Question: PLEASE NEED HELP!!! What would the imcome statement, Retained Earnings and Balance Sheet for this??? Please need HELP!!! Transaction Description of transaction June 1. Byte


Transaction Description of transaction June 1. Byte of Accounting, Inc. issued 2,620 shares of its common stock to Jeremy after $28,0 in cash and computer equipment with a fair market value of $40,040 were received 01 02 June 1: Byte of Accounting, Inc. issued 2.496 shares of its common stock after acquiring from Courtney $53,300 in cash, computer equipment with a fair market value of $10.920 and office equipment with a fair value of $676, 5 03 June 1: Byte of Accounting Inc acquired 557 200 in cash from Jonathan Cine and issued 2 200 shares of its common stock 18 9 04 June 2: A down payment of $28.000 in casis was made on additional computer equpment that was purchased for $140.000. A five-year note was executed by Byte for the balance 10 11 05 June 4. Additional office equpment costing 5700 was purchased on credit from Discount Computer Corporation. 12 13 06 June 8. Unsatisfactory office equipment costing $140 was returned to Discount Computer for credit to be applied against the outstanding balance owed by Byte 14 15 07 June 10 Byte paid $21 500 on the balance it owed on the June 2 purchase of computer equipment 16 17 08 June 14. A one-year insurance policy covering its computer equipment was purchased by Byte for $4.968 in cash. The effective date of the policy was June 16 18 19 20 21 09 June 16: Computer consultation revenue of $6.750 was received 10 June 16Byte purchased a building and the land it is on for 595,000, to house its repair facilities and to store computer equipment. The lot on which the building is located is valued at $15,000 The balance of the cost is to be allocated to the building Byte made a cash down payment of $9.500 and executed a mortgage for the balance. The mortgage is payable insight equal annual installments beginning July 1 22 23 11 June 17: Cash of $5,400 was paid for rent for an July and August. Put the total amount into the Prepaid Rent account 12 24 25 26 27 28 29 June 17. Received a bill of $425 from the local newspaper for advertisme 13 June 21. Billed various miscellaneous local customers 54.000 for consulting services performed Welcome Chart of Account Transactions Genital Tournal Worksheet Income Statement Rebey Acco 14 June 21: A fax machine for the office was purchased for $825 cash 15. June 21: Accounts payable in the amount of $560 were paid. 16. June 22. Paid the advertising bill that was received on June 17 17 June 22. Received a bill for $1 165 from Computer Parts and Repair Co. for repairs to the computer equipment 1 3 18 June 22. Paid salaries of $935 to equipment operators for the week ending June 18. 9 19 June 23 Cash in the amount of $3,205 was received on Billings 0 1 20 June 23: Purchased office supplies for $530 on credit. Record the purchase as an increase to the assets 21 June 28. Billed $5.700 to miscellaneous customers for services performed to June 25 22 June 29: Cash in the amount of $5.400 was received for billings 2 13 14 45 46 47 48 49 50 51 52 53 23. June 29: Paid the bill received on June 22. from Computer Parts and Repans Co. 24. June 29: Paid salaries of $935 to equipment operators for the week ending June 25 25 June 30: Received a bill for the amount of S890 from O&G Oil and Gas 26. June 30. Paid a cash dividend of S0.19 per share to the three shareholders of Byte [IMPORTANT NOTE: The mamber of shares of capital stock outstanding can be determined from the first three transactions 54 55 56 57 Adjusting Entries - Round to two decimal places. 27. The rent payment made on June 17 was for June July and August Expense the amount associated with one month's rent 58 59 28 A physical inventory showed that only S214.00 worth of office supplies remained on hand as of June 30 60 61 29 62 The annual interest rate on the mortgage payable was 8.00 percent. Interest expense for one half month should be computed because the building and land were purchased and the liability incurred on June 16 Welcome Chart of Accounts Transactions Generalna Fite Home LOY 30. B Information relating to the prepaid insurance may be obtained from the transaction recorded on June 14. Expense the amount associated with one half month's insurance. 64 65 31 A review of Byte s job worksheets show that there are unbilled revemes in the amount of $9,000 for the period of June 28-30 32 66 67 68 69 70 71 The fixed assets have estimated useful lives as follows: Building - 31 5 years Computer Equipment. 5.0 years Office Equipment- 70 years Use the straight-line method of depreciation. Management has decided that assets purchased chining a month are treated as if purchased on the first day of the month. The building's scrap value is $8,000. The office equipment has a scrap value of $300. The computer equipment has no scrap value. Calculate the depreciation for one month 72 23 33 A review of the payroll records show that unpaid salaries in the amount of $561 are owed by Byte for three days, June 28 - 30. 74 75 34 76 77 The note payable relating to the June 2, and 10 transactions is a five-year not with interest at the rate of 12 percent anmally. Interest expense should be computed based on a 360 day year (IMPORTANT NOTE: The original note on the computer equipment purchased on June 2 was $112,000. On June 10, eight days later, S21,300 was repaid. Interest expense must be calculated on the $112,000 for eight days. In addition, interest expense on the $90,500 balance of the loan ($112.000 less $21.500 = $90,500) must be calculated for the 20 days remaining in the month of June. 78 79 80 35 Income taxes are to be computed at the rate of 25 percent of net income before taxes [IMPORTANT NOTE. Since the income taxes are a percent of the net income you will want to prepare the Income Statements through the Net Income Before Tax line. The worksheet contains all of the accounts and their balances which you can then transfer to the appropriate financial statement Closing Entries 36 Close the revenue accounts 81 82 83 84 85 86 87 88 89 90 91 92 93 37 Close the expense accounts 38 Close the income summary account 39 Close the dividends account
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