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Income Statement and Financial Position Questions and Answers

Assignment Solution on Income Statement and Financial Position

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 Mid Term

  1. The Owner Invested $400,000 cash and land by 300,000 to start A business.2022
  2. On July 1, 2022, Company purchased furniture for $90,000 on account. The company expects to use the furniture for 3 years.
  3. Purchased a five-year insurance policy on April 1, 2022 for $60,000. Assuming that April 1 is the effective date of the policy.
  4. On February 1, Company received a $40,000 cash retainer for services to be rendered equally over the next 4 months. Assuming that the revenue is recognized equally over the 4-month period.
  5. On August 1, 2022, Co. purchased equipment for $60,000 on account.
  6. Received a bill for $9000 for advertising.
  7. Provided consulting services and billed the client $70,000.
  8. Pays rent in advance for 6 months, $9,000 cash, On October,1 .
  9. Receives $80,000 from clients for services provided.
  10. Purchased supplies cash for $20000.
  11. collected $6,000 6-months’ rent in advance from a tenant on November 1
  12. Received utility bill to be paid at later date for $7000.
  13. Received $10,000 for services previously performed on account.
  14. Made payment of $70,000 on account for furniture purchased earlier.
  15. collected $40,000 on sep, 2022 for 10 months of service which would take place from December,1 of 2022.
  16. Borrowed $30,000 from the bank to help finance increases.
  17. On February 1, purchased a van that cost $35,000. made a down payment of $5,000 cash and signed a note payable for the balance. depreciated at 20% per year.


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