need to complete the balance sheet
JOVA COMPANY | ||
Balance Sheet | ||
As of December 31, Year 1 | ||
Assets | ||
Cash | 38700 | |
Accounts Receivable | 7700 | |
Less: Allowance for doubtful accounts | 1370 | 6330 |
Total Assets | 45030 | |
Liabilities | ||
Stock holder's equity | ||
Common Stock | 13500 | |
Retained Earnings | 31530 | 45030 |
Total Stock holder's equity | 45030 | |
Total liabilities and stock holder's equity | 45030 |
Cash Balance
Issue of Common Stock | 13500 |
Add: Account receivable collected | 60800 |
Less: Operating Expenses paid | 35600 |
Cash Balance | 38700 |
Retained Earnings
Service Revenue Earned | 68500 |
Less: Operating Expenses | 35600 |
Less: Allowance for doubtful accounts (68500*2%) | 1370 |
Retained Earnings | 31530 |
(All amounts are in $)
need to complete the balance sheet Required information [The following information applies to the questions displayed...
Required Information [The following information applies to the questions displayed below.] The following transactions apply to Jova Company for 2018, the first year of operation: 1. Issued $10,000 of common stock for cash. 2. Recognized $210.000 of service revenue earned on account. 3. Collected $162,000 from accounts receivable. 4. Paid operating expenses of $125,000. 5. Adjusted accounts to recognize uncollectible accounts expense. Jova uses the allowance method of accounting for uncollectible accounts and estimates that uncollectible accounts expense will be...
last picture is the same wuestion part 1. [The following information applies to the questions displayed below.) The following transactions apply to Jova Company for Year 1, the first year of operation: 1. Issued $17,000 of common stock for cash. 2. Recognized $217,000 of service revenue earned on account. 3. Collected $169,700 from accounts receivable. 4. Paid $132,000 cash for operating expenses. 5. Adjusted the accounts to recognize uncollectible accounts expense. Jova uses the allowance method of accounting for uncollectible...
Required information [The following information applies to the questions displayed below.] Leach Inc. experienced the following events for the first two years of its operations: 2018: Issued $10,000 of common stock for cash. Provided $100,000 of services on account. Provided $27,000 of services and received cash. Collected $73,000 cash from accounts receivable. Paid $18,000 of salaries expense for the year. Adjusted the accounting records to reflect uncollectible accounts expense for the year. Leach estimates that 9 percent of the ending...
Required information [The following information applies to the questions displayed below.) 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 Common stock Retained earnings 5,710 17,410 1,640 24,760 7,695 21,200 17,345 Transactions for 2018 1. Acquired an additional $10,400 cash from the issue of common stock 2 Purchased $61,400 of inventory on account. 3. Sold Inventory that...
[The following information applies to the questions displayed below.] Leach Inc. experienced the following events for the first two years of its operations: Year 1: Issued $10,000 of common stock for cash. Provided $78,000 of services on account. Provided $36,000 of services and received cash. Collected $69,000 cash from accounts receivable. Paid $38,000 of salaries expense for the year. Adjusted the accounting records to reflect uncollectible accounts expense for the year. Leach estimates that 5 percent of the ending accounts...
Just need help filling out the rest of the boxes. Required information [The following information applies to the questions displayed below.] The following transactions apply to Jova Company for Year 1, the first year of operation: 1. Issued $13,500 of common stock for cash. 2. Recognized $68,500 of service revenue earned on account. 3. Collected $60,800 from accounts receivable. 4. Paid operating expenses of $35,600. 5. Adjusted accounts to recognize uncollectible accounts expense. Jova uses the allowance method of accounting...
Required information [The following information applies to the questions displayed below.] Leach Inc. experienced the following events for the first two years of its operations: 2018: Issued $10,000 of common stock for cash. Provided $100,000 of services on account. Provided $27,000 of services and received cash. Collected $73,000 cash from accounts receivable. Paid $18,000 of salaries expense for the year. Adjusted the accounting records to reflect uncollectible accounts expense for the year. Leach estimates that 9 percent of the ending...
Help Sa The following transactions apply to Jova Company for 2018, the first year of operation: 1. Issued $12.500 of common stock for cash. 2. Recognized $67,500 of service revenue earned on account. 3. Collected $60,000 from accounts receivable. 4. Paid operating expenses of $35,400. 5. Adjusted accounts to recognize uncollectible accounts expense. Jova uses the allowance method of accounting for uncollectible accounts and estimates that uncollectible accounts expense will be 2 percent of sales on account. The following transactions...
[The following information applies to the questions displayed below.) Leach Inc. experienced the following events for the first two years of its operations: Year 1: 1. Issued $10,000 of common stock for cash. 2. Provided $78,000 of services on account. 3. Provided $36,000 of services and received cash. 4. Collected $69,000 cash from accounts receivable. 5. Paid $38,000 of salaries expense for the year. 6. Adjusted the accounting records to reflect uncollectible accounts expense for the year. Leach estimates that...
Required information [The following information applies to the questions displayed below.) Leach Inc. experienced the following events for the first two years of its operations: 2018: 1. Issued $10,000 of common stock for cash. 2. Provided $60,000 of services on account. 3. Provided $29,000 of services and received cash. 4. Collected $31,000 cash from accounts receivable. 5. Paid $14,000 of salaries expense for the year. 6. Adjusted the accounting records to reflect uncollectible accounts expense for the year. Leach estimates...