Accounting 1.Larry invested $80,000 in the business January 1 exchanging shares of common stock in the company. 2. Beginning of Jan 1 Larry purchase a truck for $30,000 as cash use for five year 3. Begin Jan 1 , larry purchase equipment for $20,000 in cash 4. Larry company buy parts and supply inventory of total $71,000 on account 5. Total sale of year is $300,000 , and $100,000 sale on account , $50,000 were cash , $150,000 were credit card , credit card charge 2% for each sale 6. parts and supplies inventory used was $62,500 7. Rent $1000 per year and paid as cash   8. Insurance year = $1200 as cash   9. All employee earned 185,000 in salaries and wage , with 180,000 paycheck and $5000 for paycheck   9. A customer went bankruptcy and don’t wanna paid $3,000 total of $22,000   10. Remaining operating expense $7,000 all paid with cash   11 OCT 1, larry company borrowed $25,000 from bank , the loan is 12% interest rate, payable annually on oct 1   12, Larry company still owed supplier of $8,200 at the end of year   13, in december , pany invested $55,000 in cash in the stock of ABC inc   14. Dec 31 , company sold equipment for $2,000 cash, net book value of equipment of $1500   15, company tax rate 15%, wait until April 15 of his second year to pay the income tax bill.   Question   Prepare all journal entries of first operations 2. Post this information on T-ACCOUNTS   3. Prepare income statement that summarizes the results of operations for first year   4. Prepare a statement of cash flow for this year Can someone please help me , thank you so mich.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Accounting

1.Larry invested $80,000 in the business January 1 exchanging shares of common stock in the company.

2. Beginning of Jan 1 Larry purchase a truck for $30,000 as cash use for five year

3. Begin Jan 1 , larry purchase equipment for $20,000 in cash

4. Larry company buy parts and supply inventory of total $71,000 on account

5. Total sale of year is $300,000 , and $100,000 sale on account , $50,000 were cash , $150,000 were credit card , credit card charge 2% for each sale

6. parts and supplies inventory used was $62,500

7. Rent $1000 per year and paid as cash

 

8. Insurance year = $1200 as cash

 

9. All employee earned 185,000 in salaries and wage , with 180,000 paycheck and $5000 for paycheck

 

9. A customer went bankruptcy and don’t wanna paid $3,000 total of $22,000

 

10. Remaining operating expense $7,000 all paid with cash

 

11 OCT 1, larry company borrowed $25,000 from bank , the loan is 12% interest rate, payable annually on oct 1

 

12, Larry company still owed supplier of $8,200 at the end of year

 

13, in december , pany invested $55,000 in cash in the stock of ABC inc

 

14. Dec 31 , company sold equipment for $2,000 cash, net book value of equipment of $1500

 

15, company tax rate 15%, wait until April 15 of his second year to pay the income tax bill.

 

Question

 

Prepare all journal entries of first operations

2. Post this information on T-ACCOUNTS

 

3. Prepare income statement that summarizes the results of operations for first year

 

4. Prepare a statement of cash flow for this year


Can someone please help me , thank you so mich.

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