Link Back to Chapter 1 (Income Statement, Statement of Retained Earnings, Balance Sheet). Preparing financial statements from the trial balance [20-30 min]
Refer to Problem After completing the trial balance in Problem prepare the following financial statements for Vernon Yung, M.D., P.C.:
Requirements
1. Income statement for the month ended July 31, 2012.
2. Statement of retained earnings for the month ended July 31, 2012. The beginning balance of retained earnings was $0.
3. Balance sheet at July 31, 2012.
Analyzing and journalizing transactions, posting, and preparing a trial balance [45-60 min]
Vernon Yung practices medicine under the business title Vernon Yung, M.D., P.C. During July, the medical practice completed the following transactions:
Jul 1 | Yung deposited $68,000 cash in the business bank account. The business issued common stock to Yung. |
5 | Paid monthly rent on medical equipment, $560. |
9 | Paid $16,000 cash to purchase land for an office site. |
10 | Purchased supplies on account, $1,600. |
19 | Borrowed $23,000 from the bank for business use. Yung signed a note payable to the bank in the name of the business. |
22 | Paid $1,300 on account. |
31 | Revenues earned during the month included $6,500 cash and $5,800 on account. |
31 | Paid employees’ salaries $2,500, office rent $1,100, and utilities $400. Make a single compound entry. |
31 | Paid cash dividends of $7,000. |
The business uses the following accounts: Cash, Accounts receivable, Supplies, Land, Accounts payable, Notes payable, Common stock, Dividends, Service revenue, Salary expense, Rent expense, and Utilities expense.
Requirements
1. Journalize each transaction, as shown for July 1. Explanations are not requir
We need at least 10 more requests to produce the solution.
0 / 10 have requested this problem solution
The more requests, the faster the answer.