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

What went wrongfriends bank is seeking to hire a new teller

What Went Wrong? Friend's Bank is seeking to hire a new teller. Darrell has applied for the position. His application states that five years ago, he was convicted for embezzlement as a teller. In the interview, Darrell r ...

Governmental accounting1 which of the following statements

GOVERNMENTAL ACCOUNTING 1. Which of the following statements is true about U.S. taxation of foreign subsidiaries? A)The U.S. does not tax income generated on subsidiaries incorporated in foreign countries. B)U.S. multina ...

International accounting1 when discussing foreign currency

International Accounting 1. When discussing foreign currency exchange, there are several arrangements. List two of these. 2. A _________ is a contract between two or more parties. 3. What are the timelines for the new re ...

Gasbvisit the website of the governmental accounting

G.A.S.B Visit the website of the Governmental Accounting Standards Board (G.A.S.B.) at http://gasb.org. Review the website to learn about the organization, its act ivies, and its goals. Review one or more of the "Plain-L ...

Problemmaquoketa services was formed on may 1 2017the

Problem Maquoketa Services was formed on May 1, 2017. The following transactions took place during the first month. Transactions on May 1: 1. Jay BradFord invested $40,000 cash in the company, as its sole owner . 2. Hire ...

Question 1important multiple-choice questions are to be

Question 1 Important: Multiple-choice questions are to be completed within the Online Learning Environment in your TX2 Assignment Submission section. This portion of the assignment will be automatically graded. Do not in ...

Problem 3-2 lo 2 simple equity method adjustments

Problem 3-2 (LO 2) Simple equity method adjustments, consolidated worksheet. On January 1, 2015, Paro Company purchases 80% of the common stock of Solar Company for $320,000. Solar has common stock, other paid-in capital ...

Vaughn company reports the following financial information

Vaughn Company reports the following financial information before adjustments.   Dr. Cr. Accounts Receivable $155,400 Allowance for Doubtful Accounts   $3,890 Sales Revenue (all on credit)   800,700 Sales Returns and All ...

1 weighted average cost method with perpetual inventory

1. Weighted average cost method with perpetual inventory (Page 349 of Accounting 25e Warren-Reeve-Duchac) The beginning inventory for RTE Office Supplies and data on purchases and sales for a three-month period are shown ...

1 ahn nguyen a vietnamese joint stock company has net

1. Ahn Nguyen, a Vietnamese Joint Stock Company has net income of 52,000 Vietnamese Dong, () and the following items: Depreciation Expense   16,000 Accounts Receivable Increase                    12,000 Inventory Decreas ...

  • 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