Since Bartleby is only limited to answer 1 Question. I'll post this problem 3 times.FOR THIS. PLEASE ANSWER THE NUMBER (1) ITEM, THE ONE THAT'S HIGHLIGHTED.please help ASAP. Willing to rate after. Thanks! 1. Using this 10-column Worksheet prepare all this Financial Statements:Income StatementStatement of Changes in EquityStatement of Financial Position2. Prepare the Closing EntriesAll temporary (nominal) accounts with normal debit balancesIncome Summary account and recorded results of operationsOwner, Drawings account.3. Prepare the Post Closing Trial Balance of L Company for June 30, 2018. Week 6- Learning Task 2Account Titles Unadjusted TrialBalanceDrCr227,200CashMerchandise50,000InventoryStore Supplies6,300Store64,000EquipmentAccountsPayableL. CapitalL. Drawing6,000SalesSales Return3,000andAllowancesSales Discount 280PurchasesPurchaseReturn andAllowancesPurchaseDiscountFreight InUtilitiesExpenseRent ExpenseFreight OutSalariesExpenseSalariesPayableStoreSuppliesExpenseDepreciationExpenseAccumulatedDepreciation- StoreEquipmentTotalsNet Income/Loss51,00080011,00020,00080040,100352,00045,0003,000280AdjustmentsDrCr4,90010,0004,90075010,000Adjusted TrialBalanceDrCr227,20050,0001,40064,0006,0003,00028051,00080011,00020,00080010,0004,90075040,100352,00045,0003,00028010,000IncomeStatementDr50,0003,00028051,0008011,00020,00080010,0004900750Cr68,72045,0003,000280Statement ofFinancial PositionDrCr227,20068,7201,40064,0006,000750750440,380 440,380 15,650 15,650 451,130 451,130 152,530 117,000 367,32035,530 35,530152,530 152,530 402,85040,100352,00010,000750402,850402,850

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Description: Since Bartleby is only limited to answer 1 Question. I'll post this problem 3 times.FOR THIS. PLEASE ANSWER THE NUMBER (1) ITEM, THE ONE THAT'S HIGHLIGHTED.please help ASAP. Willing to rate after. Thanks! 1. Using this 10-column Worksheet prepare all

The financial statements of the business are classified as Income Statement, Statement of Owner…

Answered: 1. Using this 10-column Worksheet…

Business

Accounting

1. Using this 10-column Worksheet prepare all this Financial Statements: Income Statement Statement of Changes in Equity Statement of Financial Position

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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(Learning Objectives 4, 5: Account for accounts receivable and uncollectibleaccounts) Perform the following accounting for the receivables of Andrews and Johnson, a lawfirm, at December 31, 2018.Requirements1. Set up T-accounts and start with the beginning balances for these T-accounts:■ Accounts Receivable, $100,000■ Allowance for Uncollectible Accounts, $14,000Post the following 2018 transactions to the T-accounts:a. Service revenue of $697,000, all on accountb. Collections on account, $714,000c. Write-offs of uncollectible accounts, $8,000d. Uncollectible-account expense (allowance method), $11,0002. What are the ending balances of Accounts Receivable and Allowance for UncollectibleAccounts?3. Show how Andrews and Johnson will report accounts receivable on its balance sheet atDecember 31, 2018.
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E1-24A. (Learning Objective 4: Construct a balance sheet) At December 31, 2018, LandyProducts has cash of $24,000, receivables of $18,000, and inventory of $80,000. The company’sequipment totals $182,000. Landy owes accounts payable of $22,000 and long-term notespayable of $172,000. Common stock is $34,500. Prepare Landy’s balance sheet at December 31,2018, complete with its proper heading. Use the accounting equation to compute retainedearnings.
(Learning Objectives 1, 3: Apply GAAP for proper revenue recognition; accountfor sales discounts) At Hometown Arts, gross sales for the month included:Sales on account (2/10, n/30) $150,000Credit card sales (3% credit card fee) $200,000Half of the sales on account were paid within the discount period; the other accounts were paidin full by the end of the month.Requirements1. Journalize the sales on account, the credit card sales, and the cash payments on accountreceived during the month.2. Calculate the net sales revenue for the month
1. Journal all transactions in Part One 2. Using the chart of accounts, open ledger accounts and post journals to the ledger account. 3. Prepare a trial balance 4. Prepare the following statements: 1. Income Statement 2. Retained Earnings Statements 3. Balance Sheet You need to use Microsoft Excel. Do not use Google Docs or Apple’s numbers. Place your submission in the appropriate journal labeled final project in the learning modules tab in Blackboard. The project is due in Module 15. Three points extra credit to final grade if submitted during Module 14. Part One A. The following transaction occurred for Scrooge Inc. for the month of December 31, 1820. B. Ebenezer Scrooge invested $50,000 cash along in the company in exchange for common stock. C. The company prepaid $500 for 12 month’s rent. D. The company purchased $100 in office supplies. Payment due withing 10 days E. Scrooge Inc. completed services for a client and immediately received $2,000. F. The company completed $1,500…
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(Learning Objective 4: Account for accounts receivable) Perform the followingaccounting tasks for the receivables of Able and Bowman, a law firm, at December 31, 2018.Requirements1. Set up T-accounts for Cash, Accounts Receivable, and Service Revenue. Start with thebeginning balances as follows: Cash $28,000; Accounts Receivable $103,000; and ServiceRevenue $0. Post the following 2018 transactions to the T-accounts:a. Service revenue of $705,000, all on accountb. Collections on account, $713,0002. What are the ending balances of Cash, Accounts Receivable, and Service Revenue?
Learning Objective 6: Apply GAAP for notes receivable) Garrett Meals completedthe following selected transactions:2018Oct 31 Sold goods to Rose Foods, receiving a $32,000, three-month 5.5% note. (You dodo not need to make the cost of goods sold journal entry for this transaction.)Dec 31 Made an adjusting entry to accrue interest on the Rose Foods note.2017Jan 31 Collected the Rose Foods note.Nov 11 Loaned $15,800 to Franklin Shops, receiving a 90-day, 9.75% note.Dec 31 Accrued the interest on the Franklin Shops note.Requirements1. Record the transactions in Garrett Meals’ journal. Assume that no sales returns areexpected. Round all amounts to the nearest dollar. Explanations are not required.2. Show what Garrett Meals will report on its comparative classified balance sheet atDecember 31, 2019, and December 31, 2018, for Notes Receivable and Interest Receivable
(Learning Objective 3: Account for a short-term note payable) Jamison SportsAuthority purchased inventory costing $25,000 by signing a 12%, six-month, short-term notepayable. The purchase occurred on January 1, 2018. Jamison will pay the entire note (principaland interest) on the note’s maturity date of July 1, 2018. Journalize the company’s (a) purchaseof inventory and (b) payment of the note plus interest on July 1, 2018.
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