This is a new manufacturing corporation that issued $50000 common stock for cash on the first day. All overhead expenses are paid immediately by cash. To make it easy, there are no other operating expenses and no income tax. No Dividend is declared for the year. Post all journal entries in the General Ledger T - accounts and using their respective balances prepare an Income Statment and Balance Sheet for the first month of the operation. Use a blank paper for posting into General Ledger and preparation of the financial statements.
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- This is a new manufacturing corporation that issued $30000 common stock for cash on the first day. All overhead expenses are paid immediately by cash. To make it easy, there are no other operating expenses and no income tax. No Dividend is declared for the year. 1. What is the Net Income at the end of the period in the Income Statement?2. What is the Total Inventory balance at the end of the period in the Balance sheet?3. What is the Total Asset balance at the end of the period in the Balance sheet?4. What is the Retained Earnings account balance at the end of the period (as mentioned before no Dividend has been declared) in the Equity section of the Balance Sheet?5. What is the Total Equity Balance at the end of the period in the Balance sheet?6. What is the Total Liability balance at the end of the period in the Balance sheet? 7.The amount of Raw Material that transfers to the Factory Overhead is called Direct Material.This is a new manufacturing corporation that issued "$30000" common stock for cash on the first day. All overhead expenses are paid immediately by cash. To make it easy, there are no other operating expenses and no income tax. No Dividend is declared for the year. 1. What is the Net Income at the end of the period in the Income Statement?2. What is the Total Inventory balance at the end of the period in the Balance sheet?3. What is the Total Asset balance at the end of the period in the Balance sheet?4. What is the Retained Earnings account balance at the end of the period (as mentioned before no Dividend has been declared) in the Equity section of the Balance Sheet?5. What is the Total Equity Balance at the end of the period in the Balance sheet?6. What is the Total Liability balance at the end of the period in the Balance sheet?This is a new manufacturing corporation that issued "$30000" common stock for cash on the first day. All overhead expenses are paid immediately by cash. To make it easy, there are no other operating expenses and no income tax. No Dividend is declared for the year. 1. What is the Work in process account balance at the end of the period? 2. What is the Retained Earnings account balance at the end of the period (as mentioned before no Dividend has been declared) in the Equity section of the Balance Sheet? 3. What is the Net Income at the end of the period in the Income Statement? 4. What is the Cash account balance at the end of the period? 5. What is the Raw Material balance at the end of the period? 6. What is the Total Asset balance at the end of the period in the Balance sheet?
- This is a new manufacturing corporation that issued $50000 common stock for cash on the first day. All overhead expenses are paid immediately by cash. To make it easy, there are no other operating expenses and no income tax. No Dividend is declared for the year. 1. What is the Raw Material balance at the end of the period?2. What is the Work in process account balance at the end of the period?3. What is the Cash account balance at the end of the period?4. What is the Net Income at the end of the period in the Income Statement?5. What is the Total Inventory balance at the end of the period in the Balance sheet?This is a new manufacturing corporation that issued $50000 common stock for cash on the first day. All overhead expenses are paid immediately by cash. To make it easy, there are no other operating expenses and no income tax. No Dividend is declared for the year. 8. What is the Total Equity Balance at the end of the period in the Balance sheet?9. What is the Total Liability balance at the end of the period in the Balance sheet? 10. The amount of Raw Material that transfers to the Factory Overhead is called Direct Material. a) True b) FalseThis is a new manufacturing corporation that issued $30000 common stock for cash on the first day. All overhead expenses are paid immediately by cash. To make it easy, there are no other operating expenses and no income tax. No Dividend is declared for the year. 1. What is the Total Asset balance at the end of the period in the Balance sheet?2. What is the Retained Earnings account balance at the end of the period (as mentioned before no Dividend has been declared) in the Equity section of the Balance Sheet?3. What is the Total Equity Balance at the end of the period in the Balance sheet?4. What is the Total Liability balance at the end of the period in the Balance sheet?
- This is a new manufacturing corporation that issued $50000 common stock for cash on the first day. All overhead expenses are paid immediately by cash. To make it easy, there are no other operating expenses and no income tax. No Dividend is declared for the year.6. What is the Total Asset balance at the end of the period in the Balance sheet?7. What is the Retained Earnings account balance at the end of the period (as mentioned before no Dividend has been declared) in the Equity section of the Balance Sheet?8. What is the Total Equity Balance at the end of the period in the Balance sheet?9. What is the Total Liability balance at the end of the period in the Balance sheet? 10. The amount of Raw Material that transfers to the Factory Overhead is called Direct Material. a) True b) FalseAssume that Dennis Savard Inc. has the following accounts at the end of the current year. 1. Common Stock 2. Discount on Bonds Payable 3. Treasury Stock (at cost) 4. Notes Payable (short-term) 5. Raw Materials 6. Equity Investments (long-term) 7. Unearned Rent Revenue 8. Work in Progress 9. Copyrights 10. Buildings 11. Notes Receivable (short-term) 12. Cash 13. Salaries and Wages Payable 14. Accumulated Depreciation-Buildings 15. Restricted Cash for Plant Expansion 16. Land Held for Future Plant Site 17. Allowance for Doubtful Accounts 18. Retained Earnings 19. Paid-in Capital in Excess of Par-Common Stock 20. Unearned Subscriptions Revenue 21. Receivables-Officers (due in on year) 22. Inventory (finished goods) 23. Accounts Receivable 24. Bonds Payab;e (due in 4 years) Prepare a classified balance sheet in good form. (No monetary amounts are necessary). (For Land, Treasury Stock, Notes Payable, Preferred Stock Investments, Notes Receivable, Receivables-Officers, Inventory, Bonds…Assume that Denis Savard Inc. has the following accounts at the end of the current year. 1. Common Stock. 2. Discount on Bonds Payable. 3. Treasury Stock (at cost). 4. Notes Payable (short-term). 5. Raw Materials. 6. Preferred Stock Investments (long-term). 7. Unearned Rent Revenue. 8. Work in Process. 9. Copyrights. 10. Buildings. 11. Notes Receivable (short-term). 12. Cash. 13. Salaries and Wages Payable. 14. Accumulated Depreciation—Buildings. 15. Restricted Cash for Plant Expansion. 16. Land Held for Future Plant Site. 17. Allowance for Doubtful Accounts. 18. Retained Earnings. 19. Paid-in Capital in Excess of Par—Common Stock. 20. Unearned Subscriptions Revenue. 21. Receivables—Officers (due in one year). 22. Inventory (finished goods). 23. Accounts Receivable. 24. Bonds Payable (due in 4 years). 25. Noncontrolling Interest. Instructions Prepare a classified balance sheet in good form. (No monetary amounts…
- You are the accountant for Kamal Fabricating, Inc. and you oversee the preparation of financial statements for the year just ended 6/30/2020. You have the following information from the company’s general ledger and other financial reports (all balances are end-of-year except for those noted otherwise): Cash $9,000 Common stock 8,000 Accounts receivable 7,000 Accounts payable 2,000 Cash dividends declared for the year 2,000 Additional paid-in capital 6,000 Prepaid insurance 5,000 Prior period adjustment, net of income taxes (2,000) Unearned revenue 4,000 Retained earnings, beginning of the year 6,000 Net income for the year 9,000 Prepare the company’s Statement of Retained Earnings. Kamal Fabricating, Inc. Statement of Retained Earnings Year Ended June 30, 2020 $fill in the blank 2 fill in the blank 4 $fill in the blank 6 fill in the blank 8 $fill in the blank 9 fill in the blank 11 $fill in the blank 13You are the accountant for Kamal Fabricating, Inc. and you oversee the preparation of financial statements for the year just ended 6/30/2020. You have the following information from the company’s general ledger and other financial reports (all balances are end-of-year except for those noted otherwise): Cash $11,000 Common stock 8,000 Accounts receivable 7,000 Accounts payable 2,000 Cash dividends declared for the year 2,000 Additional paid-in capital 5,000 Prepaid insurance 5,000 Prior period adjustment, net of income taxes (2,000) Unearned revenue 4,000 Retained earnings, beginning of the year 7,000 Net income for the year 9,000 Prepare the company’s Statement of Retained Earnings. Kamal Fabricating, Inc.Statement of Retained EarningsYear Ended June 30, 2020 $Retained earnings, July 1, 2019 Prior period adjustment, net of income taxes $Adjusted retained earnings, July 1, 2019 Net income $fill in the blank 9 Cash…You are the accountant for Kamal Fabricating, Inc. and you oversee the preparation of financial statements for the year just ended 6/30/2020. You have the following information from the company’s general ledger and other financial reports (all balances are end-of-year except for those noted otherwise): Cash $12,000 Common stock 8,000 Accounts receivable 7,000 Accounts payable 2,000 Cash dividends declared for the year 1,000 Additional paid-in capital 4,000 Prepaid insurance 5,000 Prior period adjustment, net of income taxes (2,000) Unearned revenue 4,000 Retained earnings, beginning of the year 6,000 Net income for the year 9,000 Prepare the company’s Statement of Retained Earnings. Kamal Fabricating, Inc. Statement of Retained Earnings Year Ended June 30, 2020 $ $ $