Answered: Using Excel Prepare a classified…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter2: The Accounting Information System

Section: Chapter Questions

Problem 29BE: Brief Exercise 2-2? Events and Transactions Several events are listed below. Paid $30,000 for land....

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Using Excel Prepare a classified Balance Sheet and Income Statement 3/01- sole propreitor contributed 350,000 cash to beachfront 14 beachfront 14 purchased a condominium to rent out condo cost 750,000. Allocated to 10% land 90% building, 30 year useful life Payment was 250,000 cash and 500,000 loan payable. 2.5% interest due march 1 and sept 1 each year 100,000 principle payment due june 1 each year mar-apr: 45,000 paid kitchen, baths, and improvements useful life 7 years 15,000 paid for furniture useful 5 years paid with cash may 1: all assets were placed in service and the condo was rented may-dec cash recieved: rent-91,782 rent deposits for next year-11,820 sales tax collected-12,880 may-dec cash paid: real estate and property taxes-8,694 sales tax-9,000 insurance-4,444 condo fees-6,400 resort fee-925 commissions-10,440 advertisments-514 utilities-6,669 cleaning-9,800 repair-6,716 paid interest on loan payable- 31 dec- cash balance- 86,630

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