On the right track?
Vanishing Games Corporation (VGC) operates a massively multiplayer online game, charging players a monthly subscription of $13. At the start of January 2018, VGC’s income statement accounts had zero balances and its balance sheet account balances were as follows:
Cash | $ | 2,340,000 | |
Accounts Receivable | 238,000 | ||
Supplies | 17,000 | ||
Equipment | 899,000 | ||
Buildings | 467,000 | ||
Land | 2,170,000 | ||
Accounts Payable | 121,000 | ||
Deferred Revenue | 121,000 | ||
Notes Payable (due 2025) | 76,000 | ||
Common Stock | 2,800,000 | ||
Retained Earnings | 3,013,000 | ||
In addition to the above accounts, VGC’s chart of accounts
includes the following: Service Revenue, Salaries and Wages
Expense, Advertising Expense, and Utilities Expense.
The January transactions are shown below:
No | Date | General Journal | Debit | Credit |
7 | Jan 07 | Cash | 112450 | |
Accounts receivable | 112450 | |||
Service Revenue (17300 x $13) | 224900 | |||
(To record subscription revenue earned) |
VANISHING GAMES CORPORATION | |
Income Statement | |
For the Month Ended January 31, 2018 | |
Revenues | |
Service revenue | 429900 |
Expenses | |
Salaries and wages expense | 400000 |
Advertising expense | 15300 |
Utilities expense | 6300 |
Total expenses | 421600 |
Net income | 8300 |
VANISHING GAMES CORPORATION | |
Statement of Retained Earnings | |
For the Month Ended January 31, 2018 | |
Retained earnings, January 1, 2018 | 3013000 |
Add: Net income | 8300 |
Retained earnings, January 31, 2018 | 3021300 |
VANISHING GAMES CORPORATION | |
Balance Sheet | |
At January 31, 2018 | |
Assets | |
Current assets: | |
Cash | 2280000 |
Accounts receivable | 292950 |
Supplies | 20250 |
Total current assets | 2593200 |
Land | 2170000 |
Building | 467000 |
Equipment | 941800 |
Total assets | 6172000 |
Liabilities | |
Current liabilities | |
Accounts payable | 127300 |
Deferred revenue | 121000 |
Total current liabilities | 248300 |
Long-term notes payable | 102400 |
Total liabilities | 350700 |
Stockholders' Equity | |
Common stock | 2800000 |
Retained earnings | 3021300 |
Total stockholders' equity | 5821300 |
Total liabilities and stockholders' equity | 6172000 |
Net profit margin = Net income/Service revenue = $8300/$429900 = 1.9%
On the right track? Vanishing Games Corporation (VGC) operates a massively multiplayer online game, charging players...
Vanishing Games Corporation (VGC) operates a massively multiplayer online game, charging players a monthly subscription of $11. At the start of January 2018, VGC's income statement accounts had zero balances and its balance sheet account balances were as follows: Cash Accounts Receivable Supplies Equipment Buildings Land Accounts Payable Deferred Revenue Notes Payable (due 2025) Common Stock Retained Earnings $2,150,000 203,000 19,500 881,000 512,000 1,420,000 122,000 77,000 153,000 2,100,000 2,733,500 In addition to the above accounts, VGC's chart of accounts includes...
Vanishing Games Corporation (VGC) operates a massively multiplayer online game, charging players a monthly subscription of $14. At the start of January 2018, VGC's income statement accounts had zero balances and its balance sheet account balances were as follows: Cash Accounts Receivable Supplies Equipment Buildings Land Accounts Payable Deferred Revenue Notes Payable (due 2025) Common Stock Retained Earnings $2,410,000 218,000 17,700 950, eee 440,000 1,620, eee 150,000 145,000 65, ee 2,400,000 2,895,700 In addition to the above accounts, VGC's chart...
Vanishing Games Corporation (VGC) operates a massively multiplayer online game, charging players a monthly subscription of $13. At the start of January 2015, VGC's income statement accounts had zero balances and its balance sheet account balances were as follows: Cash Accounts Receivable Supplies Equipment Land Building Accounts Payable Unearned Revenue Notes Payable (due 2018) Common Stock Retained Earnings $2,000,000 187,000 23,900 886,000 1,660,000 463,000 130,000 88,000 70,000 2,300,000 2,631,900 In addition to the above accounts, VGC's chart of accounts includes...
[The following information applies to the questions displayed below. Vanishing Games Corporation (VGC) operates a massively multiplayer online game, charging players a monthly subscription of $10. At the start of January 2018, VGC's income statement accounts had zero balances and its balance sheet account balances were as follows: Cash Accounts Receivable Supplies Equipment Buildings Land Accounts Payable Deferred Revenue Notes Payable (due 2025) Common Stock Retained Earnings $2,860,000 202,000 19,200 905,000 518,000 1,100,000 143,000 110,000 69,000 2,000,000 2,482,200 In addition...
Required information [The following information applies to the questions displayed below.] Vanishing Games Corporation (VGC) operates a massively multiplayer online game, charging players a monthly subscription of $12. At the start of January 2018, VGC’s income statement accounts had zero balances and its balance sheet account balances were as follows: Cash $ 1,590,000 Accounts Receivable 245,000 Supplies 17,800 Equipment 922,000 Buildings 435,000 Land 1,250,000 Accounts Payable 137,000 Deferred Revenue 140,000 Notes Payable (due 2025) 81,000 Common Stock 2,800,000 Retained Earnings...
Required information [The following information applies to the questions displayed below! Vanishing Games Corporation (VGC) operates a massively multiplayer online game, charging players a monthly subscription of $12. At the start of January 2018, VGC income statement accounts had zero balances and its balance sheet account balances were as follows: Can Accounts Receivable Supplies Taipent baldin Land Accounts Payable Deferred Reven Notes Payable (due 2025) Common stock Retained Earnings $1,500,000 245.000 17.800 922.000 435,000 1.250.000 137.000 240.000 81.000 2.800.000 1,101,00...
Required information The following information applies to the questions displayed below) Vanishing Games Corporation (VGC) operates a massively multiplayer online game, charging players a monthly subscription of $12. At the start of January 2018, VGC's income statement accounts had zero balances and its balance sheet account balances were as follows: Cash Accounts Receivable Supplies pent Building Land Accounts Payable Deferred Revenue Notes Payable due 2025) Common stock Retained Earnings $1,590.000 265,000 17,800 922.000 435,000 1,250.000 137.000 140,000 01.000 2.800,000 1,301.800...
Please help get this complete and correct. What is missing here? Vanishing Games Corporation (VGC) operates a massively multiplayer online game, charging players a monthly subscription of $13. At the start of January 2018, VGC’s income statement accounts had zero balances and its balance sheet account balances were as follows: Cash $ 2,230,000 Accounts Receivable 211,000 Supplies 16,700 Equipment 928,000 Buildings 425,000 Land 1,630,000 Accounts Payable 134,000 Deferred Revenue 132,000 Notes Payable (due 2025) 123,000 Common Stock 2,900,000 Retained Earnings...
9 Required information The following information applies to the questions displayed below) Vanishing Games Corporation (VGC) operates a massively multiplayer online game, charging players a monthly subscription of $12. At the start of January 2018, VGC's income statement accounts had zero balances and its balance sheet account balances were as follows: Part 6 of 7 2 point BOR Cash Accounts Receivable Supplies Equipment Buildings Land Accounts Payable Deferred Revenge Notes Payable (due 2025) Comon stock Retained Earnings $1,590,000 245,000 17,800...
Required information The following information applies to the questions displayed below.) Vanishing Games Corporation (VGC) operates a massively multiplayer online game charging players a monthly subscription of $12. At the start of January 2018, VGC's income statement accounts had zero balances and its balance sheet account balances were as follows: Caah Accounts Receivable Supplies Equipment Marding Land Accounts Payable Deferred Revenue Notes Payable (due 2025 ) Common Stock Retained Earnings $1,590,000 245.000 17,800 922,000 435,000 1.250,00 137,600 140.000 81,000 2.800,000...