Month ending January 31 Assets Cash Accounts Receivable Inventory Prepaid Rent Property, Plant & Equipment MixMax Company Comparative Balance Sheets Accumulated Depreciation Total Assets Liabilities & Shareowners' Equity Advances from Customers (Deferred Revenue) Accounts Payable Merchandise Accounts Payable Services Interest Payable Tax Payable Current Portion - Long Term Debt Long Term Debt Common Stock Retained Earnings Total Liabilities & Shareowners' Equity Check that Assets = Liabilities + Owners' Equity Notes to the Consolidated Financial Statements: $ $ 1/1/2021 S 8,400 1,600 7,000 3,000 0 0 $ 20,000 $ 1,400 $ 3,600 200 0 0 0 0 $ 13,000 1,800 20,000 $ 0 1/31/2021 11,000 7,600 10,000 2,500 45,000 (675) 75,425 800 5,100 1,275 450 3,200 6,373 38,627 13,000 6,600 75,425 1 The MixMax Company did not issue common stock during January 20x1 0 Change 2,600 6,000 3,000 (500) 45,000 (675) 55,425 (600) 1,500 1,075 450 3,200 6,373 38,627 0 4,800 55,425 0 MixMax Company Statement of Cash Receipts & Disbursements Cash Receipts Collections from Credit Customers (AR) Advances from Customers Total Cash Receipts Cash Disbursements Payments to Suppliers of Merchandise Payments to Suppliers of Services Total Cash Disbursements Change in Cash $ $ Jan-21 20,500 2,900 23,400 16,500 4,300 20,800 $2,600 Thought Question: Although the balances in Property, Plant & Equipment (PPE) and Long-term Debt (LTD) increased, there was neither a cash payment for the purchase of the PPE nor a cash receipt for long-term borrowing in the statement of cash receipts and disbursements. Why Required: a Prepare journal entries for all of the events that occurred during January 2001. b Prepare an income statement for January 2001
Month ending January 31 Assets Cash Accounts Receivable Inventory Prepaid Rent Property, Plant & Equipment MixMax Company Comparative Balance Sheets Accumulated Depreciation Total Assets Liabilities & Shareowners' Equity Advances from Customers (Deferred Revenue) Accounts Payable Merchandise Accounts Payable Services Interest Payable Tax Payable Current Portion - Long Term Debt Long Term Debt Common Stock Retained Earnings Total Liabilities & Shareowners' Equity Check that Assets = Liabilities + Owners' Equity Notes to the Consolidated Financial Statements: $ $ 1/1/2021 S 8,400 1,600 7,000 3,000 0 0 $ 20,000 $ 1,400 $ 3,600 200 0 0 0 0 $ 13,000 1,800 20,000 $ 0 1/31/2021 11,000 7,600 10,000 2,500 45,000 (675) 75,425 800 5,100 1,275 450 3,200 6,373 38,627 13,000 6,600 75,425 1 The MixMax Company did not issue common stock during January 20x1 0 Change 2,600 6,000 3,000 (500) 45,000 (675) 55,425 (600) 1,500 1,075 450 3,200 6,373 38,627 0 4,800 55,425 0 MixMax Company Statement of Cash Receipts & Disbursements Cash Receipts Collections from Credit Customers (AR) Advances from Customers Total Cash Receipts Cash Disbursements Payments to Suppliers of Merchandise Payments to Suppliers of Services Total Cash Disbursements Change in Cash $ $ Jan-21 20,500 2,900 23,400 16,500 4,300 20,800 $2,600 Thought Question: Although the balances in Property, Plant & Equipment (PPE) and Long-term Debt (LTD) increased, there was neither a cash payment for the purchase of the PPE nor a cash receipt for long-term borrowing in the statement of cash receipts and disbursements. Why Required: a Prepare journal entries for all of the events that occurred during January 2001. b Prepare an income statement for January 2001
Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter22: End-of-fiscal-period Work For A Corporation
Section: Chapter Questions
Problem 2AP
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