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Posted: February 26th, 2022
This will be your final month of preparing financial statements for Webworks.
This will be your final month of preparing financial statements for Webworks. This month, the assertion of money flows will be added. To simplify the development of that assertion, fewer transactions than normal are included.
Webworks
Earnings Assertion
as of April 30
Income
$
23,200
Value of Items Bought
12,707
Gross Revenue
10,493
Deprec. and Amort. Expense
392
Different Bills and Losses
9,045
Funding Earnings (Loss)
200
Earnings Earlier than Curiosity & Tax
1,256
Curiosity Expense
15
Earnings Earlier than Tax
1,241
Tax Expense
372
Web Earnings
$
869
Webworks
Assertion of Retained Earnings
as of April 30
Retained Earnings, April 1
$
19,601
Web Earnings
869
Dividends
(500)
Retained Earnings, April 30
$
19,970
Webworks
Stability Sheet
April 30
Belongings
Liabilities
Present
Present
Money
$
11,905
Accounts Payable
$
three,080
Accounts Receivable
2,050
Salaries Payable
100
Much less Allowance for Uncertain Accounts
(205)
Curiosity Payable
45
Web Accounts Receivable
1,845
Complete Present Liabilities
three,225
Merchandise Stock
three,362
Provides Stock
65
Noncurrent
Complete Present Belongings
17,177
Notice Payable
three,000
Property, Plant, and Gear
Homeowners’ Fairness
Gear
10,500
Capital Inventory
four,000
Much less Gathered Depreciation
(1,313)
Retained Earnings
19,970
Furnishings
1,000
Different Gathered Complete
Much less Gathered Depreciation
(119)
Earnings:
Complete Property, Plant, and Gear
10,068
Unrealized Acquire on Obtainable for Sale Securities
700
Complete Homeowners’ Fairness
24,670
Different Noncurrent Belongings
Obtainable for Sale Securities
2,450
Licensing Settlement, Web
1,200
Complete Belongings
$
30,895
Complete Liabilities & Homeowners’ Fairness
$
30,895
The next occasions happen in Might.
Required:
a. Webworks begins and completes twelve extra websites and payments purchasers for $9,000.
b. Webworks purchases provides value $140 on account.
c. Originally of March, Webworks had twenty-two keyboards costing $121 every and twenty-eight flash drives costing $25 every. Webworks makes use of periodic FIFO to price its stock.
d. On account, Webworks purchases eighty-three keyboards for $122 every and ninety flash drives for $26 every.
e. Webworks sells 98 keyboards for $14,700 and 100 of the flash drives for $three,000 money.
f. Webworks collects $9,000 in accounts receivable.
g. Webworks pays its $500 lease.
h. Webworks pays off $14,000 of its accounts payable.
i. Webworks sells all of its debt funding in QRS for $2,450 per share.
j. Webworks pays Juan $750 for his work through the first three weeks of Might.
okay. Webworks pays off its salaries payable from April.
l. Webworks pays the house owners (Leon Jackson and Nancy Po) a wage of $four,000 every.
m. Webworks’s observe payable permits early fee with no penalty. Leon Jackson and Nancy Po determine to make use of some of their extra money and repay the observe and curiosity payable. The observe was paid at the start of Might, so no curiosity accrued throughout Might.
n. Webworks pays taxes of $740 in money.
Required:
A. Put together journal entries for the earlier occasions.
B. Put up the journal entries to T-accounts.
C. Put together an unadjusted trial steadiness for Webworks for Might.
D. Put together adjusting entries for the next, and submit them to your T-accounts.
o. Webworks owes Juan Marcon (an worker) $200 for his work over the last week of Might.
p. Webworks receives an electrical invoice for $450. Webworks will pay the invoice in June.
q. Webworks determines that it has $70 value of provides remaining on the finish of Might.
r. Webworks is constant to accrue dangerous money owed at 10 p.c of accounts receivable.
s. Webworks continues to depreciate its gear over 4 years and its furnishings over 5 years, utilizing the straight-line methodology.
t. The license settlement ought to be amortized over its one-year life.
u. Report price of items bought.
E. Put together an adjusted trial steadiness.
F. Put together financial statements, together with the assertion of money flows, for Might. Put together the working part utilizing the oblique methodology.
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