Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Financial Accounting Expert

Stephen Anest started a new business called ‘Repairs R Us, Inc.’ at the start of the year. Unfortunately, Stephen has not managed any accounting records, except for keeping track of all cash receipts and cash disbursements that are given below. Additionally, all unpaid invoices are stored in a file till they are paid.

Cash Receipts:

Investment by Owner -                                                       $45,000

Cash collected from customers -                                         $72,000

Total Cash Received -                                                         $117,000

Cash Disbursements:

Show equipment -                                                               $25,000

Repair supplies -                                                                  $15,000

Rent -                                                                                   $7,000

Insurance Premiums -                                                          $1,500

Advertising -                                                                        $1,000

Utilities -                                                                              $1,500

Employee' Wages -                                                             $18,500

Dividends to owner Stephen Anest -                                  $10,000

Total Cash Disbursed -                                                       $79,500

Cash Balance as of December 31, 2011                             $37,500

Anest has asked you to make an accrual basis income statement for the year. The following information must aid in the preparation of income statement:

i) The equipment has a useful life of ten years.

ii) Supplies on hand at the end of the period have a cost of $3,000.

iii) The shop rent is $500 per month; however the lease needs two months in advance.

iv) The insurance was paid at the beginning of the year and represents a two-year policy.

v) Customers owe the shop $3,200 for services already performed.

vi) The workers were appointed this year and are owed $550 at the end of the year for work in Dec.

Financial Accounting, Accounting

  • Category:- Financial Accounting
  • Reference No.:- M93458
  • Price:- $45

Guranteed 36 Hours Delivery, In Price:- $45

Have any Question? 


Related Questions in Financial Accounting

Comprehensive problemthis project is a review of the

Comprehensive Problem This project is a review of the accounting cycle that has been covered during class. Prepare all information in a professional manner and show details as needed. You should complete this on the page ...

Assignmentwill beck ron beck and barb beck formed the bbb

Assignment Will Beck, Ron Beck, and Barb Beck formed the BBB Partnership by making capital contribution of $183,750, $131,250 and $210,000, respectively. They predict annual partnership net income of $225,000 and are con ...

Assignmenttask 1 accounting systemsbrave brands marketing

Assignment Task 1. Accounting systems Brave Brands Marketing is a well-renowned marketing organisation with a strong workforce of dedicated employees. However, the CEO has recently identified that many of his staff membe ...

1-describe in detail the guidelines used for leading

1-Describe in detail the guidelines used for leading decision group meetings. 2-Explain leadership in? self-managed teams and the differences between internal and external leadership roles.

Assignmentsqueezed by rising costs a confectioner struggles

Assignment Squeezed by Rising Costs, a Confectioner Struggles to Cope Telford James and his wife Ivey are the second-generation owners of James Confectioners, a family-owned manufacturer of premium chocolates that was st ...

1 share a brief definition of each of the three types of

1. Share a brief definition of each of the three types of recognition systems. Which system in your opinion would be the most effective at motivating a team? Why? Is it better for a company to choose one system or integr ...

1-balance sheet computationsbalance sheet presented below

1-Balance sheet computations. (Balance Sheet) Presented below is the trial balance of Hightower Corporation at December 31, 2017.   Debit Credit Cash 295,000   Sales Revenue   $12,150 Debt Investments (trading) (at cost, ...

Assignmentsplit-offparentco sells street vending carts and

Assignment Split-Off ParentCo sells street vending carts and has been in business for 10 years. The subsidiary, SubCo, has been in the business of selling refrigerated vending carts for 8 years. You are a 50% partner of ...

Definedescribediscuss database fields records tables

Define/Describe/Discuss Database (Fields, Records, Tables, Database) and Database Management Define/Discuss/Describe ERD: Relationships, Primary Keys, Foreign Keys, Cardinality, etc. Provide Examples. Define/Describe/Dis ...

Assignmentan economist was interested in modeling the

Assignment An economist was interested in modeling the relationship among annual income, level of education, and work experience. The level of education is the number of years of education beyond eighth grade, so 1 repre ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen