Presented below is the balance sheet for the Flying High Company as of March 31, 2021:...

 

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Presented below is the balance sheet for the Flying High Company as of March 31, 2021: Flying High Company Balance Sheet As of March 31, 2021 Assets Cash Accounts Receivable Merchandise Inventory Prepaid Rent Store Equipment Total Assets RM 7,100 5,000 13.500 3.300 15.600 Liabilities Accounts Payable Notes Payable Total Liab Paid-in Capital Retained Earnings Total Stockholders' equity Total Liab. & Stockholders' Equity RM 7.200 8.300 15,500 17.600 11.400 29,000 44.500 44.500 The following transactions occurred during April, 2021: 1. The company paid RM2.100 of the accounts payable. 2. The company acquired RM3.500 of merchandise inventory, paying 40% in cash and the remainder on open account. 3. The utility bill of RM600 for the month of April was paid. 4. The company received RM2.200 from its credit customers. 5. Sales of merchandise inventory for the month of April totaled RM12.900, of which RMS.400 was paid in cash and the remaining amount was on open account. The cost of the merchandise sold was RMS,100. Sales order of RM2.300 received from a customer on 29 April will be supplied in May. 6. The company paid RM1,600 of the note payable 7. Depreciation on the store equipment was RM600 for the month. 8. Additional store equipment of RM1.700 was acquired. Of this amount. RM700 was paid in cash and the remainder was added to the note payable balance. 9. The balance in the prepaid rent account represented 3 months worth of rent paid in advance as of March 31, 2020 10. Net income for the month ended April 30 was RM2.500. Required: Prepare a balance sheet dated April 30. 2021 of the Flying High Company in proper format. Show your calculations. (10 marks) Presented below is the balance sheet for the Flying High Company as of March 31, 2021: Flying High Company Balance Sheet As of March 31, 2021 Assets Cash Accounts Receivable Merchandise Inventory Prepaid Rent Store Equipment Total Assets RM 7,100 5,000 13.500 3.300 15.600 Liabilities Accounts Payable Notes Payable Total Liab Paid-in Capital Retained Earnings Total Stockholders' equity Total Liab. & Stockholders' Equity RM 7.200 8.300 15,500 17.600 11.400 29,000 44.500 44.500 The following transactions occurred during April, 2021: 1. The company paid RM2.100 of the accounts payable. 2. The company acquired RM3.500 of merchandise inventory, paying 40% in cash and the remainder on open account. 3. The utility bill of RM600 for the month of April was paid. 4. The company received RM2.200 from its credit customers. 5. Sales of merchandise inventory for the month of April totaled RM12.900, of which RMS.400 was paid in cash and the remaining amount was on open account. The cost of the merchandise sold was RMS,100. Sales order of RM2.300 received from a customer on 29 April will be supplied in May. 6. The company paid RM1,600 of the note payable 7. Depreciation on the store equipment was RM600 for the month. 8. Additional store equipment of RM1.700 was acquired. Of this amount. RM700 was paid in cash and the remainder was added to the note payable balance. 9. The balance in the prepaid rent account represented 3 months worth of rent paid in advance as of March 31, 2020 10. Net income for the month ended April 30 was RM2.500. Required: Prepare a balance sheet dated April 30. 2021 of the Flying High Company in proper format. Show your calculations. (10 marks)

Answer rating: 100% (QA)

Assets Current Assets Cash Accounts receivable Merchandise inventory Prepaid rent Total Current Asse... View the full answer