Accounting homework

Posted on 2014-03-28 10:47:00 in Accounting by PAULO

Guys, can you help me do the Balance Sheet, Income Statement and Shareholders Equity (for January 31,2012)



Here are the data (in million $) for December 31, 2011

Assets:

Cash $24

Accounts Receivable $15

Supplies $6

Prepaid Insurance $12 (no need to adjust prepaid insurance monthly in this case)

Equipment $50 Less: Accumulated Depreciation (12) $38

Land $10

Total $105



Liabilities and SE:

Accounts Payable $4

Interest Payable $3

Unearned Revenue $12

Other Short term payables $4

Long term note payable $50

Contributed Capital $20

Retained Earnings $12

Total $105



Transactions during January 2012:



Paid $5 for employee wages.

Collected $10 cash from customers for work previously performed and billed.

Purchased equipment for $5 cash.

Purchased $2 of supplies for cash.

Paid $3 to a vendor for supplies previously purchased on credit in December 2011.

Paid the interest owed as of December 31, 2011.

Completed $18 in services for customers, receiving 50 percent payment in cash and billing the remainder.

Paid $15 to reduce outstanding long-term note payable.

Collected $5 for the issuance of common shares.



As of 1/31/12:

Had performed 25 percent of the services for which it had been paid in advance.

Owes $1 for interest that will be paid next month.

Depreciated equipment in the amount of $4.

Physical count of supplies reveals $3 on hand.

Declared and paid a cash dividend in the amount of 50 percent of January’s net income.



Thanks guys!

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