Details of this Paper

A. previous note bears interest @ 5% per annum wit...

Description

Solution


Question

A. previous note bears interest @ 5% per annum with balloon payment due in 5 years B.Seven months of insurance remained prepaid at the start of the month C.Equipment has an 8 year life with no salvage value,Lucky Enterprises, Inc. Trial Balance as of March 31, 20XX as of April 15, 20xx Cash 33,000 75,350 Accounts Receivable 21,125 36,725 Inventory 13,800 12,800 Prepaid Expenses 1,400 1,400 Land 15,000 - Equipment 33,000 33,000 Accumulated depreciation, equip 4,125 4,125 Accounts Payable 13,000 18,200 Notes Payable 25,000 25,000 Common Stock 50,000 75,000 Retained Earnings 12,800 12,800 Revenue 65,000 83,000 Cost of Goods Sold 32,500 41,500 Salary Expense 7,500 8,750 Wage Expense 10,600 13,000 Rent Expense 1,200 1,800 Utility Expense 800 800 Gain on Sale 7,000 169,925 169,925 225,125 225,125 1-Apr Paid weekly wages of $1200 1-Apr Paid April rent of $600 5-Apr Sold 10 kits @ $1500, at a cost of $750 each on account AYL 6-Apr paid 2800 on account JML 8-Apr Paid weekly wages of $1200 8-Apr Purchased $8000 of kit inventory on account from KRU 11-Apr Received $2400 on account from AYL 11-Apr Sold 6 kits @ $500, at a cost of $250 each on account MT 12-Apr Sold land $22,000 13-Apr Issue $25,000 stock to R. U. Lucky for cash 15-Apr Paid semimonthly salary $1250 16-Apr Paid weekly wages of $1200 16-Apr Paid $3000 on account KRU 17-Apr Sold 5 kits @ $1,500, at a cost of $750 each to MT. 17-Apr Purchased $3000 of kit inventory on account from KRU 18-Apr Received $3000 on account from MT 18-Apr Purchased kit inventory for $750 19-Apr Paid $2000 on account KRU 23-Apr Paid weekly wages of $1200 24-Apr Purchased land for $8800 with $1000 down and the balance financed @ 3% for 10 years 25-Apr Received $3000 on account from MT 26-Apr Paid $2000 on account KRU 27-Apr Received and paid utility bill for $175. 28-Apr Received 15000 on account from AYL 29-Apr Sold 3 kits @ $1,500, at a cost of $750 each to AYL. 30-Apr Paid weekly wages of $1200 30-Apr Paid semimonthly salary $1250 30-Apr Received telephone bill of $300 for service provided in April Additional : a previous note bears interest @ 5% per annum with balloon payment due in 5 years b Seven months of insurance remained prepaid at the start of the month c Equipment has an 8 year life with no salvage value

 

Paper#9680 | Written in 18-Jul-2015

Price : $25
SiteLock