Accounting problem | Accounting homework help

Complete the following problem sets of Financial Accounting:

P1-3A

On June 1, Hightower Service Co. was started with an initial investment in the company of $22,100 cash. Here are the assets, liabilities, and common stock of the company at June 30, and the revenues and expenses for the month of June, its first month of operations:

Prepare an income statement, retained earnings statement, and balance sheet; discuss results.

Cash

$ 4,600  

Notes payable

$12,000

Accounts receivable

  4,000  

Accounts payable

 500

Service revenue

  7,500  

Supplies expense

 1,000

Supplies

  2,400  

Maintenance and repairs expense

 600

Advertising expense

 400  

Utilities expense

 300

Equipment

 26,000  

Salaries and wages expense

 1,400

Common stock

 22,100  

 

 

In June, the company issued no additional stock but paid dividends of $1,400.

Instructions

·       (a) Prepare an income statement and a retained earnings statement for the month of June and a balance sheet at June 30, 2014.

Marginal check figures (in blue) provide a key number to let you know you are on the right track.

(a)

Net income

$ 3,800

 

Ret. earnings

$ 2,400

 

Tot. assets

$37,000

·       (b) Briefly discuss whether the company’s first month of operations was a success.

·       (c) Discuss the company’s decision to distribute a dividend.

 

P3-5A

Foyle Architects incorporated as licensed architects on April 1, 2014. During the first month of the operation of the business, these events and transactions occurred:

Journalize transactions, post, and prepare a trial balance.

(LO 5, 6, 7, 8), AP

 

Apr.

 1   

Stockholders invested $18,000 cash in exchange for common stock of the corporation.

 

 1   

Hired a secretary-receptionist at a salary of $375 per week, payable monthly.

 

 2   

Paid office rent for the month $900.

 

 3   

Purchased architectural supplies on account from Burlington Company $1,300.

 

10   

Completed blueprints on a carport and billed client $1,900 for services.

 

11   

Received $700 cash advance from J. Madison to design a new home.

 

20   

Received $2,800 cash for services completed and delivered to M. Svetlana.

 

30   

Paid secretary-receptionist for the month $1,500.

 

30   

Paid $300 to Burlington Company for accounts payable due.

The company uses these accounts: Cash, Accounts Receivable, Supplies, Accounts Payable, Unearned Service Revenue, Common Stock, Service Revenue, Salaries and Wages Expense, and Rent Expense.

 

Instructions

  • (a)Journalize the transactions, including explanations.
  • (b)Post to the ledger T-accounts.
  • (c)Prepare a trial balance on April 30, 2014.

(c) Cash

$18,800

     Tot. trial balance

$24,400

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