Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

Create a transaction statement with the following information and a few other quick statements (income, balance, owners equity) and few problems answered I am having trouble with.

Jan Martinelli, a junior in college, has been seeking manner to earn extra spending money. As an active sports enthusiast, Jan plays tennis regularly at Naples Tennis Club, where her family has a membership. The president of club recently approached Jan with proposal that she direct the club’s tennis courts. Jan’s primary duty would be to supervise operation of the club’s four indoor and 10 outdoor courts, including court reservations.

In return for her services, the club would pay Jan $300 per week, plus Jan could keep whatever she earned from lessons and fees from the use of the ball machine. The club and Jan agreed to a one-month trial, after which both would consider an arrangement for the remaining two years of Jan’s college career. On the basis, Jan organized Topspin. Throughout April 2012, Jan managed the tennis courts and entered in the following transactions:

A. Opened a business account by the depositing $1,000

B. Paid $300 for tennis supplies (practice tennis balls, etc.).

C. Paid $200 for rental of video equipment to be used in offering lessons during April.

D. Arranged for rental of two ball machines during April for $250. Paid $100 in advance, with the remaining $150 due May 1.

E. Received $1,600 for lessons given during April

F. Received $500 in fees from use of the ball machines during April

G. Paid $800 for salaries of part-time employees who answered the telephone and took reservations while Jan was giving lessons.

H. Paid $225 for miscellaneous expenditures.

I. Received $1,200 from the club for managing tennis courts during April

J. Determined that the cost of supplies on hand at end of the month totaled $180; thus, the cost of supplies used was $120

K. Withdrew $250 for personal use on April 30th

L. Indicate the effect of each transaction and balances after each transaction using the subsequent tabular headings:

Assets = Liabilities + Owners Equity

Cash + Supplies= Accounts + Jan - Jan + Service - Service - Rent- Supplies -Misc
Payable     Martinelli Martinelli    Revenue     Expense   ExpenseExpenseExpense
           Capital        Drawing

Also things to be answered

1) Make an income statement for April

2) Make a statement of owner’s equity for April

3) Make a balance sheet as of April 30th.

4) A) suppose that Jan could earn $9 per hour working 30 hours a week as a waitress. find out which of the two alternatives, working as a waitress or operating Topspin, would provide Jan with the most income per month?

B) Discuss any other factors which you believe Jan must consider before discussing a long-term arrangement with the Naples Tennis Club

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M91113

Have any Question? 


Related Questions in Accounting Basics

Assignment descriptiona manufacturing company is thinking

Assignment Description A manufacturing company is thinking of launching a new product. The company expects to sell $950,000 of the new product in the first year and $1,500,000 each year thereafter. Direct costs including ...

Accounting assignmentplease include all calculationswork

Accounting Assignment Please include all calculations/work necessary. Please show references and in-text citing where needed. Please answer all questions in full. No plagiarism. For the eActivity, research one publicly t ...

Illustrative question- shane brookson july 1 2015 shane

Illustrative Question- Shane Brooks On July 1, 2015, Shane Brooks established an interior decorating business, Premium Designs. During the month, the following transactions are completed: July  1. Transferred cash from a ...

Question 1the following transactions occurred during july o

Question 1 The following transactions occurred during July: o Received $900 cash for services provided to a customer during July. o Received $2,200 cash investment from Barbara Hanson, the owner of the business. o Receiv ...

Transactions and fasb standards1 the new city college

Transactions and FASB Standards 1. The New City College reported deferred revenues of $612,000 as of July 1, 2014, the first day of its fiscal year. Record the following transactions related to student tuition and fees a ...

A company is considering to replace an existing machine for

A Company is considering to replace an existing machine for which two suppliers have given quotation. Supplier A has proposed a machine costing Rs. 180 lakh that uses the existing boiler while supplier B has quoted for t ...

Accountingbulluse the internet to research an annual report

Accounting • Use the Internet to research an annual report of a retail company. • Then, imagine you are an investor or creditor; suggest the ratios that you believe would provide an investor or creditor with the most imp ...

Assignmentparticipation topic mandatoryinventory additional

Assignment Participation Topic (Mandatory) Inventory Additional Lecture Notes Class, Let me see if I can work up an example of how to calculate and use the different inventory methods. Let us use the following informatio ...

Accounting theory and contemporary issues individual case

Accounting Theory and Contemporary Issues Individual case study Assignment- Assessment Description - Learning Outcome:  Research and argue a position in regard to a contemporary issue in the accounting profession. Evalua ...

Accountingscenariothe park family consists of the

Accounting Scenario: The Park family consists of the following: • Jackie O. Park; age 40; SSN: XXX-XX-XXXX; business analyst; single; unmarried • Leslie T. Park; age 16; SSN: 000-00-0000; daughter; high-school student; l ...

  • 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

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

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