Financial Accounting Retained Earnings Statement Assignment Homework Help
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DESCRIPTION OF THE BUSINESS
Sophia LeBron’s vast experience in interior design provided her the opportunity to open a business of her own. She organized a corporation named My Place, House of Décor that offers decorating services to customers but subcontracts the manufacture of the merchandise needed. These subcontractors are to deal directly with the customers. After three months of successful operations, Sophia thought it would be an excellent idea to expand her business into the sale of antique furniture. She started buying merchandise inventory from a company named Golden Antiques for resale to retail stores.
TRANSACTIONS FOR APRIL
Apr. 2 Issued Check No. 122 to Sophia LeBron for accrued salary of $5,600.
4 Issued Check No. 123 for $350 to establish a petty cash fund.
5 Issued Check No. 124 for $6,800 for the current month’s advertising.
6 Issued Check No. 125 for $2,000 for April office rent.
6 Received $12,500 from John Chui for services to decorate the family room of his home.
Apr. 7 Purchased supplies on account from A & D Inc. for $1,800 (net 30).
8 Purchased merchandise on account from Golden Antiques for $16,000 (net 60).
10 Wrote off as uncollectible the balance on the account of Roberto Andriani.
11 Decorated Adelle’s Gift Shop, charging $10,800 on account (net 30).
12 Received payment on account from Nancy’s Accounting Firm for services performed on March 13.
15 Received $5,000 cash from the sale of a Louis XV antique table. The cost was $4,250.
19 Performed decorating services on account for Athena & Co. for $19,000 (net 60).
20 Received $10,000 cash from the sale of an art deco sofa and chairs. The cost was $6,500.
25 Received $4,300 on account from Andrea’s Gourmet Food for services performed on March
26 Performed services on account for Blue Ocean Resort for $32,000 (net 60) in connection with decorating its new store.
26 Received $11,500 on account from Riviera’s Café for services performed on February 25.
29 Issued Check No. 126 for $230 to pay the utilities bill for the month.
29 Issued Check No. 127 for $350 in payment of the telephone bill for the month.
29 Issued Check No. 128 for $235 for postage.
29 Issued Check No. 129 for $550 for business automobile expenses.
29 Issued Check No. 130 for $7,500 to Sophia LeBron for salary. (Payroll taxes are not considered in this entry. Transactions in later months will show you how to journalize payroll tax deductions and expenses.)
29 Issued Check No. 131 to replenish petty cash. The expenditures were for supplies used, $150, and postage, $75.
a) Expired insurance for the period, $500.
b) Supplies on hand at the end of the month, $1,100.
c) Provision for uncollectible accounts estimated at 3.0% of April credit sales, $1,854.
1) Journalize the transactions listed below and on the next page and post to the ledger accounts. Omit explanations.
2) Prepare an unadjusted trial balance.
3) Journalize the adjusting entries and post to the general ledger.
4) Prepare an adjusted trial balance.
5) Prepare a schedule of accounts receivable and a schedule of accounts payable.
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6) Prepare an income statement for the four months ended April 30, 20–. If not completing the optional requirements below, use only the year-to-date amount column to complete your statement.
Optional: Prepare the statement for both the month of April and the year to date. Balances in the income and expense accounts currently reflect year-to-date activity. Complete the year-to date income statement first. To calculate April figures, subtract year-to-date figures of March’s
income statement from April’s year-to-date figures.
Optional: Include vertical analysis figures in the statement by calculating the percent of each line item to total revenue.
Note: If working the set with General Ledger software, the generated statement will automatically include monthly and year-to-date figures and include percentages for vertical analysis.
7) Prepare a retained earnings statement for the three months ended April 30, 20–.
8) Prepare a balance sheet as of April 30, 20–.
9) Complete the analysis test for April .
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