Accounting Week 2

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Vevf86

Business Finance

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I have attached the pics of the questions that I need assistance with. I need them in 1.5 hours. I have provided all that is needed. The first scenario goes with the questions that follow it and the second scenario has the questions that follow them

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11 Verizon LTE 1 * 31% 8:54 PM i edugen.wileyplus.com Prepare the April 30, 2017, classified balance sheet. (List Current Assets in order of liquidity.) BLOSSOM COMPANY Balance Sheet April 30, 2017 Assets Current Assets X Cash and cash equivalents > Accounts Receivable X > Total Current Assets Property, plant and Equipment 10 IL Liabilities and Stockholders' Equity 11 Current Liabilities X Notes Payable Total Liabilities SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT VIDEO: SIMILAR EXERCISE Attempts: 1 of 3 used SAVE FOR LATER SUBMIT ANSWER . Verizon LTE 8:53 PM 7 * 31% edugen.wileyplus.com JS Kimmel, Accounting, 6e Help System Announcements CALCULATOR PRINTER VERSION BACK NEXT Exercise 4-6 (Part Level Submission) Blossom Company, a ski tuning and repair shop, opened on November 1, 2016. The company carefully kept track of all its cash receipts and cash payments. The following information is available at the end of the ski season, April 30, 2017. Cash Cash Receipts Payments $17,400 $9,160 Issuance of common shares 1,225 335 Payment to purchase repair shop equipment Payments to landlord Newspaper advertising payment Utility bill payments Part-time helper's wage payments Income tax payment Cash receipts from ski and snowboard repair services 920 2,600 10,600 31,800 Subtotals 49,200 24,840 24,360 Cash balance Totals $49,200 $49,200 The repair shop equipment was purchased on November 1 and has an estimated useful life of 5 years. Lease payments to the landlord are made at the beginning of each month. The payments to the landlord included a security deposit of $175. The part-time helper is owed $420 at April 30, 2017, for unpaid wages. At April 30, 2017, customers owe Blossom Company $400 for services they have received but have not yet paid for. (a) Your answer is partially correct. Try again. Prepare an accrual-basis income statement for the 6 months ended April 30, 2017. BLOSSOM COMPANY Income Statement For the Six Months Ended April 30, 2017 Revenues Service Revenue 31,8001 Expenses 1 m wl Verizon LTE 1 * 29% 8:55 PM i edugen.wileyplus.com (a) Prepare the income statement for the year ended August 31. BLOSSOM COMPANY Income Statement For the Month Ended August 31, 2017 Retained Earnings, August 31, 2017 $ $ $ SHOW LIST OF ACCOUNTS LINK TO TEXT VIDEO: SIMILAR EXERCISE Attempts: 0 of 3 used SAVE FOR LATER SUBMIT ANSWER (b) The parts of this question must be completed in order. This part will be available when you complete the part above. (c) The parts of this question must be completed in order. This part will be available when you complete the part above. . Verizon LTE 8:54 PM 1 X 29% edugen.wileyplus.com IS Kimmel, Accounting, 6e Help System Announcements CALCULATOR PRINTER VERSION A BACK N Exercise 4-22 (Part Level Submission) The adjusted trial balance for Blossom Company is given below: BLOSSOM COMPANY Trial Balance August 31, 2017 Before Adjustment After Adjustment Dr. Cr. Dr. Cr. Cash $10,140 Accounts Receivable $10,140 8,110 2,650 8,680 700 Supplies Prepaid Insurance 4,220 3,020 15,340 15,340 $3,452 Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries and Wages Payable $4,652 5,880 5,880 0 1,470 Unearned Rent Revenue 1,980 1,060 Common Stock 12,150 12,150 Retained Earnings 5,420 5,420 Dividends 2,900 Service Revenue 34,050 13,880 34,620 14,800 Rent Revenue Salaries and Wages Expense 16,980 18,450 0 Supplies Expense Rent Expense Insurance Expense 16,472 1,950 16,472 1,200 1,200 0 Depreciation Expense 0 $76,812 $76,812 $80,052 $80,052 (a) Prepare the income statement for the year ended August 31. BLOSSOM COMPANY Income Statement For the Month Ended August 31, 2017 Retained Earnings, August 31, 2017 $ < 1 m . Verizon LTE 8:56 PM 1 * 28% edugen.wileyplus.com ZileyPLUS Kimmel, Accounting, 6e Help System Announcements CALCULATOR PRINTER VERSION A BACK NEXT SNMENT RESOURCES < 2 Homework ercise 4-6 (Part Level ubmission) cercise 4-22 (Part vel Submission) ercise 4-9 Exercise 4-9 The ledger of Bramble Corp. on March 31 of the current year includes the selected accounts below before adjusting entries have been prepared. Debit Credit $3,160 ew Score ew Results by Study ctive Site Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Notes Payable 3,870 29,300 $8,790 19,300 11,300 55,800 Unearned Rent Revenue Rent Revenue 0 Interest Expense Salaries and Wages Expense 12,200 An analysis of the accounts shows the following. 1. 2. 3. The equipment depreciates $270 per month. Half of the unearned rent revenue was earned during the quarter. Interest of $550 is accrued on the notes payable. Supplies on hand total $950. Insurance expires at the rate of $430 per month. 4. 5. Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit 1. Mar. 31 2. Mar. 31 3. Mar. 31 4. Mar. 31 5. Mar. 31 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT VIDEO: SIMILAR EXERCISE Question Attempts: 0 of 3 used SAVE FOR LATER SUBMIT ANSWER 1 m
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