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    3-Comprehensive Problem 1

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    Lysss Epssss
    Cast 77 Service Company provided beginning account balances and a list of 12 business transactions that occurred in December. The transactions included receiving and paying cash, billing and receiving payment from clients, paying expenses, receiving supplies on account, and paying dividends. The required tasks are to: 1) Apply the accounting equation to each transaction through a spreadsheet analysis. 2) Prepare an income statement for December 31 showing revenues and expenses. 3) Prepare a statement of retained earnings showing the change in retained earnings. 4) Prepare a December 31 balance sheet reporting ending account balances.

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    3-Comprehensive Problem 1

    Uploaded by

    Lysss Epssss
    424 views1 page
    Cast 77 Service Company provided beginning account balances and a list of 12 business transactions that occurred in December. The transactions included receiving and paying cash, billing and receiving payment from clients, paying expenses, receiving supplies on account, and paying dividends. The required tasks are to: 1) Apply the accounting equation to each transaction through a spreadsheet analysis. 2) Prepare an income statement for December 31 showing revenues and expenses. 3) Prepare a statement of retained earnings showing the change in retained earnings. 4) Prepare a December 31 balance sheet reporting ending account balances.

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    Cast 77 Service Company provided beginning account balances and a list of 12 business transactions that occurred in December. The transactions included receiving and paying cash, billing and receiving payment from clients, paying expenses, receiving supplies on account, and paying dividends. The required tasks are to: 1) Apply the accounting equation to each transaction through a spreadsheet analysis. 2) Prepare an income statement for December 31 showing revenues and expenses. 3) Prepare a statement of retained earnings showing the change in retained earnings. 4) Prepare a December 31 balance sheet reporting ending account balances.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    424 views1 page

    3-Comprehensive Problem 1

    Uploaded by

    Lysss Epssss
    Cast 77 Service Company provided beginning account balances and a list of 12 business transactions that occurred in December. The transactions included receiving and paying cash, billing and receiving payment from clients, paying expenses, receiving supplies on account, and paying dividends. The required tasks are to: 1) Apply the accounting equation to each transaction through a spreadsheet analysis. 2) Prepare an income statement for December 31 showing revenues and expenses. 3) Prepare a statement of retained earnings showing the change in retained earnings. 4) Prepare a December 31 balance sheet reporting ending account balances.

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    © All Rights Reserved
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    Download as docx, pdf, or txt
    of 1

    Comprehensive Problem 1.

    Cast 77 Service Company has the following account balances:


    Cash, $6,000; Accounts Receivable, $7,000; Prepaid Rent, 1,900; Prepaid Insurance, $1,200
    Supplies, $950; Equipment, $7,000; Trucks, $10,000; Accounts Payable, $2,700; Common Stock
    $25,000; Retained Earnings $6,350. Business transactions during December are presented as
    follows:
    1. Company received cash from clients for services, $7,500
    2. Cast 77 paid to creditors $600,
    3. Paid office rent for the month of December, $950,
    4. Company billed client for accounting services on account, $8,200
    5. Supplies were purchased on account, $450,
    6. Company received cash from clients billed previously, $4,200
    7. Cast 77 received an invoice for services from Copy Plus for December (the
    invoice will be paid next month), $550,
    8. Cast 77 paid monthly salaries, $4,700,
    9. Utilities expense were paid, $380,
    10. Miscellaneous expense were paid, $250,
    11. Paid for monthly insurance, $200
    12. Dividends were paid, $750.
    Required:
     Apply the basic accounting equation (create a spreadsheet, please see
    comprehensive example) to complete a transaction analysis for each
    transaction (hint:  enter the balances provided first).
     Prepare income statement at the end of December 31.
     Prepare statement of retained earnings equity at the end of December 31.
     Prepare balance sheet at the end of December 31.

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