Accounting 1.Larry invested $80,000 in the business January 1 exchanging shares of common stock in the company. 2. Beginning of Jan 1 Larry purchase a truck for $30,000 as cash use for five year 3. Begin Jan 1 , larry purchase equipment for $20,000 in cash 4. Larry company buy parts and supply inventory of total $71,000 on account 5. Total sale of year is $300,000 , and $100,000 sale on account , $50,000 were cash , $150,000 were credit card , credit card charge 2% for each sale 6. parts and supplies inventory used was $62,500 7. Rent $1000 per year and paid as cash 8. Insurance year = $1200 as cash 9. All employee earned 185,000 in salaries and wage , with 180,000 paycheck and $5000 for paycheck 9. A customer went bankruptcy and don’t wanna paid $3,000 total of $22,000 10. Remaining operating expense $7,000 all paid with cash 11 OCT 1, larry company borrowed $25,000 from bank , the loan is 12% interest rate, payable annually on oct 1 12, Larry company still owed supplier of $8,200 at the end of year 13, in december , pany invested $55,000 in cash in the stock of ABC inc 14. Dec 31 , company sold equipment for $2,000 cash, net book value of equipment of $1500 15, company tax rate 15%, wait until April 15 of his second year to pay the income tax bill. Question Prepare all journal entries of first operations 2. Post this information on T-ACCOUNTS 3. Prepare income statement that summarizes the results of operations for first year 4. Prepare a statement of cash flow for this year Can someone please help me , thank you so mich.
Accounting
1.Larry invested $80,000 in the business January 1 exchanging shares of common stock in the company.
2. Beginning of Jan 1 Larry purchase a truck for $30,000 as cash use for five year
3. Begin Jan 1 , larry purchase equipment for $20,000 in cash
4. Larry company buy parts and supply inventory of total $71,000 on account
5. Total sale of year is $300,000 , and $100,000 sale on account , $50,000 were cash , $150,000 were credit card , credit card charge 2% for each sale
6. parts and supplies inventory used was $62,500
7. Rent $1000 per year and paid as cash
8. Insurance year = $1200 as cash
9. All employee earned 185,000 in salaries and wage , with 180,000 paycheck and $5000 for paycheck
9. A customer went bankruptcy and don’t wanna paid $3,000 total of $22,000
10. Remaining operating expense $7,000 all paid with cash
11 OCT 1, larry company borrowed $25,000 from bank , the loan is 12% interest rate, payable annually on oct 1
12, Larry company still owed supplier of $8,200 at the end of year
13, in december , pany invested $55,000 in cash in the stock of ABC inc
14. Dec 31 , company sold equipment for $2,000
15, company tax rate 15%, wait until April 15 of his second year to pay the income tax bill.
Question
Prepare all
2. Post this information on T-ACCOUNTS
3. Prepare income statement that summarizes the results of operations for first year
4. Prepare a statement of cash flow for this year
Can someone please help me , thank you so mich.
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