On February 1, 2010, Breeder’s Choice Pet Trainers, Inc., was formed when the owners invested $25,626 cash in the business in exchange for common stock. On March 1, 2010, the company paid $22,212 cash to rent office space for the next 18 months and paid $3,414 cash for six months of prepaid insurance. The training services generated $115,725 of cash revenue during the remainder of the fiscal year. The company has chosen June 30 as the end of its fiscal year. Prepare an income statement, statement of changes in shareholders’ equity, and statement of cash flows for the five months ended June 30, 2010, and a balance sheet at June 30, 2010.
Answer to relevant QuestionsNortheast Termite Specialists, Inc., was started when its owners invested $32,685 in the business in exchange for common stock on July 1, 2010. Part of the cash received to start the company was immediately used to purchase ...Selected amounts (at December 31, 2010) from Solar Power, Inc.’s information system appear as follows:Cash paid to employees for salaries and wages ........ $ 600,000Cash collected from customers for service ...Transactions for Pops Company for 2011 were as follows:a. The owners started the business as a corporation by contributing $30,000 cash in exchange for common stock.b. The company purchased office equipment for $8,000 cash ...Following is a list of financial statement items from Chunky Candy Company as of June 30, 2010. Chunky’s fiscal year is from July 1 to June 30.Prepaid insurance ......... $ 3,600Prepaid rent ............ 5,000Wages ...Is there anything in the information about Books-A-Million given in Appendix A that addresses how the firm protects its accounting data?
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