Question

1. On Sept 1 Our Business Received a $150,000 check from Investors Exchange for Stock in the Business. 2. On Sept 2 Our Business Purchased a TRUCK for $120,000 by paying $20,000 Cash Down Payment and signing a Note for the Remaining Balance. The Truck has a 5 year life. 3. On Sept 3 Our Business received a $25,000 Check from the MoHill Corp. for Services to be provided later. 4. On Sept 4 Our Business paid $14,000 with check for RENT for the next 4 months 5. On Sept 15 Our Business recorded Employee Salaries in the Amount of $24,000 and paid $12,000 now in Cash and the remainder will be paid Later. 6. On Sept 16 Our Business Provided Services to NINER Corp worth $50,000. We received a Check for $15,000 and Billed the Customer the remainder on Account 7. On Sept 27 Our Business Provided Services to MoHill Corp worth $44,000. We received a Check for $11,000, Used the Previous Deposit from the customer and Billed the remainder on Account 8. On Sept 28 Our Business Paid the Owners $9,000 with Checks. 9. On Sept 30 Our Business made an adjusting entry to record one month of Depreciation on the TRUCK 10. On Sept 30 Our Business made an adjusting entry to record one month of RENT used during the month.

Answer 1

Requirements
1	W/N - 11 : NOPAT = 38700
2	W/ N - 11: Operating Income: ( NOPBTand Interest Expenses) : 64500
3	W/N- 11: EBT: 64500
4	Customer Deposit Account: NIL " Unearned Revenue "
5	Prepaid Rent A/c Balance: 14000 - 3500 = 10500
6	Net book Value of Building is NIL ," As No Asset"
	However Net Book Value of Truck : 120000 -2000 = 118000
7	Cash Balance: 201000 - 55000 = 146000
8	Retained Earnings: NOPAT - Drawings = 38700 -9000= 29700
9	Total Assets:
	Cash A/c	146000
	Truck	118000
	Prepaid Rent A/c	10500
	Account Receivable	43000
	Total Assets:	317500
10	Total Liabilities
	To Note Payable A/c	100000
	To Salary Payable A/c	12000
	To Provision fro Income Taxs	25800
	Total Liabilities	137800
11	Total Owners Equity
	Capital A/c	150000
	Retained Earnings:	29700
	Total Owners Equity	179700
12	Total Liability and Total Owners Equity as ( from 10 and 11)
	Total Liabilities	137800
	Total Owners Equity	179700
	Total Owners Equity and Liability	317500
W/N- 11	Sale of Services A/c	94000
	Less: Operating Expenses
	Depreciation - Truck	2000
	Rent Expenses A/c Dr.	3500
	Salary Expenses A/c	24000
	Net Profit	64500
	Less: Tax Payable	25800	25800
	NOPAT		38700

For Above Values Refere the Below Working NOtes:

S.nO.	Account	Dr.	Cr.
1	Cash	150000
	Capital A/c		150000
2	Truck A/c	120000
	To Cash A/c		20000
	To Note Payable A/c		100000
3	Cash	25000
	Unearned Revenue		25000
4	Prepaid Rent A/c	14000
	To Cash A/c		14000
5	Salary Expenses A/c	24000
	To Cash A/c		12000
	To Salary Payable A/c		12000
6	Cash A/c Dr.	15000
	Account Receivable A/c	35000
	To Sale of Services A/c		50000
7	Account Receivable A/c	8000
	Unearned Revenue	25000
	Cash A/c Dr.	11000
	To Sale of Services A/c		44000
8	Drawings A/c Dr	9000		Add a comment Know the answer? Add Answer to: 1. On Sept 1 Our Business Received a $150,000 check from Investors Exchange for Stock in... Your Answer: Post as a guest Your Name: What's your source? Earn Coins Coins can be redeemed for fabulous gifts. Log In Sign Up Post as anonymous Post Your Answer Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free. Similar Homework Help Questions 1. On Jan-1 Our Business Received $33,000 in Cash from Investors in Exchange for Stock in... 1. On Jan-1 Our Business Received $33,000 in Cash from Investors in Exchange for Stock in the Corporation. 2. On Jan-2 Our Business paid $18,000 with check for Insurance for the next 6 months 3. On Jan-3 Our Business purchased a Building for $264,000 by paying a Cash Down Payment Today of $30,000 and Signing a Note Payable for the remaining Balance Due. The Building has 20 year LIFE. 4. 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