Tailz64
Apr 2, 2009, 12:25 PM
He everyone. I was diagnosted with Colitis and missed a lot of school and have no idea how to do this and its worth 25% of my overall mark and due tomorrow. Someone help please:o. Thanks
Required
Prepare an interim statement of owners equity for the three months ended March 31, 2012.
Prepare an interim classified balance sheet as March 21, 2012.
Transactions
2012
Jan. 4 Paid Carly Smith for five days at the rate of $200 per day, including one day in addition to the four unpaid days from the prior year.
5 Mary Graham invested an additional $48,000 cash in business
7 Purchased $11,200 of merchandise from Shepard Corp. with terms of 1/10, n/30, FOB shipping point.
9 Received $3000 from Fostek Co. as final payment on its account
11 Completed five-day project for Alamo Engineering Co. and billed them $9,000, which is the total price of $12,000 less the advance payment of $3,000.
13 Sold merchandise with a retail value of $8,400 and a cost of $6,720 to Elite Corporation with terms of 1/10, n/30, FOB shipping point.
15 Paid $1,400 for freight charges on the merchandise purchased on January 7.
16 Received $6,000 cash from Grandview Co. for computer services.
17 Paid Shephard Corp. for the purchase on January 7.
20 Elite Corporation returned $800 of defective merchandise from its purchase on January 13. The returned merchandise, which had a cost of $640, was scrapped.
22 Received the balance due from Elite Corporation
24 Returned defective merchandise to Shepherd Corp. and accepted credit against future purchases. Its cost, net of the discount, was $792.
26 Purchased $16,000 of merchandise from Shephard Corp. with terms of 1/10, n/30, FOB destination.
26 Sold merchandise with a cost of $9,280 for $11,600 on credit to Hacienda, Inc.
29 Received a $792 credit memo from Shephard Corp. concerning the merchandise returned on January 24th.
31 Paid Carly Smith for 10 days’ work at $200 per day
Feb 1 Paid $6750 to the Lakeshore mall for another three months’ rent in advance.
3 Paid Shephard Corp. for the balance due.
5 Paid $1,600 to the local newspaper for advertising.
11 Received the balance due from Alamo Engineering Co. for fees billed on January 11.
15 Mary Graham withdrew $9,600 cash for personal use.
23 Sold merchandise with a cost of $5,120 for $6,400 on credit to Grandview Co.
26 Paid Carly Smith for eight days’ work at $200 per day.
27 Reimbursed Mary Grahams business automobile expenses for 600 kilometres at $1.00 per kilometer.
Mar. 8 Purchased $4,800 of computer supplies from Abbott Office Products on credit.
9 Received the balance due from Grandview Co. for merchandise sold on February 23.
11 Repaired the companies computer at the cost of $1,720.
16 Received $8,520 cash from images, Inc for computing services
19 Paid the full amount due to Abbott Office Products, including amounts created on December15th and March 8th.
24 Billed Capital Leasing for $11,800 of computing services.
25 Sold merchandise with a cost of $2,004 for $3,600 on credit to Buckman Services.
30 Sold merchandise with a cost of $2,200 for $4,440 on credit to Deckar Company.
31 Reimbursed Mary Graham’s business automobile expenses for 400 kilometres at $1.00 per kilometer.
Required
Prepare an interim statement of owners equity for the three months ended March 31, 2012.
Prepare an interim classified balance sheet as March 21, 2012.
Transactions
2012
Jan. 4 Paid Carly Smith for five days at the rate of $200 per day, including one day in addition to the four unpaid days from the prior year.
5 Mary Graham invested an additional $48,000 cash in business
7 Purchased $11,200 of merchandise from Shepard Corp. with terms of 1/10, n/30, FOB shipping point.
9 Received $3000 from Fostek Co. as final payment on its account
11 Completed five-day project for Alamo Engineering Co. and billed them $9,000, which is the total price of $12,000 less the advance payment of $3,000.
13 Sold merchandise with a retail value of $8,400 and a cost of $6,720 to Elite Corporation with terms of 1/10, n/30, FOB shipping point.
15 Paid $1,400 for freight charges on the merchandise purchased on January 7.
16 Received $6,000 cash from Grandview Co. for computer services.
17 Paid Shephard Corp. for the purchase on January 7.
20 Elite Corporation returned $800 of defective merchandise from its purchase on January 13. The returned merchandise, which had a cost of $640, was scrapped.
22 Received the balance due from Elite Corporation
24 Returned defective merchandise to Shepherd Corp. and accepted credit against future purchases. Its cost, net of the discount, was $792.
26 Purchased $16,000 of merchandise from Shephard Corp. with terms of 1/10, n/30, FOB destination.
26 Sold merchandise with a cost of $9,280 for $11,600 on credit to Hacienda, Inc.
29 Received a $792 credit memo from Shephard Corp. concerning the merchandise returned on January 24th.
31 Paid Carly Smith for 10 days’ work at $200 per day
Feb 1 Paid $6750 to the Lakeshore mall for another three months’ rent in advance.
3 Paid Shephard Corp. for the balance due.
5 Paid $1,600 to the local newspaper for advertising.
11 Received the balance due from Alamo Engineering Co. for fees billed on January 11.
15 Mary Graham withdrew $9,600 cash for personal use.
23 Sold merchandise with a cost of $5,120 for $6,400 on credit to Grandview Co.
26 Paid Carly Smith for eight days’ work at $200 per day.
27 Reimbursed Mary Grahams business automobile expenses for 600 kilometres at $1.00 per kilometer.
Mar. 8 Purchased $4,800 of computer supplies from Abbott Office Products on credit.
9 Received the balance due from Grandview Co. for merchandise sold on February 23.
11 Repaired the companies computer at the cost of $1,720.
16 Received $8,520 cash from images, Inc for computing services
19 Paid the full amount due to Abbott Office Products, including amounts created on December15th and March 8th.
24 Billed Capital Leasing for $11,800 of computing services.
25 Sold merchandise with a cost of $2,004 for $3,600 on credit to Buckman Services.
30 Sold merchandise with a cost of $2,200 for $4,440 on credit to Deckar Company.
31 Reimbursed Mary Graham’s business automobile expenses for 400 kilometres at $1.00 per kilometer.