resuting mocouniting framework to pepare statement
Group Members You must have between 3-5 group members per team 4 ACC 310F, Group Assignment Apni 2,2019 List alphabetically by ast name: last name, fest name 83 The Wright Corporation had the following accounting framework available: RIE Pre. Supp AR Exp Supp. Equip ANDP NPUnem Cash
Required: 1. Record each of the following transactions/events in the accounting framework including the date of each transaction as well as descriptions of amounts in the Cash and R/E columns 1-Mar Customers purchased services in advance of $300 which will be performed later 1-Mar Purchased equipment for $23, 120 on account; management expects it will be useful for 6 years at which time it should be worth $800. 1-Mar Performed $4,000 of consulting services for customers 1-Mar Purchased a six month insurance policy for $1,380 12-Mar Paid advertising of $640. 18-Mar Purchased supplies of $130 on account. 20-Mar Performed $600 of services for customers on account. 22-Mar Services previsouly sol 3-Mar Received a utility bill for $450; will be paid next month. d in advance for $200 were preformed. 30-Mar Paid employee payroll of $1,400. 30-Mar Received $400 from customers on a ers on account. 30-Mar Made payment on bank loan of $900 30-Mar Supplies on hand reported at $190
2. Use the resulting accounting framework to prepare an income statement, statement of equity balance sheet and statement of cash flows for the company for the month. 3. Record the necessary transaction related to the equipment assuming it was sold for $20,000 on Apri 1 of the same year.
Homework Answers
| 1 | Effect of each transaction | ||||||||||||||||||||
| Assets | Liabilities | Stockholders Equity | |||||||||||||||||||
| Date | Cash | + | Account receivable | + | Prepaid Expenses | + | Supplies | + | Equipment | - | Accumulated Depreciation | = | Accounts Payable | + | Notes Payable | + | Unearned revenue | + | Common Stock | + | Retained Earnings |
| $12,500 | + | $2,500 | + | $0 | + | $320 | + | $0 | - | $0 | = | $180 | + | $2,900 | + | $600 | + | $8,800 | + | $2,840 | |
| 1-Mar | $300 | + | + | + | + | - | = | + | + | $300 | + | + | |||||||||
| 1-Mar | + | + | + | + | $23,120 | - | = | $23,120 | + | + | + | + | |||||||||
| 1-Mar | $4,000 | + | + | + | + | - | = | + | + | + | + | $4,000 | |||||||||
| 1-Mar | -$1,380 | + | + | $1,380 | + | + | - | = | + | + | + | + | |||||||||
| 12-Mar | -$640 | + | + | + | + | - | = | + | + | + | + | -$640 | |||||||||
| 18-Mar | + | + | + | $130 | + | - | = | $130 | + | + | + | + | |||||||||
| 20-Mar | + | $600 | + | + | + | - | = | + | + | + | + | $600 | |||||||||
| 22-Mar | + | + | + | + | - | = | + | + | -$200 | + | + | $200 | |||||||||
| 23-Mar | + | + | + | + | - | = | $450 | + | + | + | + | -$450 | |||||||||
| 30-Mar | -$1,400 | + | + | + | + | - | = | + | + | + | + | -$1,400 | |||||||||
| 30-Mar | $400 | + | -$400 | + | + | + | - | = | + | + | + | + | |||||||||
| 30-Mar | -$900 | + | + | + | + | - | = | + | -$900 | + | + | + | |||||||||
| 30-Mar | + | + | + | -$260 | + | - | = | + | + | + | + | -$260 | |||||||||
| 30-Mar | + | + | + | + | - | $310 | = | + | + | + | + | -$310 | |||||||||
| Balance | $12,880 | + | $2,700 | + | $1,380 | + | $190 | + | $23,120 | - | $310 | = | $23,880 | + | $2,000 | + | $700 | + | $8,800 | + | $4,580 |
| Income Statement | ||
| Prticulars | Amount | |
| Service Revenue | $4,800 | |
| Less: Operating expenses | ||
| Depreciation expense (for 1 months) | $310 | |
| Advertising | $640 | |
| Utility expense | $450 | |
| Salaries expense | $1,400 | |
| Supplies expense | $260 | |
| Total operating expenses | $3,060 | |
| Net Loss | $1,740 | |
| Statement of Equity | |||
| Particulars | Common Stock | Retained Earnings | Total |
| Beginning Balance | $8,800 | $2,840 | $11,640 |
| Add: Net loss | $1,740 | $1,740 | |
| Ending Balance | $8,800 | $4,580 | $13,380 |
| Balance sheet | ||
| Assets | Amount | |
| Current Assets: | ||
| Cash | 12880 | |
| Accounts receivable | 2700 | |
| Prepaid expenses | 1380 | |
| Supplies | 190 | |
| Total Current Assets | 17150 | |
| Property, Plant and Assets: | ||
| Equipment | 23120 | |
| Accumulated Depreciation | 310 | 22810 |
| Total Assets | 39960 | |
| Liabilities and Stockholders Equity | ||
| Current Liabilities: | ||
| Accounts payable | 23880 | |
| Note Payable | 2000 | |
| Unearned Revenue | 700 | |
| Total current liabilities | 26580 | |
| Stockholder's Equity | ||
| Common Stock | $8,800 | |
| Retained Earnings | $4,580 | |
| Total Stockholders Equity | $13,380 | |
| Total Liabilities and Stockholders Equity | $39,960 | |
| Statement of Cash Flow | ||
| Particulars | Amount | |
| Cash received from customers | $4,700 | |
| Cash paid for operating expenses | ($2,040) | |
| Cash paid for prepaid insurance | ($1,380) | |
| Net cash flow from operating activities | $1,280 | |
| Cash paid for bank loan | ||
| Net cash flow from financing activities | ($900) | |
| Net change in cash flow | $380 | |
| Beginning Cash balance | $12,500 | |
| Ending cash Balance | $12,880 | |
| 3 | Journal entry for sale of equipment | ||
| Date | Description | Debit | Credit |
| 1-Apr | Cash | $20,000 | |
| Accumulated Depreciation | $310 | ||
| Loss on sale of equipment | $2,810 | ||
| Equipment | $23,120 | ||
| (To record sale of equipment) |
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