dowlichr
Sep 6, 2006, 05:35 PM
Hi I'm new in studying accounting. I have quiz coming up tomorrow and I was wondering how I set up a Certified balance sheet and a multi-step income statement. The example we received was this.
On may 1st, 2006 Jane Win began the Jane Win Co. which owns a business selling gift items. She ivested 12,000 for 10,000 shares of capital stock. The account balances at May 31st 2006 are as follows:
Accounts reciables 5,200
Supplies expense- 1,750
Prepaid supplies - 650
equip. & furn (net of acc. Depre) 9,000
Dividends paids- 100
Salaries payable - 2,000
Long-term notes payable - 9,000
Inventory - 5,000
Interest expense - 100
Cost of goods sold- 7,000
Rent expense- 1,200
Accounts payable- 4,700
Cash - 5,900
Sales revenue - 20,000
Salary expense - 8,000
Advertising expense - 800
Depreciation expense - 1,000
Long term investment - 2,000
Income tax expense - 0
Can some one please help me out I really don't want to get lost in this subject!
Thanks
On may 1st, 2006 Jane Win began the Jane Win Co. which owns a business selling gift items. She ivested 12,000 for 10,000 shares of capital stock. The account balances at May 31st 2006 are as follows:
Accounts reciables 5,200
Supplies expense- 1,750
Prepaid supplies - 650
equip. & furn (net of acc. Depre) 9,000
Dividends paids- 100
Salaries payable - 2,000
Long-term notes payable - 9,000
Inventory - 5,000
Interest expense - 100
Cost of goods sold- 7,000
Rent expense- 1,200
Accounts payable- 4,700
Cash - 5,900
Sales revenue - 20,000
Salary expense - 8,000
Advertising expense - 800
Depreciation expense - 1,000
Long term investment - 2,000
Income tax expense - 0
Can some one please help me out I really don't want to get lost in this subject!
Thanks