Financial Accounting Retained Earnings Statement 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 FEBRUARY
Feb. 4 Issued Check No. 109 for $5,500 for the current month’s advertising.
6 Issued Check No. 110 for $2,000 for February office rent.
7 Received $10,300 from Premier Corp. for decorating services performed throughout its office building.
Feb. 11 Received $6,000 from Maribel Thompson for decorating services performed January 12 on account.
15 Received $4,800 from Floyd and Peterson Law Firm for services performed to decorate its conference room.
22 Received $8,000 from Roberto Andriani for decorating services performed January 25 on account. Customer decided to pay part of the debt ahead of time.
25 Redecorated the restaurant facilities of Riviera’s Café on account for $11,500 (net 60).
27 Issued Check No. 111 for $225 to pay the utilities bill for the month.
27 Issued Check No. 112 for $350 in payment of the telephone bill for the month.
27 Issued Check No. 113 for $230 for postage.
27 Issued Check No. 114 for $500 for business automobile expenses.
27 Issued Check No. 115 for $5,600 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.)
a) Expired insurance for the period, $500.
b) Supplies on hand at the end of the month, $675.
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. Adjustment data are provided on the next page.
4) Prepare an adjusted trial balance.
5) Prepare a schedule of accounts receivable.
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6) Prepare an income statement for the two months ended February 28, 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 February and the year to date. Balances in the income and expense accounts currently reflect year-to-date activity. Complete the yearto-date income statement first. To calculate February figures, subtract January figures (from last month’s income statement) from the 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 two months ended February 28, 20–.
8) Prepare a balance sheet as of February 28, 20–.
9) Complete the analysis test for February on page 37.
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