Boulder Corporation, a ski tuning and repair shop, opened November 1, 2017. The company carefully kept...

 

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Boulder Corporation, a ski tuning and repair shop, opened November 1, 2017. The company carefully kept track of all its cash receipts and cash payments. The following information is available at the end of the ski season, April 30, 2018. Cash Receipts Cash Payments Issue of common shares $21,200 Payment for repair equipment $8.550 Rent payments 1,365 Newspaper advertising payment 410 Utility bills payments 900 Part-time helper's salary payments 2,590 Income tax payment 10,000 Cash receipts from ski and snowboard repair services 30,260 Subtotals 51,460 23,815 Cash balance 27,645 Totals $51.460 $51,460 You learn that the repair equipment has an estimated useful life of 5 years. The company rents space at a cost of $ 195 per month on a one-year lease. The lease contract requires payment of the first and last months' rent in advance, which was done. The part-time helper is owed $ 420 at April 30, 2018, for unpaid salaries. At April 30, 2018, customers owe Boulder Corporation $ 330 for services they have received but have not yet paid for. Using T-accounts, calculate the amounts that would be reported on an accrual basis for each of the following: Accounts Receivable, Accumulated Depreciation-Equipment, Advertising Expense, Cash, Common Shares, Depreciation Expense, Equipment, Income Tax Expense, Prepaid Rent, Rent Expense, Salaries Expense, Salaries Payable, Service Revenue, and Utilities Expense. Based on the balances determined for the above accounts, calculate the amount for Retained Earnings. Accounts Receivable $ Accumulated Depreciation-Equipment 24 Advertising Expense Cash Common Shares $ Depreciation Expense Equipment %24 Income Tax Expense %24 Prepaid Rent Rent Expense Salaries Expense $ Salaries Payable Service Revenue $ Utilities Expense Retained earnings %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 Boulder Corporation, a ski tuning and repair shop, opened November 1, 2017. The company carefully kept track of all its cash receipts and cash payments. The following information is available at the end of the ski season, April 30, 2018. Cash Receipts Cash Payments Issue of common shares $21,200 Payment for repair equipment $8.550 Rent payments 1,365 Newspaper advertising payment 410 Utility bills payments 900 Part-time helper's salary payments 2,590 Income tax payment 10,000 Cash receipts from ski and snowboard repair services 30,260 Subtotals 51,460 23,815 Cash balance 27,645 Totals $51.460 $51,460 You learn that the repair equipment has an estimated useful life of 5 years. The company rents space at a cost of $ 195 per month on a one-year lease. The lease contract requires payment of the first and last months' rent in advance, which was done. The part-time helper is owed $ 420 at April 30, 2018, for unpaid salaries. At April 30, 2018, customers owe Boulder Corporation $ 330 for services they have received but have not yet paid for. Using T-accounts, calculate the amounts that would be reported on an accrual basis for each of the following: Accounts Receivable, Accumulated Depreciation-Equipment, Advertising Expense, Cash, Common Shares, Depreciation Expense, Equipment, Income Tax Expense, Prepaid Rent, Rent Expense, Salaries Expense, Salaries Payable, Service Revenue, and Utilities Expense. Based on the balances determined for the above accounts, calculate the amount for Retained Earnings. Accounts Receivable $ Accumulated Depreciation-Equipment 24 Advertising Expense Cash Common Shares $ Depreciation Expense Equipment %24 Income Tax Expense %24 Prepaid Rent Rent Expense Salaries Expense $ Salaries Payable Service Revenue $ Utilities Expense Retained earnings %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24 %24

Answer rating: 100% (QA)

Solution NO V Solution Accocunt Recenvable 330 Actum... View the full answer