PREPARE AN INCOME STATEMENT AND STATEMENT OF CHANGES IN EQUITY AND STATEMENT FOR FINANCIAL POSITION (ACCOUNT FORMAT)
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The following transactions took place for Tesco Corporation during June, 2019, its first month of operations. 1 2 4 6 8 9 10 11 15 18 20 22 23 25 27 28 29 30 Issued and sold 30,000 worth of shares. Purchased office equipment for 8,000 on credit. Borrowed 20,000 cash from bank by acquiring a bank loan. Paid 3,000 for office supplies. The supplies were put into the supply storeroom. Paid for a 1-year insurance policy for the business, amount paid 9,000. Billed customers 20,000 for services rendered. Collected 15,000 in cash for services rendered today. Received 10,000 in cash from a customer for work to be done next month. Received 5,000 in cash from customers billed this month. Paid 2,000 for advertising that ran for the first two weeks of this month. Applied for a 20,000 government grant for research and development. Paid 1,000 on the June 2th purchase. Eamed 200 in interest revenue. The full amount was deposited into the business bank. Paid the following expenses in cash: Legal fees, 2,000; telephone 1,800; vehicle maintenance, 3,000 Wages, 15,000. Paid the landlord 10,000 in rent. This includes the rent for June and a prepayment of the rent for July. Issued and paid a 1,000 dividend. One month of the prepaid insurance has been used. Record the appropriate amount as insurance expense. 1,000 of the office supplies inventory has been used for office supplies expense. Record this amount as office supplies expense. The following transactions took place for Tesco Corporation during June, 2019, its first month of operations. 1 2 4 6 8 9 10 11 15 18 20 22 23 25 27 28 29 30 Issued and sold 30,000 worth of shares. Purchased office equipment for 8,000 on credit. Borrowed 20,000 cash from bank by acquiring a bank loan. Paid 3,000 for office supplies. The supplies were put into the supply storeroom. Paid for a 1-year insurance policy for the business, amount paid 9,000. Billed customers 20,000 for services rendered. Collected 15,000 in cash for services rendered today. Received 10,000 in cash from a customer for work to be done next month. Received 5,000 in cash from customers billed this month. Paid 2,000 for advertising that ran for the first two weeks of this month. Applied for a 20,000 government grant for research and development. Paid 1,000 on the June 2th purchase. Eamed 200 in interest revenue. The full amount was deposited into the business bank. Paid the following expenses in cash: Legal fees, 2,000; telephone 1,800; vehicle maintenance, 3,000 Wages, 15,000. Paid the landlord 10,000 in rent. This includes the rent for June and a prepayment of the rent for July. Issued and paid a 1,000 dividend. One month of the prepaid insurance has been used. Record the appropriate amount as insurance expense. 1,000 of the office supplies inventory has been used for office supplies expense. Record this amount as office supplies expense.
Expert Answer:
Answer rating: 100% (QA)
Adjusted Trial Balance Accounts Title Debit Credit Calculation Cash 32400 30000200003000900015000100... View the full answer
Related Book For
Accounting Introduction To Financial Accounting
ISBN: 9781517089719
1st Edition
Authors: Henry Dauderis, David Annand
Posted Date:
Students also viewed these accounting questions
-
Prepare an income statement for a profitable small business. Include at least 10 operating expenses. Use an income tax rate of 25%.
-
Prepare an income statement for March using absorption costing. (9 marks) b) Reconcile the difference in income under absorption and variable costing and explain why the difference arises. (3 marks)...
-
Prepare an income statement and a common- sized income statement from the following information. Sales............... $ 525,000 Cost of goods sold......... 200,000 General and administrative...
-
You will act as a senior HR manager of a very large, publicly traded company known as XYZ Inc. The CEO of XYZ Inc. has asked you to prepare an important orientation presentation for the global HR...
-
Nancy is the IS department head at MOTO Inc., a human resources management firm. The IS staff at MOTO Inc. completed work on a new client management software system about a month ago. Nancy was...
-
Suppose that the marginal cost for a product is MC = 60x + 1 and its fixed cost is $340.00. If the marginal revenue for the product is MR = 80x, find the profit or loss from production and sale of...
-
Why is it necessary to sometimes redact portions of a document that is produced to the opposing side?
-
On January 1, 2017, Schipper Ltd. had the following shareholders' equity accounts: Common shares (1,000,000 issued)......................$1,500,000 Retained...
-
From this link: https://www.zawya.com/en/press-release/events-and-conferences/the-worlds-largest-esports-festival-is-coming-back-this-summer-with-more-than-double-the-prize-pool-hzqy4wv4 Read the...
-
A process is in control with x = 100.s = 1.05, and n = 5. The process specifications are at 95 ± 10. The quality characteristic has a normal distribution. (a) Estimate the potential...
-
Louis Viggio was doing something he had never done before, creating a cash budget.This process was something his banker had asked him to do before coming in to talk to her about hiscurrent line of...
-
Hundreds of music stores have been closing in the face of stagnant demand for CDs because of new competition by online music vendors. a. How would price competition from these new sources cause a...
-
Table 1.21 gives the average monthly temperatures for St. Louis for a 12-month period starting with January. Model the monthly temperature with an equation of the form y in degrees Fahrenheit, t in...
-
A California biotechnology firm submitted a tomato that will not rot for weeks to the U.S. Food and Drug Administration. It designed such a fruit by changing the genetic structure of the tomato. What...
-
As the chapter points out, the Internet has made the U.S. economy more competitive by lowering barriers to entry and exit from industries. a. To what extent is the Internet itself competitive? b. Can...
-
The perfectly competitive model assumes that firms know when marginal revenue equals marginal costs. a. If a firm doesnt have this information, can it produce at the profit-maximizing level of...
-
Who told the truth about the 2008 spike in gas prices in that year's presidential election, according to Taibbi? Neither candidate. Both candidates. Barack Obama, who attributed the spike to oil...
-
What is the back work ratio? What are typical back work ratio values for gas-turbine engines?
-
What shapes and limits an accountant's measurement of wealth?
-
How can retained earnings be said to be reinvested in a corporation?
-
The following information is taken from the records of Black Spruce Co. Ltd.: Required: Analyze the gross profit and net profit ratios using the above data. Comment on trends you observe 2017 2016...
-
How reliable is the model in Task 6? Task 6 An HIV researcher explored the factors that influenced condom use with a new partner (relationship less than 1 month old). The outcome measure was whether...
-
An HIV researcher explored the factors that influenced condom use with a new partner (relationship less than 1 month old). The outcome measure was whether a condom was used (use: condom used = 1, not...
-
A female who used a condom in her previous encounter scores 2 on all variables except perceived risk (for which she scores 6). Use the model in Task 6 to estimate the probability that she will use a...
Study smarter with the SolutionInn App