Question

can someone help me , most of the answer are incorrect and its not complete .

thank you

accumulated Depreciation 26.000 Machine 0.000 31.000 - - Stock 12.000 + 35,000 NA - In 2020, Tower Company spent the following amounts on the truck Jan. 4 Overhauled the engine for $7,100. The estimated life was extended one additional year, and the salvage value revised to $3,000. July 6 Obtained oil change and transmission service, 6360. Aug. 7 Replaced the fan belt and battery. $460. Dec.31 Purchased gasoline for the year, $8,600. 31 Recognized 2020 depreciation expense. Required nces . Record the 2020 transactions in a statements model like the preceding one. (In the Cash Flow column, use the initials OA to designate operating activity, IA for investing activity, FA for financing activity, or NC for not change. If the element is not affected, leave the cell blank. Round your answers to the nearest dollar amount. Enter any decreases to account balances with a minus sign.) TOWER COMPANY Statements Model for 2020 Stockholders' Equity Revenue - Expense Assets - Net Income Cash Flow Accumulated Machine - Depreciation Date Common Stock Retained Earnings 31.000 26,000 - 13,000 + 35,000 Balance 114 716 43,000 - (7.100) (7.100) 380) (360) 7,100) LA (300) OA (460) OA (B.600 OA (460) 87 (480) (8.600) (360) (460) (8.600 (16,450) (25870) 12/31 (8.600) (16.450) 9.130 12/31 Tot 25.870 - (16.520 INC 14.480 . 42.450 13.000

7100 =this number is incorect . it can't be negative or positive.

and the last line its totally incorrect it's not 16450

7100 for machine is incorrect . it can't be result positive or negative . i tried already . and it's incorrect

Answer 1

Tower Company
Statements Model for 2020
Date	Assets				=	Stockholders' Equity			Revenue -	Expense	=	Net Income	Cash Flow	Activity
	Cash +	Inventory +	Machine -	Acc. Dep.	=	Common Stock +	Retained Earnings				=
Balance	31000		43000	-26000	=	13000	35000				=
4-Jan	-7100		7100		=						=		-7100	IA
6-Jul	-360				=		-360			-360	=	-360	-360	OA
7-Aug	-460				=		-460			-460	=	-460	-460	OA
31-Dec	-8600	8600			=						=		-8600	OA
31-Dec				-21100	=		-21100			-21100	=	-21100
Total	14480	8600	50100	-47100	=	13000	13080		0	-21920	=	-21920	-16520
Bal.Sheet Total				26080	=	26080
Opening Cash													31000
Closing Cash													14480
Note 1: Gasoline is taken as inventory which is used in the coming period and not used on Dec 31 in the current year.
Note 2: Overhauling expense should be capitalised to machine and added to Machine account.
Note 3: After overhauling the machine can be use for current one year with salvage of $3000, so remaining value is the depreciation for the year.