PROBLEM: - Making an Accounting Equation Table and Financial Statements At the beginning of April, Haron Kadir launched a custom computer solutions company called Softworks. The company had the following transactions during April. 1. Haron Kadir invested $65,000 cash, office equipment with a value of $5,750, and S$30,000 of computer equipment in the company. 2. The company purchased land worth $22,000 for an office by paying $5,000 cash and signing a long-term note payable for $17,000. The company purchased a portable building with $34,500 cash and moved it onto the land acquired in b. 4. The company paid $5,000 cash for the premium on a two-year insurance policy. 5. The company provided services to a client and immediately collected $4,600 cash. 6. The company purchased $4,500 of additional computer equipment by paying $800 cash and signing a long-term note payable for $3,700. 7. The company completed $4,250 of services for a client. This amount is to be received within 30 days. 8. The company purchased $950 of additional office equipment on credit. 9. The company completed client services for $10,200 on credit. 10. The company received a bill for rent of a computer testing device that was used on a recently completed job. The $320 rent cost must be paid within 30 days. 11. The company collected $5,100 cash in partial payment from the client described in transaction į. 3. 12. The company paid $1,800 cash for wages to an assistant. 13. The company paid $950 cash to settle the payable created in transaction h. 14. The company paid $608 cash for minor maintenance of the company's computer equipment. 15. H. Kadir withdrew $6,230 cash from the company for personal use. 16. The company paid $1,800 cash for wages to an assistant. 17. The company paid $750 cash for advertisements on the web during April. Required 4. Prepare a Balance Sheet at end of April
PROBLEM: - Making an Accounting Equation Table and Financial Statements At the beginning of April, Haron Kadir launched a custom computer solutions company called Softworks. The company had the following transactions during April. 1. Haron Kadir invested $65,000 cash, office equipment with a value of $5,750, and S$30,000 of computer equipment in the company. 2. The company purchased land worth $22,000 for an office by paying $5,000 cash and signing a long-term note payable for $17,000. The company purchased a portable building with $34,500 cash and moved it onto the land acquired in b. 4. The company paid $5,000 cash for the premium on a two-year insurance policy. 5. The company provided services to a client and immediately collected $4,600 cash. 6. The company purchased $4,500 of additional computer equipment by paying $800 cash and signing a long-term note payable for $3,700. 7. The company completed $4,250 of services for a client. This amount is to be received within 30 days. 8. The company purchased $950 of additional office equipment on credit. 9. The company completed client services for $10,200 on credit. 10. The company received a bill for rent of a computer testing device that was used on a recently completed job. The $320 rent cost must be paid within 30 days. 11. The company collected $5,100 cash in partial payment from the client described in transaction į. 3. 12. The company paid $1,800 cash for wages to an assistant. 13. The company paid $950 cash to settle the payable created in transaction h. 14. The company paid $608 cash for minor maintenance of the company's computer equipment. 15. H. Kadir withdrew $6,230 cash from the company for personal use. 16. The company paid $1,800 cash for wages to an assistant. 17. The company paid $750 cash for advertisements on the web during April. Required 4. Prepare a Balance Sheet at end of April
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter2: Analyzing Transactions: The Accounting Equation
Section: Chapter Questions
Problem 4SEB: EFFECTS OF TRANSACTIONS (BALANCE SHEET ACCOUNTS) Jon Wallace started a business. During the first...
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