Assets Liabilides Amounts in US $ Cash Other Assets Stock Retained Eamings During April, its fist month of business, Kary no Key, Inc.: 1 Issued stock to its owners, Louden Clear and Justin Tune, in exchange for cash 2 Issued a 3-month, 6% promissory note to the bank due on June 30 3 Purchased 200 karaoke machines it plans to sell paying cash Per Unit Total Amount Account Title Amount Account Title Amount Account Title %24 116,000 116,000 116,000 111,000 111,000 111,000 notes payable 3 23,000 (23,000) 23,000 Inventory Equipment 4. Purchased a display stand on April 1 with a 10 year useful life paying cash 138,000 (138,000) 138,000 Sold 150 karaoke machines for cash: 24,150 (17,250) Record the sale 161.00 24,150 Sales Revenue Record the cost of the sale (17,250) Inventory Cast of Goods Sold (1,554) (1,130) Wages Expense Dividends Paid its employee cash for services performed in Apnil 1,554 (1,554) 4 7 Declared and paid a cash dividend to its shareholders 5 A1 Adjusted for depreciation on its equipment with a 10 year useful life and no salvage value 16 A2 Adjusted for interest ewed on loan with 6% Interest and principal due on June 30 17 (1,130) (1,150) (555) 1,130 1,150 (1,150) Accumulated Depreciation Dep eciation Expense 555 555 Interest Payable Interest Expense Column Totols 87.466 142,600 111,555 116,000 2,511
Assets Liabilides Amounts in US $ Cash Other Assets Stock Retained Eamings During April, its fist month of business, Kary no Key, Inc.: 1 Issued stock to its owners, Louden Clear and Justin Tune, in exchange for cash 2 Issued a 3-month, 6% promissory note to the bank due on June 30 3 Purchased 200 karaoke machines it plans to sell paying cash Per Unit Total Amount Account Title Amount Account Title Amount Account Title %24 116,000 116,000 116,000 111,000 111,000 111,000 notes payable 3 23,000 (23,000) 23,000 Inventory Equipment 4. Purchased a display stand on April 1 with a 10 year useful life paying cash 138,000 (138,000) 138,000 Sold 150 karaoke machines for cash: 24,150 (17,250) Record the sale 161.00 24,150 Sales Revenue Record the cost of the sale (17,250) Inventory Cast of Goods Sold (1,554) (1,130) Wages Expense Dividends Paid its employee cash for services performed in Apnil 1,554 (1,554) 4 7 Declared and paid a cash dividend to its shareholders 5 A1 Adjusted for depreciation on its equipment with a 10 year useful life and no salvage value 16 A2 Adjusted for interest ewed on loan with 6% Interest and principal due on June 30 17 (1,130) (1,150) (555) 1,130 1,150 (1,150) Accumulated Depreciation Dep eciation Expense 555 555 Interest Payable Interest Expense Column Totols 87.466 142,600 111,555 116,000 2,511
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
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help fill out the balance sheet and statement of cash flows
Transcribed Image Text:Assets
Liabilitdes
Amounts in US $
Cash
Other Assets
Stock
Retained Eamings
Duing Apil, its first month of business, Kary no Key, Inc.
1 Issued stock to Its owners, Louden Clear and Justin Tune, in exchange for cash
2 issued a 3-month, 6% promissory note to the bank due on June 30
3 Purchased 200 karaoke machines it plans to sell paying cash
Per Unit
Total
Amount
Account Title
Amount
Account Title
Amount
Account Title
116,000
116,000
111,000
116,000
111.000
111,000
notes payable
(23,000
(138,000)
23,000
23,000
Inventory
Equipment
Purchased a display stand on April 1 with a 10 year useful life paying cash
Sold 150 karaoke machines for cash:
4
138,000
138,000
24,150
(17,250)
(1,554)
(1,130)
(1,150
(555)
Record the sale
24,150
Sales Revenue
161.00
Cost of Goods Sold
2
3 6
14 7 Declared and paid a cash dividend to its shareholders
15 A1 Adjusted for depreciation on its equipment with a 10-year useful life and no salvage value
16 A2 Adjusted for interest owed on loan with 6% Interest and principal due on June 30
Record the cost of the sale
(17,250)
Inventory
(1,554)
Wages Expense
Dividends
Pald its employee cash for services performed in April
1.554
1,130
(1,130)
Depreciation Expense
Interest Expense
1,150
(1.150)
Accumulated Depreciation
555
555
Interest Payable
17
Column Totols
87,466
142,600
111,555
116,000
2,511
18
Transcribed Image Text:24 Beginning Retained Eamings
25 Net Income
26 Dividends
27 Ending Retained Earnings
3.841
(1130a
2511 a
28
118511 a
29 TotalShareholders' Equity
30
31
32
33
Karry no Key, Inc.
34
Statement of Cash Flows
35
36 Cash from Operating Activities
37 Cash Collected from Customers
38 Cash Paid for inventory
39 Cash Paid for Wages
40 Total Cash from Operating Activities
41 Cash from Investing Adtivities
42 Purchase of Equipment
43 Cash from Finandng Adivities
44 Issuance of Stock
45 Proceeds from Loans
46 Cash Paid for Dividends
47 Net Cash from Financing Activities
48 Net Change in Cash
49 Plus Beginning Cash Balance
50 Ending Cash Balance
Va
/a
n/a
/a
/a
r/a
n/a
r/a
n/a
n/a
r/a
51
52
53
54
Karry no Key. Inc.
55
Balance Sheet
56
57
58 Inventory
59 Total Current Assets
60 Equipment, Net of Accumulated Depreciation
61 Total Assets
n/a
n/a
n/a
n/a
n/a
62 Notes Payable
63
n/a
n/a
n/a
n/a
n/a
n/a
64 Total Current Liabilities
65
66 Retained Earnings
67 TotalLiabilities and Shareholders' Equity
68
69
70
Instructions
Journal
Staten
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