Francine's Fast Deliveries, Inc. (FFD) was organized in December of 2011. It had limited activity in...

 

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Francine's Fast Deliveries, Inc. (FFD) was organized in December of 2011. It had limited activity in 2011. The resulting balance sheet at the beginning of 2012 is provided below: Francine's Fast Deliveries, Inc. Balance Sheet at January 1, 2012 Liabilities: Assets: Cash $ 2,150 $ 1,860 Accounts Payable Stockholders' Equity: Accounts Receivable 1,350 1,150 Supplies $2,000 Contributed Capital Retained Earnings 790 Total Assets $4,650 Total Liabilities & Stk. Equity $4,650 January Transactions for Francine's Fast Deliveries, Inc. (FFD) Date 1 Owners invest $35,000 of additional cash in the business. Supplies are purchased for $1,450 on account. 2a 2b Insurance is paid for 12 months beginning January 1: $9,120 (Record as an asset) 2c Rent is paid for 3 months beginning in January: $5,250 (Record as an asset) 2d Two employees are hired. Each employee will be paid $2,060 per month 3 FFD borrows $39,000 from 1st State Bank at 6% annual interest. 6 A delivery van is purchased for cash. Including tax the total cost was $69,600. It will be used for 4 years and will be depreciated monthly using straight-line with no salvage value. A full month of depreciation will be charged in January. 7 $945 of the receivables from December's sales are collected. 8 $1,488 of the accounts payable from December are paid. 9 Performed services for customers on account. Mailed invoices totaling $11,800. Services are performed for cash customers: $8,260. 10 16 Wages for the first half of the month are paid on January 16: $2,060. 20 The company receives $4,850 from a customer for an advance order for services to be provided in January and February. 25 Collections from customers on account (see January 9 transaction): $4,720 30a The last 2 weeks wages earned by employees are $1,030 per employee and will be paid on February 3. 30b A $1,310 utility bill for January arrived. It is due on February 15. Additional Information for adjusting entries at January 31: a. Supplies on hand on January 31 total $520. b. The company completed 60% of the deliveries for the customer who paid in advance on January 20. C. Interest is accrued for the bank loan. (Assume a full month for the 1st State Bank loan.) d. Record January depreciation. e. Adjust the prepaid asset (Rent and Insurance) accounts as needed. Project 1: Part 2 2. Pengendary Jant 2100 3000 34,000 945 8290 [1] रूपमा Jes/ 10 ✓ 20 ✓ J: 25 ✓ End T End En b d QUE Era b End tod THE T End En b 2 ✓ 1.490 20 ✓ A ✓ PLE En b A AIHEUT PORT 472 1,417 ✓ Supplies FIRS Pripad ميلاد 1,500 A Deprec trases in the 1- 9,120.2 ل ال ال - Answer is complete and correct Accou ✓ ✔ ✓ Ennttal Jan 2 1 20 J18 1,48 ✓ 20 J3 1790J3 Las PLETI Unsemed vu 291 ne Papie 15 J 1925 Contbuted Capital 200 25.01 3/.000 Service eve 11,809 D Us Expen 1,310 1.310 I Expr 195 100 Ment Expense 1,190 1.290 421 ✓ 1940 PLE DATORER A 29103 22,9/0 ✓ ✔ 20 B Jan Esta B RUT Ered t End Bog En End Baga J En tod Boga KLEIT En B 3% El d TE th PLC ✓ A ✓ A PIRET TU 7.495 Produce POT Equipment 183 Account Pa Pe POROT Jan? 4:20 Jan 2 POR Notes Pa Wag Payable teminga Wax Expe PIRET POR 1400 METO 1,450 1.310 3 ZELE 2080 4,120 Supplies Exper 2080 2.090 Inaunator Experas 3003 $2,000 Po 2,080 30 2,080 78003 Deprecation Expotar D Project 1: Part 3 3. Prepare an unadjusted trial balance using the T-Account balances. Cash Accounts Receivable Supplies Prepaid Insurance Prepaid Rent Equipment Accumulated Depreciation-Equipment Accounts Payable Unearned Revenue Notes Payable Wages Payable Interest Payable Contributed Capital Retained Earnings Service Revenue Wages Expenses Supplies Expenses Depreciation Expense Interest Expense Utilities Expense Totals Answer is complete but not entirely correct FAST DELIVERIES, INC. Unadjusted Trial Balance January 31 Account Title Debit Credit $ EA $ 7,407 7,485 2,600✔ 9,120✔ 5,250✔ 69,600 4,120✔ 2,080X 1,450X 195X 1,310✔ 110,617 $ 1,450X 3,132✔ 4,850✔ 39,000✔ 2,060✔ 195X 37,000✔ 790 22,970X 111,447 Project 1: Part 4 and 5 4.-5. Analyze the accounts and prepare the adjusting entries required using the additional information provided. Post the adjusting entry activity to the T-Accounts in Requirement #2. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) view transaction list journal entry worksheet Date General Journal Debit Credit Project 1: Part 6 6. Prepare the adjusted trial balance, using the revised set of t-account balances. FAST DELIVERIES, INC. Adjusted Trial Balance January 31 Account Title Credit Cash Accounts Receivable Supplies Prepaid Rent Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Unearned Revenue Wages Payable Interest Payable Notes Payable Contributed Capital Retained Earnings Service Revenue Wages Expenses Utilities Expense Supplies Expenses Depreciation Expense Insurance Expense Rent Expense Interest Expense Totals S Debit OS 0 Project 1: Part 7 7. Prepare end of January financial statements. (Balance Sheet only, items to be deducted must be Indicated with a negative amount.) FAST DELIVERIES, INC. income statement S 0 FAST DELIVERIES, INC. Statement of Retained Earnings For the Month Ended January 31 Retained Earnings, Beginning of Periad Retained Earnings, End of Period Assets Current Assets Total Current Assets Equipment, net Total Assets S S FAST DELIVERIES, INC. Balance Sheet At January 31 Current Liabilities Liabilities 0 of Total liabilites Total Current Liabilites stockholders' Equity Tatal Stockholders' Equity 0 Total Liabilities and Stockholders' Equity S 0 01 01 0 Francine's Fast Deliveries, Inc. (FFD) was organized in December of 2011. It had limited activity in 2011. The resulting balance sheet at the beginning of 2012 is provided below: Francine's Fast Deliveries, Inc. Balance Sheet at January 1, 2012 Liabilities: Assets: Cash $ 2,150 $ 1,860 Accounts Payable Stockholders' Equity: Accounts Receivable 1,350 1,150 Supplies $2,000 Contributed Capital Retained Earnings 790 Total Assets $4,650 Total Liabilities & Stk. Equity $4,650 January Transactions for Francine's Fast Deliveries, Inc. (FFD) Date 1 Owners invest $35,000 of additional cash in the business. Supplies are purchased for $1,450 on account. 2a 2b Insurance is paid for 12 months beginning January 1: $9,120 (Record as an asset) 2c Rent is paid for 3 months beginning in January: $5,250 (Record as an asset) 2d Two employees are hired. Each employee will be paid $2,060 per month 3 FFD borrows $39,000 from 1st State Bank at 6% annual interest. 6 A delivery van is purchased for cash. Including tax the total cost was $69,600. It will be used for 4 years and will be depreciated monthly using straight-line with no salvage value. A full month of depreciation will be charged in January. 7 $945 of the receivables from December's sales are collected. 8 $1,488 of the accounts payable from December are paid. 9 Performed services for customers on account. Mailed invoices totaling $11,800. Services are performed for cash customers: $8,260. 10 16 Wages for the first half of the month are paid on January 16: $2,060. 20 The company receives $4,850 from a customer for an advance order for services to be provided in January and February. 25 Collections from customers on account (see January 9 transaction): $4,720 30a The last 2 weeks wages earned by employees are $1,030 per employee and will be paid on February 3. 30b A $1,310 utility bill for January arrived. It is due on February 15. Additional Information for adjusting entries at January 31: a. Supplies on hand on January 31 total $520. b. The company completed 60% of the deliveries for the customer who paid in advance on January 20. C. Interest is accrued for the bank loan. (Assume a full month for the 1st State Bank loan.) d. Record January depreciation. e. Adjust the prepaid asset (Rent and Insurance) accounts as needed. Project 1: Part 2 2. Pengendary Jant 2100 3000 34,000 945 8290 [1] रूपमा Jes/ 10 ✓ 20 ✓ J: 25 ✓ End T End En b d QUE Era b End tod THE T End En b 2 ✓ 1.490 20 ✓ A ✓ PLE En b A AIHEUT PORT 472 1,417 ✓ Supplies FIRS Pripad ميلاد 1,500 A Deprec trases in the 1- 9,120.2 ل ال ال - Answer is complete and correct Accou ✓ ✔ ✓ Ennttal Jan 2 1 20 J18 1,48 ✓ 20 J3 1790J3 Las PLETI Unsemed vu 291 ne Papie 15 J 1925 Contbuted Capital 200 25.01 3/.000 Service eve 11,809 D Us Expen 1,310 1.310 I Expr 195 100 Ment Expense 1,190 1.290 421 ✓ 1940 PLE DATORER A 29103 22,9/0 ✓ ✔ 20 B Jan Esta B RUT Ered t End Bog En End Baga J En tod Boga KLEIT En B 3% El d TE th PLC ✓ A ✓ A PIRET TU 7.495 Produce POT Equipment 183 Account Pa Pe POROT Jan? 4:20 Jan 2 POR Notes Pa Wag Payable teminga Wax Expe PIRET POR 1400 METO 1,450 1.310 3 ZELE 2080 4,120 Supplies Exper 2080 2.090 Inaunator Experas 3003 $2,000 Po 2,080 30 2,080 78003 Deprecation Expotar D Project 1: Part 3 3. Prepare an unadjusted trial balance using the T-Account balances. Cash Accounts Receivable Supplies Prepaid Insurance Prepaid Rent Equipment Accumulated Depreciation-Equipment Accounts Payable Unearned Revenue Notes Payable Wages Payable Interest Payable Contributed Capital Retained Earnings Service Revenue Wages Expenses Supplies Expenses Depreciation Expense Interest Expense Utilities Expense Totals Answer is complete but not entirely correct FAST DELIVERIES, INC. Unadjusted Trial Balance January 31 Account Title Debit Credit $ EA $ 7,407 7,485 2,600✔ 9,120✔ 5,250✔ 69,600 4,120✔ 2,080X 1,450X 195X 1,310✔ 110,617 $ 1,450X 3,132✔ 4,850✔ 39,000✔ 2,060✔ 195X 37,000✔ 790 22,970X 111,447 Project 1: Part 4 and 5 4.-5. Analyze the accounts and prepare the adjusting entries required using the additional information provided. Post the adjusting entry activity to the T-Accounts in Requirement #2. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) view transaction list journal entry worksheet Date General Journal Debit Credit Project 1: Part 6 6. Prepare the adjusted trial balance, using the revised set of t-account balances. FAST DELIVERIES, INC. Adjusted Trial Balance January 31 Account Title Credit Cash Accounts Receivable Supplies Prepaid Rent Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Unearned Revenue Wages Payable Interest Payable Notes Payable Contributed Capital Retained Earnings Service Revenue Wages Expenses Utilities Expense Supplies Expenses Depreciation Expense Insurance Expense Rent Expense Interest Expense Totals S Debit OS 0 Project 1: Part 7 7. Prepare end of January financial statements. (Balance Sheet only, items to be deducted must be Indicated with a negative amount.) FAST DELIVERIES, INC. income statement S 0 FAST DELIVERIES, INC. Statement of Retained Earnings For the Month Ended January 31 Retained Earnings, Beginning of Periad Retained Earnings, End of Period Assets Current Assets Total Current Assets Equipment, net Total Assets S S FAST DELIVERIES, INC. Balance Sheet At January 31 Current Liabilities Liabilities 0 of Total liabilites Total Current Liabilites stockholders' Equity Tatal Stockholders' Equity 0 Total Liabilities and Stockholders' Equity S 0 01 01 0

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Francines Fast Deliveries Inc Income Statement For the month ended January 31 Revenue Ser... View the full answer