Attached are images containing information to build what is essentially an encompassing financial report on "Howard's Flight Radio Management Corporation. I need:
Attached are images containing information to build what is essentially an encompassing financial report on "Howard's Flight Radio Management Corporation. I need:
Attached are images containing information to build what is essentially an encompassing financial report on "Howard's Flight Radio Management Corporation. I need:
Attached are images containing information to build what is essentially an encompassing financial report on "Howard's Flight Radio Management Corporation. I need:
- The Journal Entries for March - "General Journal" - The General Ledger - Trial Balance
- A new General Ledger adjusting the entries based on this information: a) One month's insurance has expired. b) The remaining inventory of repair supplies is $200. c) The estimated depreciation on repair equipment is $150. d) The estimated income taxes are $100.
- Post the entries to the T-accounts.
- Prepare an adjusted Trial Balance - Prepare the financial statements (Only the Income, Statement of Retained Earning, and the Balance Sheet) - Prepare the closing entries at March 31st in a General Ledger - Post the Closing entries to the T-accounts.
Transcribed Image Text:During its first month of operation, HFRM completed the following transactions.
Date
March 1
March 1
March 1
March 3
March 8
March 10
March 11
March 18
March 20
March 31
March 31
March 31
March Transactions
Transaction Description
Began business by making a deposit in a company bank
account of $22500, in exchange for 2,250 shares of $10 par
value common stock.
Paid the premium on a 1-year insurance policy, $2,160.
Paid the current month's rent expense, $1,800.
Purchased repair equipment from Fred Company, $5,800.
Paid $2200 down and the balance was placed on account.
The rest will be paid in equal payments over the next 12
months. The first payment is due 4/1. Note: Use Accounts
Payable for the Balance Due.
Purchased repair supplies from Gary Company on credit,
$650.
Paid telephone bill for March, $400.
Cash flight management system (FMS) repair revenue for
the first third of March, $2000.
Made payment to Gary Company, $400.
Cash FMS repair revenue for the second third of March,
$2,450.
Cash FMS repair revenue for the last third of March, $1,500.
Paid the current month's electic bill, $300.
Declared and paid cash dividend of $1,000.
Chart of Accounts
Account
Number Account Title
Anything in yellow needs to be manually inputted
Account Type
Normal Balance
Assets
Must be Manually Updated From "March Transactions" Data
111
Cash
Debit
Event
Entry Monthly Exp
117
Prepaid Insurance
Debit
Cash
22500
119
Repair Supplies
Debit
Shares
2250
144
Repair Equipment
Debit
Share Price
10
Total Stock Value
22500
145
Accum Dep -Repair Equipment
Credit
Insurance
2160
180
Month's Rent
Repair Equipment
1800
5800
Liabilities
Paid Down on Equipment
2200
212
Accounts Payable
Credit
213
Income Tax Payable
Credit
Stockholders Equity
311
Common Stock
Credit
312
Retained Earnings
Equipment Balance
Repair Supplies on Credit
Telephone Bill March
Revenue 3/1-3/10
Paid Gary Company
Revenue 3/10-3/20
Revenue 3/20-3/31
3600
300
650
400
2000
400
2450
1500
Credit
313
Dividends
Debit
Electic Bill
Declared and paid Dividend
300
1000
Revenue
411
FMS Repair Revenue
Credit
Expenses
511
Store Rent Expense
Debit
512
Telephone Expense
Debit
lust be Manually Updated From "Adjusting Entries" Dat
Monthly Insurance Exp
513
Insurance Expense
Debit
Inventory Repair Supplies
Repair Equip Depreciation
514
Repair Supplies Expense
Debit
Income Tax
180
200 450
150
100
515
Dep Expense - Repair Equipment Debit
516
Income Tax Expense
Debit
517
Electric Expense
Debit
Automatically Updated From "March Transactions" Data
Total Revenue
Total Monthly Expense
Accounts Payable
5950
3380
3850
Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.
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Per the Q&A limits the final three questions are:
- Prepare the financial statements (Only the Income, Statement of Retained Earning, and the Balance Sheet) - Prepare the closing entries at March 31st in a General Ledger - Post the Closing entries to the T-accounts.
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