The actual problem states: Record all transactions for your new moving company. Be mindful of how...
The actual problem states:
Record all transactions for your new moving company. Be mindful of how you think each particular transaction should affect the financial statements.
1. Record your initial investment of $100,000
2.Record the energy bills.
3.Record all moving jobs that are listed on your moving calendar. You will record the sale, the contractor expense, and supplies expense for each job.
4.Record the two separate truck purchases and calculate depreciation for January, February, and March.
5.Record transactions from the leasing agreement.
>>>>>>>>>>The information below answers the above problem however I need all of the recorded information (below) to be turned into a formal income statement and balance sheet using any accounting software or template (EX; Quickbooks)
Initial investment of $100,000:
Debit,(Increase) Cash Account $100,000
Credit, (Increase) Shareholder's Equity Account-----$100,000
The cash account and Shareholder's Equity Account are Balance sheet accounts
To record the energy bills:
On 1/31/2019
Debit,(Increase) Electricity expense account $665.72
Credit, (Increase) Electricity Payable Account $665.72
When it is paid;
Debit,(Decrease) Electricity Payable Account $665.72
Credit, (Decrease) Cash Account -----------------------------$665.72
On 2/28/2019
Debit,(Increase) Electricity expense account $845.79
Credit, (Increase) Electricity Payable Account $845.79
When it is paid;
Debit,(Decrease) Electricity Payable Account $845.79
Credit, (Decrease) Cash Account -----------------------------$845.79
On 3/31/2019
Debit,(Increase) Energy expense account $795.83
Credit, (Increase) Electricity Payable Account $795.83
When it is paid;
Debit,(Decrease) Electricity Payable Account $795.83
Credit, (Decrease) Cash Account -----------------------------$795.83
Energy expense is an income statement account while the Electricity Payable is a balance sheet account
To record the sale
For January:
Debit,(Increase) Accounts Receivable Account $4,750
Credit,(Increase) Sales Account------------------------------$4,750
Note:This is the total for all jobs($1500+2200+300+$400+$350). For each Job, Record as follows; For example; charge for Sam Smith on 1/3/xxx
Debit, Debit,(Increase) Accounts Receivable Account $1,500
Credit,(Increase) Sales Account------------------------------$1,500
I have done the same with supplies Expense.
Their is no much information on Contract expense but for transactions on this;
Debit, Contract Expense account(Income statement item)
Credit, Cash account-decreases(if paid in cash ) or Accounts payable-increases(if on account) -both are balance sheet items as asset and liability respectively
To record Supplies Expense
Debit,(Increase) Supplies Expense Account----------------------------$850
Credit,(Increase) Cash Account(if paid) or Accounts Payable(if not paid)-----$850
For February:
Debit,(Increase) Accounts Receivable Account $7,650
Credit,(Increase) Sales Account------------------------------$7,650( Revenue item in the income statement)
To record Supplies Expense
Debit,(Increase) Supplies Expense Account----------------------------$1,400
Credit,(Increase) Cash Account(if paid) or Accounts Payable(if not paid)-----$1,400
For March:
Debit,(Increase) Accounts Receivable Account $3,800( Balance sheet item )
Credit,(Increase) Sales Account------------------------------$3,800( Revenue item in the income statement)
To record Supplies Expense
Debit,(Increase) Supplies Expense Account----------------------------$650
Credit,(Increase) Cash Account(if paid) or Accounts Payable(if not paid)-----$650
To record Purchase of Trucks
On 1/12/2019
Debit,(Increase) Trucks Account------------------$103,480
Credit,(Increase) Accounts Payable Account------------------$103,480
On 3/23/2019
Debit,(Increase) Trucks Account------------------$48,325
Credit,(Increase) Accounts Payable Account------------------$48,325
January
Debit, Depreciation Expense account $1,725(Depreciation expense is an income statement item as an expense)
Credit, Accumulated Depreciation $1,725--(The closing balance in Accumulated depreciation is recorded in the balance sheet)
To Record transactions from the leasing agreement
Debit, (Increase) Lease(Rent) Expense $1,000
Credit,(Increase) Lease(Rent) Payable -----------$1,000
Debit, (Increase) Lease(Rent) Receivable---$5,000
Credit,(Decrease) Cash account------------------------$5,000
Homework Answers
| Income statement for December 31, 2019 | ||||||||||||
| Revenues | ||||||||||||
| Sales(A) | $ 16,200 | (4750+7650+3800) | ||||||||||
| Expenses | ||||||||||||
| Cost of goods sold | ||||||||||||
| Materials(Supplier Expense) | $ 2,900 | (850+1400+650) | ||||||||||
| Finance Cost(Lease) | $ 6,000 | |||||||||||
| Depreciation | $ 7,421 | See Note-1 | ||||||||||
| Other Expenses(Electricity) | $ 2,307 | (665.72+845.79+795.83) | ||||||||||
| Total | (B) | $ 18,628 | ||||||||||
| Operating Profit(A-B) | $ -2,428 | |||||||||||
| Less: Dividend | ||||||||||||
| Retainings Earnings | $ -2,428 | |||||||||||
| Statement of Balance Sheet of year ended December'31 2019 | ||||||||||||
| Assets | Liability | |||||||||||
| Current Assets | Current Liability | |||||||||||
| Cash(See Note-2) | $ 94,793 | Accounts payable | $ 1,57,805 | (103480+48325+6000) | ||||||||
| Accounts Receivable | $ 16,200 | (4750+7650+3800) | Total Current Liabilities | $ 1,57,805 | ||||||||
| Total Current Assets | $ 1,10,993 | |||||||||||
| Fixed Assets | Equity | |||||||||||
| Plant and Equipment | $ 1,51,805 | (103480+48325) | common stock | $ 1,00,000 | ||||||||
| (-) Accumulated Depreciation | $ -7,421 | (See Note-1) | Retainings earnings | $ -2,428 | ||||||||
| Total Fixed Assets | $ 1,44,384 | $ 97,572 | ||||||||||
| Total Asssets | $ 2,55,377 | Total Liabilities and Equities | $ 2,55,377 | |||||||||
| Note-1 | Depreciation | |||||||||||
| Truck-1 | Truck-2 | |||||||||||
| Date of Purchase | 12-01-2019 | 23-03-2019 | ||||||||||
| Purchase Price | $ 1,03,480 | $ 48,325 | ||||||||||
| 31-01-2019 | 31-03-2019 | |||||||||||
| Depreciation(Given) | 1725.00 | |||||||||||
| No.of Days used in Jan'19 | 19.00 | |||||||||||
| No. of Days in the year | 365.00 | |||||||||||
| Depreciation for year | 33138 | |||||||||||
| (103480*78/365) | ||||||||||||
| Depreciation% per year | $ 32.02 | 32.02 | ||||||||||
| (33138*365)/19 | ||||||||||||
| 31-03-2019 | 31-03-2019 | |||||||||||
| No.of Days used in a 3 months | 78.00 | 8.00 | ||||||||||
| Deprection for 3 months | 7082 | 339 | ||||||||||
| (103480*32.02%)*78/365 | (48325*32.02%)*8/365 | |||||||||||
| Total Depreciation | 7421 | |||||||||||
| Note-2 | Cash | |||||||||||
| Opening Balance | 0 | |||||||||||
| Add: | ||||||||||||
| Initial Investment | $ 1,00,000 | |||||||||||
| Cash Available | $ 1,00,000 | |||||||||||
| Del: | ||||||||||||
| Electricity expenses for | ||||||||||||
| January,February&March'19 | 2307.34 | (665.72+845.79+795.83) | ||||||||||
| Supplies Expenses | $ 2,900 | (850+1400+650) | ||||||||||
| Closing balance | $ 94,793 | |||||||||||
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