | 24,500 | Common stock + Loan-dividend |
Survey of Accounting Exam 1 Review Packet Practice Problem +3 (Weeks #3:5 Material Little Lou Company...
Alcorn Service Company was formed on January 1, 2018. Events Affecting the 2018 Accounting Period Acquired $69,000 cash from the issue of common stock. Purchased $3,000 of supplies on account. Purchased land that cost $36,000 cash. Paid $3,000 cash to settle accounts payable created in Event 2. Recognized revenue on account of $60,000. Paid $30,000 cash for other operating expenses. Collected $47,000 cash from accounts receivable. Information for 2018 Adjusting Entries Recognized accrued salaries of $4,100 on December 31, 2018....
i understand it a little but but please help me fill in the
blanks? i filed in what i thought to be correct
Required information Problem 3-32A Comprehensive problem: single cycle LO 3-1, 3-2, 3-3, 3-4 [The following information applies to the questions displayed below.) The following transactions pertain to Smith Training Company for Year 1: Jan. 30 Established the business when it acquired $45,000 cash from the issue of common stock. Feb. 1 Paid rent for office space for...
Alcorn Service Company was formed on January 1, Year 1 Events Affecting the Year 1 Accounting Period 1. Acquired $68,000 cash from the issue of common stock. 2. Purchased $2,800 of supplies on account. 3. Purchased land that cost $34,000 cash. 4. Paid $2,800 cash to settle accounts payable created in Event 2. 5. Recognized revenue on account of $58,000. 6. Paid $29,000 cash for other operating expenses. 7. Collected $46,000 cash from accounts receivable. Information for Year 1 Adjusting...
Alcor Service Company was formed on January 1, 2018. Events Affecting the 2018 Accounting Period 1. Acquired $62,000 cash from the issue of common stock. 2. Purchased $1,600 of supplies on account. 3. Purchased land that cost $22,000 cash. 4. Paid $1,600 cash to settle accounts payable created in Event 2. 5. Recognized revenue on account of $46,000. 6. Paid $23,000 cash for other operating expenses. 7. Collected $40,000 cash from accounts receivable. Information for 2018 Adjusting Entries 8. Recognized...
Alcorn Service Company was formed on January 1, Year 1. Events Affecting the Year 1 Accounting Period 1. Acquired $79,000 cash from the issue of common stock. 2. Purchased $5,000 of supplies on account. 3. Purchased land that cost $56,000 cash. 4. Paid $5,000 cash to settle accounts payable created in Event 2. 5. Recognized revenue on account of $80,000. 6. Paid $40,000 cash for other operating expenses. 7. Collected $57,000 cash from accounts receivable. Information for Year 1 Adjusting...
Alcorn Service Company was formed on January 1, 2018. Events Affecting the 2018 Accounting Period 1. Acquired $74,000 cash from the issue of common stock. 2. Purchased $4,000 of supplies on account. 3. Purchased land that cost $46,000 cash. 4. Paid $4,000 cash to settle accounts payable created in Event 2 5. Recognized revenue on account of $70,000. 6. Paid $35.000 cash for other operating expenses. 7. Collected $52.000 cash from accounts receivable. Information for 2018 Adjusting Entries 8. Recognized...
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....
The following post-closing trial balance was drawn from the accounts of Little Grocery Supplier (LGS) as of December 31, 2017: Cash Accounts receivable Allowance for doubtful accounts Inventory Accounts payable $ 9,000 41,000 $ 2,500 78,000 21,0ee 5e, e00 54,500 Common stock Retained earnings Transactions for 2018 1. Acquired an additional $20,000 cash from the issue of common stock. 2. Purchased $85,000 of inventory on account. 3. Sold inventory that cost $91,000 for $160,000. Sales were made on account. 4....
[The following information applies to the questions
displayed below.]
Alcorn Service Company was formed on January 1, 2018.
Events Affecting the 2018 Accounting Period
Acquired $78,000 cash from the issue of common stock.
Purchased $4,800 of supplies on account.
Purchased land that cost $54,000 cash.
Paid $4,800 cash to settle accounts payable created in Event
2.
Recognized revenue on account of $78,000.
Paid $39,000 cash for other operating expenses.
Collected $56,000 cash from accounts receivable.
Information for 2018 Adjusting Entries...
Required information Exercise 3-21A Complete the accounting cycle (LO3-3, 3-4, 3-5, 3-6) On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account balances: Credit Accounts Cash Accounts Receivable Supplies Land Accounts Payable Common Stock Retained Earnings Totals Debit $24,300 5,700 3,600 55,000 $ 3,700 70,000 14,900 $88,600 $88,600 During January 2021, the following transactions occur: January 2 Purchase rental space for one year in advance, $7,500 ($625/month). January 9 Purchase additional supplies on account, $4,000. January...