Project #46939 - Accounting - Reporting

M3-1 Place the following information into spreadsheet:

  1. Sold music lessons to customers for $10,000, received $6,000 in cash and ther rest on account.
  2. Paid $600 in wages for the month.
  3. Received $200 bill for utilities that will be paid in April.
  4. Received $1,000 from customers as deposites on music lessons to be given in April.

Complete the following for March:

Cash Basis Income Statement

Revenues

Cash Sales

Customer Deposits

Expenses

Wages Paid

Cash income:     $______

 

 

Accural Basis Income Statement


Revenues

Sales

Expenses

Wages Expenses

Utilities Expense

Net Income:      $_______

 

__________________________________________________________________

M3-2 Identify Accural Basis Revenues: The following transactions are from July 2013 activities of XXX XXX'S which operates several bowling ceters. If revenue is to be recognized in July, Indicate the amount. If revenue is not to be recognized in July, explain why.

  1. XXX's collected $12,000 from customers for services related to games played in July.
  2. XXX's billed a customer for $250 for a party held at the centeron the last day of July.The bill is to be paid in August.
  3. Te men's and women's bowling leagues gave XXX advance payments totallig $1,500 for the fall season that starts un Sept.
  4. XXX received $1,000from credit sales made to customers last month (June).

__________________________________________________________________

M3-3 Identifying Accural Basis Expenses: The following transactions are from July 2013 activities of XXX XXX'S which operates several bowling ceters. If an expense is to be recognized in July, Indicate the amount. If an expense is not to be recognized in July, explain why

  1. XXX paid $1,500to plumbers for repairing a broken pipe in the restrooms.
  2. XXX paid $2,000 for the june electricity bill and received the July bill for $2,500 which will be paid in August.
  3. XXX paid $5,475 to employees for work in July.

__________________________________________________________________

M3-13 Preparing Accural basis Journal Entries for business activities:QCI has been in business for several years. It specializes in cleaning houses, but has some small business clients as well. Prepare journal entiries for the following transactions which occured during a recent month, and dtermine QCI's preliminary net income.

  1. Issued $25,000 of QCI stock for cash.
  2. Incurred $600 of utilities costs this month and will pay them next month.
  3. Paid wages for the current month totalling $2,000.
  4. Performed cleaning services on aqccount for $2,800.
  5. Some of QCI's equipment was repaired at a total cost of $150. Paid full amount. 

 __________________________________________________________________

ALL INFORMATION MUST BE ON A SPREADSHEET.

End

Subject Business
Due By (Pacific Time) 11/09/2014 11:40 pm
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