Chat with us, powered by LiveChat ACC-240 Fundamentals of Accounting | Gen Paper
+1(978)310-4246 credencewriters@gmail.com
  


ACC-240 TOPIC-1 ASSIGNMENT

1

The following information is available for Oriole Inc.

Accounts receivable

$2,112

Cash

$5,500

Accounts payable

3,256

Supplies

3,308

Interest payable

512

Unearned service revenue

748

Salaries and wages expense

3,960

Service revenue

36,008

Notes payable

27,720

Salaries and wages payable

656

Common stock

44,616

Depreciation expense

588

Inventory

2,500

Equipment (net)

95,216

Using the information above, prepare a balance sheet as of December 31, 2022. (Hint: Solve for the missing retained earnings amount.) 
(List Assets in order of liquidity.)

Oriole, Inc.
Balance Sheet
chooose the accounting period                            

Assets

enter a balance sheet item

$ enter a dollar amount

enter a balance sheet item

enter a dollar amount

enter a balance sheet item

enter a dollar amount

enter a balance sheet item

enter a dollar amount

enter a balance sheet item

enter a dollar amount

select a closing section name for this part of the balance sheet                            

$ enter a total amount for this part of the balance sheet

Liabilities and Stockholders’ Equity

select an opening name for section one                            

enter a balance sheet item

$ enter a dollar amount

enter a balance sheet item

enter a dollar amount

enter a balance sheet item

enter a dollar amount

enter a balance sheet item

enter a dollar amount

enter a balance sheet item

enter a dollar amount

select a closing name for section one                            

$ enter a total amount for this section of the balance sheet

select an opening name for section two                            

enter a balance sheet item

enter a dollar amount

enter a balance sheet item

enter a dollar amount

select a closing name for section two                            

enter a total of the two previous amounts

select a closing name for this part of the balance sheet                            

$ enter a total amount for this part of the balance sheet

2

On June 1, 2022, Swifty Corporation was started with an initial investment in the company of $17,972 cash. Here are the assets, liabilities, and common stock of the company at June 30, 2022, and the revenues and expenses for the month of June, its first month of operations:

Cash

$ 3,772

Notes payable

$9,840

Accounts receivable

3,280

Accounts payable

410

Service revenue

6,300

Supplies expense

820

Supplies

1,968

Maintenance and repairs expense

492

Advertising expense

328

Utilities expense

246

Equipment

21,320

Salaries and wages expense

1,148

Common stock

17,972

During June, the company issued no additional stock but paid dividends of $1,148.


(a1)

Prepare an income statement for the month of June.

Swifty Corporation
Income Statement

choose the accounting period                                  

select an opening name for section one                                  

enter an income statement item

$enter a dollar amount 

select an opening name for section two                                  

enter an income statement item

$enter a dollar amount 

enter an income statement item

enter a dollar amount

enter an income statement item

enter a dollar amount

enter an income statement item

enter a dollar amount

enter an income statement item

enter a dollar amount

select a closing name for section two                                  

enter a total amount for section two

select a closing name for this statement                                  

$enter a total net income or loss amount 

3

Presented below is selected financial information for Nash’s Trading Post, LLC for December 31, 2022.

Inventory

$ 20,000

Cash paid to purchase equipment

$ 9,600

Cash paid to suppliers

83,200

Equipment

32,000

Buildings

160,000

Service revenue

80,000

Common stock

40,000

Cash received from customers

105,600

Cash dividends paid

5,600

Cash received from issuing common stock

17,600

Cash at beginning of period

7,200

(a)

Prepare the statement of cash flows for Nash’s Trading Post, LLC. 
(Show amounts that decrease cash flow either with a negative sign preceding the number e.g. -15,000 or in parentheses e.g. (15,000).)

Nash’s Trading Post, LLC
Statement of Cash Flows
choose the accounting period                            

select an opening name for section one                            

select a cash flow item                            

$enter a dollar amount 

select a cash flow item                            

enter a dollar amount

select a closing name for section one                            

$enter a total amount for section one 

select an opening name for section two                            

select a cash flow item                            

enter a dollar amount

select a closing name for section two                            

enter a total amount for section two

select an opening name for section three                            

select a cash flow item                            

enter a dollar amount

select a cash flow item                            

enter a dollar amount

select a closing name for section three                            

enter a total amount for section three

select a summarizing line for this cash flow                            

enter a dollar amount

select an opening cash flow item                            

enter a dollar amount

select a closing cash flow item                            

$enter a total amount for the cash budget 

error: Content is protected !!