Question

A Byte of Accounting, Inc. d Balance Sheet As of June 30, 2018    Assets Current...

A Byte of Accounting, Inc.
d Balance Sheet
As of June 30, 2018
  
Assets
Current Assets
1110 Cash
1120 Accounts Receivable
1130 Prepaid Insurance
1140 Prepaid Rent
1150 Office Supplies
Total
Long-Term Assets
1211 Office Equip.
1212 Accum. Depr.-Office Equip.
1311 Computer Equip.
1312 Accum. Depr.-Computer Equip.
1411 Building Cost
1412 Accum. Depr.-Building
1510 Land
Total
Total Assets
Liabilities
Current Liabilities
2101 Accounts Payable
2102 Advanced Payment
2103 Interest Payable
2105 Salaries Payable
2106 Income Taxes Payable
Total
Long-Term Liabilities
2201 Mortgage Payable
2202 Notes Payable
Total
Total Liabilities
Stockholder's Equity
3100 Capital Stock
3200 Retained Earnings
Total
Total Liabilities and Stockholder's Equity
1
You must finish the worksheet before you can complete the Balance Sheet, see FAQ 02.

this is the data

Transaction Description of transaction
01. June 1: Byte of Accounting, Inc. issued 2,640 shares of its common stock to Jeremy after $31,030 in cash and computer equipment with a fair market value of $45,530 were received.
02. June 1: Byte of Accounting, Inc. issued 2,382 shares of its common stock after acquiring from Courtney $50,750 in cash, computer equipment with a fair market value of $17,400 and office equipment with a fair value of $928.
03. June 1:   Byte of Accounting, Inc. acquired $87,000 in cash from angel and issued 3,000 shares of its common stock.
04. June 2: A down payment of $30,000 in cash was made on additional computer equipment that was purchased for $150,000. A five-year note was executed by Byte for the balance.
05. June 4: Additional office equipment costing $300 was purchased on credit from Discount Computer Corporation.
06. June 8: Unsatisfactory office equipment costing $60 was returned to Discount Computer for credit to be applied against the outstanding balance owed by Byte.
07. June 10: Byte paid $23,000 on the balance it owed on the June 2 purchase of computer equipment.
08. June 14: A one-year insurance policy covering its computer equipment was purchased by Byte for $4,968 in cash. The effective date of the policy was June 16.
09. June 16: Computer consultation revenue of $6,500 was received.
10. June 16: Byte purchased a building and the land it is on for $119,000, to house its repair facilities and to store computer equipment. The lot on which the building is located is valued at $19,000. The balance of the cost is to be allocated to the building. Byte made a cash down payment of $11,900 and executed a mortgage for the balance. The mortgage is payable in eight equal annual installments beginning July 1.
11. June 17: Cash of $4,800 was paid for rent for June and July. Put the total amount into the Prepaid Rent account.
12. June 17: Received a bill of $325 from the local newspaper for advertising.
13. June 21: Billed various miscellaneous local customers $4,400 for consulting services performed.
14. June 21: A fax machine for the office was purchased for $800 cash.
15. June 21: Accounts payable in the amount of $240 were paid.
16. June 22: Paid the advertising bill that was received on June 17.
17. June 22: Received a bill for $1,215 from Computer Parts and Repair Co. for repairs to the computer equipment.
18. June 22: Paid salaries of $1,035 to equipment operators for the week ending June 18.
19. June 23: Cash in the amount of $3,525 was received on billings.
20. June 23: Purchased office supplies for $505 on credit. Record the purchase as an increase to the assets.
21. June 28: Billed $5,805 to miscellaneous customers for services performed to June 25.
22. June 29: Cash in the amount of $5,500 was received for billings.
23. June 29: Paid the bill received on June 22, from Computer Parts and Repairs Co.
24. June 29: Paid salaries of $1,035 to equipment operators for the week ending June 25.
25. June 30: Received a bill for the amount of $915 from O & G Oil and Gas Co.
26. June 30: Paid a cash dividend of $0.20 per share to the three shareholders of Byte. [IMPORTANT NOTE: The number of shares of capital stock outstanding can be determined from the first three transactions.]
Adjusting Entries - Round to two decimal places.
27. The rent payment made on June 17 was for June and July. Expense the amount associated with one month's rent.
28. A physical inventory showed that only $202.00 worth of office supplies remained on hand as of June 30.
29. The annual interest rate on the mortgage payable was 9.25 percent. Interest expense for one-half month should be computed because the building and land were purchased and the liability incurred on June 16.
30. Information relating to the prepaid insurance may be obtained from the transaction recorded on June 14. Expense the amount associated with one half month's insurance.
31. A review of Byte’s job worksheets show that there are unbilled revenues in the amount of $5,750 for the period of June 28-30.
32. The fixed assets have estimated useful lives as follows:
Building - 31.5 years
Computer Equipment - 5.0 years
Office Equipment - 7.0 years
Use the straight-line method of depreciation. Management has decided that assets purchased during a month are treated as if purchased on the first day of the month. The building’s scrap value is $8,500. The office equipment has a scrap value of $300. The computer equipment has no scrap value. Calculate the depreciation for one month.
33. A review of the payroll records show that unpaid salaries in the amount of $621 are owed by Byte for three days, June 28 - 30.
34. The note payable relating to the June 2, and 10 transactions is a five-year note, with interest at the rate of 12 percent annually. Interest expense should be computed based on a 360 day year.
[IMPORTANT NOTE: The original note on the computer equipment purchased on June 2 was $120,000.   On June 10, eight days later, $23,000 was repaid. Interest expense must be
calculated on the $120,000 for eight days. In addition, interest expense on the $97,000 balance of the loan ($120,000 less $23,000 = $97,000) must be calculated for the 20 days remaining in the month of June.]
35. Income taxes are to be computed at the rate of 25 percent of net income before taxes.
[IMPORTANT NOTE: Since the income taxes are a percent of the net income you will want to prepare the Income Statements through the Net Income Before Tax line. The worksheet contains all of the accounts and their balances which you can then transfer to the appropriate financial statement.]

Homework Answers

Answer #1
Assets
Current Assets
1110 Cash 1,03,382
1120 Accounts Receivable        6,930
1130 Prepaid Insurance        4,761
1140 Prepaid Rent        2,400
1150 Office Supplies           202
Total    1,17,675
Long-Term Assets
1211 Office Equip.        1,968
1212 Accum. Depr.-Office Equip.             20
       1,948
1311 Computer Equip. 2,12,930
1312 Accum. Depr.-Computer Equip.        3,549
2,09,381
1411 Building Cost 1,00,000
1412 Accum. Depr.-Building           242
     99,758
1510 Land      19,000
Total    3,30,087
Total Assets    4,47,762
Liabilities
Current Liabilities
2101 Accounts Payable        1,660
2102 Advanced Payment
2103 Interest Payable        1,379
2105 Salaries Payable           621
2106 Income Taxes Payable        2,242
Total         5,902
Long-Term Liabilities
2201 Mortgage Payable 1,07,100
2202 Notes Payable      97,000
Total 2,04,100
Total Liabilities    2,10,002
Stockholder's Equity
3100 Capital Stock 2,32,638
3200 Retained Earnings        5,122
Total    2,37,760
Total Liabilities and Stockholder's Equity    4,47,762
Income statement For the period, June 2018
Net Revenue $22,455.00
$22,455.00
Cost of Goods Sold
Gross Income
Operating Expenses $543.00
Salaries $2,691.00
Rent $2,400.00
Insurance $207.00
   Depreciation $3,810.75
News Paper $325.00
Repairs $1,215.00
Oil expenses $915.00
Interest Expenses
   Total Operating Expenses $12,106.75
Operating Income $10,348.25
Other Expense
   Interest Expense ($1,379.45)
   Non-Operating Expense
   Other Expense
Income Before Taxes $8,968.80
Income Taxes $2,242.20
Income After Taxes $6,726.60
Less: Dividend $1,604.40
5,122.20
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
Complete the journal entries for each of the transactions. Transaction Description of transaction 01. June 1:...
Complete the journal entries for each of the transactions. Transaction Description of transaction 01. June 1: Byte of Accounting, Inc. issued 2,580 shares of its common stock to Jeremy after $25,200 in cash and computer equipment with a fair market value of $36,720 were received. 02. June 1: Byte of Accounting, Inc. issued 2,488 shares of its common stock after acquiring from Courtney $46,800 in cash, computer equipment with a fair market value of $12,000 and office equipment with a...
#32 The fixed assets have estimated useful lives as follows: Building - 31.5 years Computer Equipment...
#32 The fixed assets have estimated useful lives as follows: Building - 31.5 years Computer Equipment - 5.0 years Office Equipment - 7.0 years Use the straight-line method of depreciation. Management has decided that assets purchased during a month are treated as if purchased on the first day of the month. The building’s scrap value is $500. The office equipment has a scrap value of $500. The computer equipment has no scrap value. Calculate the depreciation for one month. ~~~~~Below...
Trial Balance Worksheet as at June 30, 2018 ? ? ? ? ? ? ? Account...
Trial Balance Worksheet as at June 30, 2018 ? ? ? ? ? ? ? Account Adjusted Income Statement Balance Sheet Debit Credit Debit Credit Debit Credit Cash $ 1,040,500.00 ? ? ? $ 1,040,500.00 ? Raw Material Inventory $   190,500.00 ? ? ? $   190,500.00 ? Work-in-Process Inventory $   116,050.00 ? ? ? $   116,050.00 ? Jobs Completed (Finished Goods Inventory) $               -   ? ? ? $               -   ? Note Receivable $   100,000.00 ? ? ? $   100,000.00 ?...
MATTHEWS LANES Work Sheet For Year Ended June 30 Account Income Statement Balance Sheet Dr Cr...
MATTHEWS LANES Work Sheet For Year Ended June 30 Account Income Statement Balance Sheet Dr Cr Dr Cr Cash 11,275 Accounts receivable 1,750 Office supplies 800 Prepaid insurance 3,400 Scoring equipment 140,000 Accumulated depreciation –      scoring equipment 21,700 Salaries payable 800 Common stock 20,000 Retained earnings (unadjusted) 40,000 Dividends 46,425 Bowling revenue 138,075 Depreciation expense –      scoring equipment 10,825 Salaries expense 1,800 Insurance expense 1,200 Rent expense 1,600 Office supplies expense 400 Repairs expense 350 Telephone expense 750 Totals 16,925...
Consider the following balance sheet: BestCare HMO Balance Sheet June 30, 2011 (in thousands) Assets Current...
Consider the following balance sheet: BestCare HMO Balance Sheet June 30, 2011 (in thousands) Assets Current Assets: Cash                                        $2,737 Net premiums receivable        821 Supplies                                  387 Total current assets    $3,945 Net property and equipment             $5,924 Total assets                                         $9,869 Liabilities and Net Assets Accounts payable—medical Services                                   $2,145 Accrued expenses                               929 Notes payable                                     382             Total current liabilities            $3,456 Long-term debt                                   $4,295 Total liabilities                        $7,751 Net assets—unrestricted (equity)                                   $2,118 Total liabilities and net Assets                                     $9,869 Consider the following financial statements...
MONTGOMERY INC. Comparative Balance Sheets December 31, 2018 and 2017 2018 2017 Assets Cash $ 55,900...
MONTGOMERY INC. Comparative Balance Sheets December 31, 2018 and 2017 2018 2017 Assets Cash $ 55,900 $ 56,300 Accounts receivable, net 13,800 16,800 Inventory 123,700 97,100 Total current assets 193,400 170,200 Equipment 68,500 57,500 Accum. depreciation—Equipment (31,000 ) (21,200 ) Total assets $ 230,900 $ 206,500 Liabilities and Equity Accounts payable $ 33,000 $ 35,200 Salaries payable 600 800 Total current liabilities 33,600 36,000 Equity Common stock, no par value 165,900 153,100 Retained earnings 31,400 17,400 Total liabilities and equity...
Prepare a classified balance sheet at May 31, 2017. (List current assets in order of liquidity)...
Prepare a classified balance sheet at May 31, 2017. (List current assets in order of liquidity) Nona Curry started her own consulting firm, Larkspur, Inc., on May 1, 2017. The following transactions occurred during the month of May. May 1 Stockholders invested $20,550 cash in the business in exchange for common stock. 2 Paid $822 for office rent for the month. 3 Purchased $685 of supplies on account. 5 Paid $205 to advertise in the County News. 9 Received $1,918...
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   ...
SPRING TRAINING INC.   Balance Sheet                             December 31, 2017 ASSETS  &nb
SPRING TRAINING INC.   Balance Sheet                             December 31, 2017 ASSETS                                                         LIABILITIES Cash                              $25,000             Accounts Payable                 $50,000 Accounts Rec.                   5,000             Mortgage Payable                 50,000 Inventory                        14,000               Supplies                            2,000             Total Liabilities                                  $100,000 Land                                18,000 Buildings      $220,000                             STOCKHOLDER EQUITY     Acc. Depr. <20,000> 200,000           Equipment     200,000                             Common Stock $5 Par      $30,000     Acc. Depr <14,000> 186,000             Excess of Par                     $300,000                                                                   Retained Earnings               20,000                                                                    Total Equity                                     $350,000 TOTAL ASSETS        $450,000              TOTAL LIAB. & EQUITY        ...
Balance Sheet Assets: 12/31/19 Current Assets: Cash $               3,000.00 Accounts Receivable             &nb
Balance Sheet Assets: 12/31/19 Current Assets: Cash $               3,000.00 Accounts Receivable                    1,250.00 Prepaid Expenses $                    100.00 Total Current Assets $               4,350.00 Non-Current Assets: Property, Plant, and Equipment Land $            10,000.00 Buildings                 25,000.00 Equipment                 15,000.00 Accumulated Depreciation $          (12,000.00) Total Property, Plant, and Equipment $            38,000.00 Total Assets $            42,350.00 Liabilities: Current Liabilities Accounts Payable $                    100.00 Accrued Expense                         150.00 Salary and Wages Payable                                      -   Notes Payable                                      -   Unearned Revenue $               1,500.00 Total Liabilities $              ...