1) Using Be Prepared, Inc.?s adjusted trial balance and prior period?s balance sheet, prepare the following Financial...
Fantastic news! We've Found the answer you've been seeking!
Question:
1) Using Be Prepared, Inc.?s adjusted trial balance and prior period?s balance sheet, prepare the following Financial Reports in good form using Microsoft Excel:
Multi-Step Income Statement for the month of January 2019
Statement of Retained Earnings for the month of January 2019
Note: There are no prior period adjustments and all dividends declared are cash dividends in the amount of $31,060.
Transcribed Image Text:
Account ID Account Description 1001 Cash 1021 Accounts Receivable 1022 Allowance for Doubtful Acc 1027 Interest Receivable 1031 Notas Receivable 1051 Marchandise Inventory 1101 Store Supplies 1111 Office Supplies 1125 Prepaid Insurance 1401 Land 1411 Building 1412 Accum Dap: Building 1431 Office Equipment 1432 Accum Dep: Office Equipm 1451 Store Equipment 1452 Accum Depr: Store Equipm 1501 Patents 2001 Accounts Payable 2005 Income Taxas Payable 2031 Interest Payable 2101 Notas Payable long tam 2301 Bonds Payable 2303 Discounton Bonds Payable 3001 Preferred Stock 3011 Common Stock 3101 Paid in Capitan Excess of par Prater 3111 Paid in Capitalin Excess of par com 3121 Paid in Capital Treasury Stock 3300 Retained Earnings 3351 Treasury Stock 4001 Sales Revenue 4002 Sales Discount 4008 Salas Ratums & Allowances 4101 Interest Revenue 5001 Cost of Goods Sold 5010 Insurance Expense - General 5012 Repairs Expense: Office Be Prepared Adjusted Tral Balance January 31, 2019 5015 Depreciation Expense: Building-General 5020 Depreciation Exp: Office Eq 5025 Supplies Expansa-Salling 5027 Utilities Expense: Office 5030 Office Salaries Expanse 5035 Office Payroll Tax Expense 6005 Depreciation Exp: Store Eq 6010 Amortization Expanse: Pat-General 6015 Sales Sales Expense 6020 Sales Payroll Tax Expense 6022 Utilities Expanse: Stor 6025 Delivery Expanse-General 6030 Repairs Expanse: Stor 6040 Bad Debts Expense-Selling 7001 Interest Expense $ $ Debits 687 490.00 $ 23,000.00 60.00 10,000.00 5.190.00 10,000.00 300.00 2,800.00 414,250.00 400,000.00 90,000.00 125,000.00 69,300.00 23,900.00 72,000.00 800.00 3,000.00 84,560.00 200.00 2,500.00 750.00 2,300.00 1,200.00 1,500.00 15,000.00 1,200.00 800.00 700.00 10,000.00 800.00 1,100.00 1,000.00 800.00 460.00 5878.00 2,068,038.00 $ Credits 460.00 45,750.00 17.500.00 15,800.00 25,000.00 7,500.00 4,778.00 200,000.00 800,000.00 400,000.00 105,000.00 15,000.00 166 250.00 72,000.00 53,940.00 139,000.00 60.00 2,068,038.00 Cash Accounts Receivable Merchandise Inventory Office Supplies Prepaid Insurance Land Assets Building Accumulated Depreciation, Building Office Equipment Accumulated Depreciation, Office Equipment Store Equipment Accumulated Depreciation, Store Equipment Patents Total Assets $ $ Be Prepared Inc. Balance Sheet December 31, 2018 27,500 Accounts Payable 40,000 Income Taxes Payable 50,000 Mortgage hayable 1,500 Total Liabilities 3,000 Liabilities $ 64,250 400,000 (45,000 Preferred Stock 90,000 Common Stock (15,000 Paid in Capital in Excess of par: Preferred 75,000 Paid in Capital in Excess of par: Common (15,000 Retained Earnings 70,000 Total Stockholder's Equity 746,250 Total Liabilities and Stockholder's Equity $ Stockholder's Equity 25,000 7,500 200,000 232,500 250,000 100,000 7,500 71,250 85,000 513,750 746,250 Account ID Account Description 1001 Cash 1021 Accounts Receivable 1022 Allowance for Doubtful Acc 1027 Interest Receivable 1031 Notas Receivable 1051 Marchandise Inventory 1101 Store Supplies 1111 Office Supplies 1125 Prepaid Insurance 1401 Land 1411 Building 1412 Accum Dap: Building 1431 Office Equipment 1432 Accum Dep: Office Equipm 1451 Store Equipment 1452 Accum Depr: Store Equipm 1501 Patents 2001 Accounts Payable 2005 Income Taxas Payable 2031 Interest Payable 2101 Notas Payable long tam 2301 Bonds Payable 2303 Discounton Bonds Payable 3001 Preferred Stock 3011 Common Stock 3101 Paid in Capitan Excess of par Prater 3111 Paid in Capitalin Excess of par com 3121 Paid in Capital Treasury Stock 3300 Retained Earnings 3351 Treasury Stock 4001 Sales Revenue 4002 Sales Discount 4008 Salas Ratums & Allowances 4101 Interest Revenue 5001 Cost of Goods Sold 5010 Insurance Expense - General 5012 Repairs Expense: Office Be Prepared Adjusted Tral Balance January 31, 2019 5015 Depreciation Expense: Building-General 5020 Depreciation Exp: Office Eq 5025 Supplies Expansa-Salling 5027 Utilities Expense: Office 5030 Office Salaries Expanse 5035 Office Payroll Tax Expense 6005 Depreciation Exp: Store Eq 6010 Amortization Expanse: Pat-General 6015 Sales Sales Expense 6020 Sales Payroll Tax Expense 6022 Utilities Expanse: Stor 6025 Delivery Expanse-General 6030 Repairs Expanse: Stor 6040 Bad Debts Expense-Selling 7001 Interest Expense $ $ Debits 687 490.00 $ 23,000.00 60.00 10,000.00 5.190.00 10,000.00 300.00 2,800.00 414,250.00 400,000.00 90,000.00 125,000.00 69,300.00 23,900.00 72,000.00 800.00 3,000.00 84,560.00 200.00 2,500.00 750.00 2,300.00 1,200.00 1,500.00 15,000.00 1,200.00 800.00 700.00 10,000.00 800.00 1,100.00 1,000.00 800.00 460.00 5878.00 2,068,038.00 $ Credits 460.00 45,750.00 17.500.00 15,800.00 25,000.00 7,500.00 4,778.00 200,000.00 800,000.00 400,000.00 105,000.00 15,000.00 166 250.00 72,000.00 53,940.00 139,000.00 60.00 2,068,038.00 Cash Accounts Receivable Merchandise Inventory Office Supplies Prepaid Insurance Land Assets Building Accumulated Depreciation, Building Office Equipment Accumulated Depreciation, Office Equipment Store Equipment Accumulated Depreciation, Store Equipment Patents Total Assets $ $ Be Prepared Inc. Balance Sheet December 31, 2018 27,500 Accounts Payable 40,000 Income Taxes Payable 50,000 Mortgage hayable 1,500 Total Liabilities 3,000 Liabilities $ 64,250 400,000 (45,000 Preferred Stock 90,000 Common Stock (15,000 Paid in Capital in Excess of par: Preferred 75,000 Paid in Capital in Excess of par: Common (15,000 Retained Earnings 70,000 Total Stockholder's Equity 746,250 Total Liabilities and Stockholder's Equity $ Stockholder's Equity 25,000 7,500 200,000 232,500 250,000 100,000 7,500 71,250 85,000 513,750 746,250
Expert Answer:
Answer rating: 100% (QA)
Nutistep Income statement for month of January 2019 Statement of Retained Earning for month of Janua... View the full answer
Related Book For
Financial and Managerial Accounting
ISBN: 978-0132497978
3rd Edition
Authors: Horngren, Harrison, Oliver
Posted Date:
Students also viewed these accounting questions
-
The income statement for the month of February indicates a net income of $17,500. During the same period, $25,500 in cash dividends was paid. Would it be correct to say that the business incurred a...
-
The following bank statement for the month of May is for El Guapo Industries: The following information was taken from the books at El Guapo: Required Prepare El Guapo's May bank reconciliation and...
-
The cash records and bank statement for the month of May for Diaz Entertainment are shown below. Additional information: a. The difference in the beginning balances in the companys records and the...
-
Write using only positive exponents and then evaluate. Assume that all variables represent nonzero real numbers. 5 -2
-
Wild Expansion Co. acquired the following assets in exchange for various nonmonetary assets. 2013 Mar. 15 Acquired from another company a large lathe in exchange for three small lathes. The small...
-
Test the series for convergence or divergence. 00 Enter n=1
-
The motion of a particle in the \(x\) direction can be described by the equation \(x(t)=b t^{2}+c t+d\), where \(b=0.35 \mathrm{~m} / \mathrm{s}^{2}, c=6.0 \mathrm{~m} / \mathrm{s}\), and \(d=30...
-
Rondello Company is considering a capital investment of $150,000 in additional productive facilities. The new machinery is expected to have a useful life of 5 years with no salvage value ....
-
Organizational Behavior Mind Map: Create a mind map showing, in your opinion, the main challenges and organizational concerns that affect the issue of Business Ethics nowadays. The intention is for...
-
Financial information for Robinson Inc. follows: Additional information: Ordinary shares were redeemed during the year at their book value. The face value of the bonds is $400,000; they pay a coupon...
-
The algorithm is essentially performing a bottom-up mergesort. Instead of dividing the input array into smaller subarrays and merging them back, it is using a queue data structure to represent the...
-
8. Here is a (very) simplified balance sheet for Northwest Natural as of Dec 31, 2021, reported on its annual statement (fiscal year 2021) Northwest Natural Balance Sheet As of Dec 31, 2020 Debt...
-
Bavarian Sausage just issued a 7-year 9% coupon bond. The face value of the bond is $1,000 and the bond makes annual coupon payments. If the bond is trading at $982.54, what is the bond's yield to...
-
1. Risk of Money Market Investments. What are the three types of risk that affect money market investments? 2. Liquidity During a Weak Economy. Why is it important to have sufficient liquidity during...
-
Oman Cement Company has bought a machinery for RO 85,000 with an estimated useful life of 7 years. Ms. Safia, an Accounting Manager, is responsible to calculate the depreciation and record in the...
-
On November 1 , 2 0 2 2 , Jamie ( who is single ) purchased and moved into her principle residence in Dallas, Texas. Jamie's employer transferred her to an office in Houston., Texas. On Feb 1 , 2 0 2...
-
How often does secondary data have to be updated in order to maintain a high level of validity?
-
suppose a nickel-contaminated soil 15 cm deep contained 800 mg/kg Ni, Vegetation was planted to remove the nickel by phytoremediation. The above-ground plant parts average 1% Ni on a dry-weight bas...
-
The power of HR metrics and analytics is an untapped resource for many organizations. Human resource information systems (HRIS) are commonly used to capture and store gigabytes of data about...
-
Dependable Drivers Driving School charges $250 per student to prepare and administer written and driving tests. Variable costs of $100 per student include trainers wages, study materials, and...
-
Rita Lane is the accountant for Outdoor Living, a manufacturer of outdoor furniture that is sold through specialty stores and Internet companies. Lane is responsible for reviewing the standard costs....
-
Heart of Texas Telecom has these account balances at December 31, 2012: Requirements 1. Compute Heart of Texas Telecoms current ratio and debt ratio. 2. How much in current assets does Heart of Texas...
-
This question is an extension of Exercise 10.22. Consider the data file \(m r o z\) on working wives and the model \(\ln (W A G E)=\beta_{1}+\beta_{2} E D U C+\beta_{3} E X P E R+e\). Use the 428...
-
Consider the data file \(m r o z\) on working wives. Use the 428 observations on married women who participate in the labor force. In this exercise, we examine the effectiveness of alternative...
-
To examine the quantity theory of money, Brumm (2005) ["Money Growth, Output Growth, and Inflation: A Reexamination of the Modern Quantity Theory's Linchpin Prediction," Southern Economic Journal,...
Study smarter with the SolutionInn App