Question

A) On December 31, 2017, Pack-N-Deliver Company completed its first year of operations. The following information...

A) On December 31, 2017, Pack-N-Deliver Company completed its first year of operations. The following information has been provided for the year:

a. Sold packing supplies for $30,000 and provided $280,000 of delivery services.

b. All packing supplies sales were for cash.

c. Collected $212,000 of delivery service revenue.

d. Paid $15,000 cash to rent packing equipment, with $10,000 for rental in 2019 and the remaining amount for rental in 2020.

e. Spent $4,000 cash to repair delivery equipment during the year.

f. Bought packing supplies at a total cost of $46,000 and paid for $25,000 of these supplies. There were $20,000 of these supplies that have not yet been sold or used.

g. Paid employees $80,000 during the year.

h. Paid $16,000 for advertising for the year.

i. Used $14,000 in fuel for the delivery equipment.

j. Sold investments for $8,000 that had been purchased earlier in the year for $7,000.

k. Ordered $500 in spare parts and supplies.

l. Income tax expense for the year is $18,000.

1) Prepare an accrual basis income statement for Pack-and-Deliver Company for the year ended December 31, 2017.

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
A) On December 31, 2019, Pack N-Deliver Company completed its first year of operations. The following...
A) On December 31, 2019, Pack N-Deliver Company completed its first year of operations. The following information has been provided for the year: a. Sold packing supplies for $30,000 and provided $280,000 of delivery services. b. All packing supplies sales were for cash. c. Collected $212,000 of delivery service revenue. d. Paid $15,000 cash to rent packing equipment, with $10,000 for rental in 2019 and the remaining amount for rental in 2020. e. Spent $4,000 cash to repair delivery equipment...
Nickleby’s Ski Store is completing the accounting process for its first year ended December 31, 2017....
Nickleby’s Ski Store is completing the accounting process for its first year ended December 31, 2017. The transactions during 2017 have been journalized and posted. The following data are available to determine adjusting journal entries: The unadjusted balance in Office Supplies was $1,150 at December 31, 2017. The unadjusted balance in Supplies Expense was $0 at December 31, 2017. A year-end count showed $160 of supplies on hand. Wages earned by employees during December 2017, unpaid and unrecorded at December...
Assume it is now December 31, 2017 and Nicole has just completed her first year of...
Assume it is now December 31, 2017 and Nicole has just completed her first year of operations at Nicole’s Getaway Spa. After looking through her trial balance, she noticed that there are some items that have either not been recorded or are no longer up-to-date. Nicole’s Getaway Spa is renting its space at a cost of $600 per month. On September 1, 2017, Nicole paid eight months’ rent in advance using cash. This prepayment was recorded in the account Prepaid...
Golden Corp., a merchandiser, recently completed its 2017 operations. For the year, (1) all sales are...
Golden Corp., a merchandiser, recently completed its 2017 operations. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, (5) Other Expenses are all cash expenses, and (6) any change in Income Taxes Payable reflects the accrual and cash payment of taxes. The company’s balance sheets and income statement follow. GOLDEN...
orten Company, a merchandiser, recently completed its calendar-year 2017 operations. For the year, (1) all sales...
orten Company, a merchandiser, recently completed its calendar-year 2017 operations. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, and (5) Other Expenses are paid in advance and are initially debited to Prepaid Expenses. The company’s income statement and balance sheets follow. FORTEN COMPANY Comparative Balance Sheets December 31, 2017...
The following information is available for Amos Company for the year ended December 31, 2017. A)...
The following information is available for Amos Company for the year ended December 31, 2017. A) Balance of retained earnings, December 31, 2016, prior to discovery of error, $851,000. B) Cash dividends declared and paid during 2017, $20,000. C) It neglected to record 2015 depreciation expense of $46,600, which is net of $6,600 in tax benefits. D) The company earned $221,000 in 2017 net income. Prepare a 2017 statement of retained earnings for Amos Company. (Amounts to be deducted should...
Required information Golden Corp., a merchandiser, recently completed its 2017 operations. For the year, (1) all...
Required information Golden Corp., a merchandiser, recently completed its 2017 operations. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, (5) Other Expenses are all cash expenses, and (6) any change in Income Taxes Payable reflects the accrual and cash payment of taxes. The company’s balance sheets and income statement...
Forten Company, a merchandiser, recently completed its calendar-year 2017 operations. For the year, (1) all sales...
Forten Company, a merchandiser, recently completed its calendar-year 2017 operations. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, and (5) Other Expenses are paid in advance and are initially debited to Prepaid Expenses. The company’s income statement and balance sheets follow. FORTEN COMPANY Comparative Balance Sheets December 31, 2017...
Golden Corp., a merchandiser, recently completed its 2017 operations. For the year, (1) all sales are...
Golden Corp., a merchandiser, recently completed its 2017 operations. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, (5) Other Expenses are all cash expenses, and (6) any change in Income Taxes Payable reflects the accrual and cash payment of taxes. The company’s balance sheets and income statement follow. GOLDEN...
The balance sheet for December 31, 2018, December 31, 2017, and the income statement for the...
The balance sheet for December 31, 2018, December 31, 2017, and the income statement for the year ended December 31, 2018, for Rocket Company follows. Rocket Company Balance Sheet December 31, 2018 and 2017 2018    2017 Assets Cash $ 25,000    $ 20,000 Accounts receivable, net 60,000    70,000 Inventory 80,000    100,000 Land 50,000    50,000 Building and equipment 130,000*   115,000 Accumulated depreciation (85,000)   (70,000) Total assets $260,000    $285,000 Liabilities and Stockholders' Equity Accounts payable $ 30,000    $ 35,000 Income taxes payable 4,000   ...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT