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Emi Co., a new trendy figurine company, began operations this year on January 1, 2023. The annual reporting period ends on December 31, 2023 Transactions a. March 1, 2023 b. April 20, 2023 C. April 30, 2023 d. May 15, 2023 e. June 9, 2023 f. June 25, 2023 g: August 12, 2023 h. September 1, 2023 i. October 23, 2023 Borrowed $150,000 on a 7 year, 8% note payable Purchased $2,040,000 of inventory on account. Bought a new delivery truck for $110,000. It should last for 15 years with a residual value of $20,000. Purchased window cleaner, printer paper, and tape for the office for $21,000 Issued 20,000 shares of $1 par common stock at $10 per share Acquired land for $240,000. Sold 150,000 figurines for $20 each. 50,000 of those figurines were paid on account. Each figurine costs $10 to make. Collected $600,000 on accounts receivable from sales. Incurred $95,000 in wages. j. November 4, 2023 Signed a 3 year $250,000 contract to build the new admin office, which will start February 14, next year k. December 1, 2023 Declared cash dividends of $40,000. 1. December 31, 2023 m. n. 0. p. 9. r. S. Adjusting entries Paid dividends that was declared at the beginning of the month Paid employees their wages earned during the year. $95,000 was from September and $28,000 was from this period. Due to inflation, the value of the land acquired in June went up by $25,000. $10,000 of supplies were left Interest accrued on notes payable Depreciation on the delivery truck Incurred $11,000 in income tax expense Assume 10% of the sales on account will be uncollectible. CJE t. December 31, 2023 Close the books Using the above information and assuming this is a newly created company in its first year of operations, please create the journal entries for each of the above transactions and create a properly formatted Income Statement and Balance Sheet for Emi Co.

Emi Co., a new trendy figurine company, began operations this year on January 1, 2023. The annual reporting period ends on December 31, 2023 Transactions a. March 1, 2023 b. April 20, 2023 C. April 30, 2023 d. May 15, 2023 e. June 9, 2023 f. June 25, 2023 g: August 12, 2023 h. September 1, 2023 i. October 23, 2023 Borrowed $150,000 on a 7 year, 8% note payable Purchased $2,040,000 of inventory on account. Bought a new delivery truck for $110,000. It should last for 15 years with a residual value of $20,000. Purchased window cleaner, printer paper, and tape for the office for $21,000 Issued 20,000 shares of $1 par common stock at $10 per share Acquired land for $240,000. Sold 150,000 figurines for $20 each. 50,000 of those figurines were paid on account. Each figurine costs $10 to make. Collected $600,000 on accounts receivable from sales. Incurred $95,000 in wages. j. November 4, 2023 Signed a 3 year $250,000 contract to build the new admin office, which will start February 14, next year k. December 1, 2023 Declared cash dividends of $40,000. 1. December 31, 2023 m. n. 0. p. 9. r. S. Adjusting entries Paid dividends that was declared at the beginning of the month Paid employees their wages earned during the year. $95,000 was from September and $28,000 was from this period. Due to inflation, the value of the land acquired in June went up by $25,000. $10,000 of supplies were left Interest accrued on notes payable Depreciation on the delivery truck Incurred $11,000 in income tax expense Assume 10% of the sales on account will be uncollectible. CJE t. December 31, 2023 Close the books Using the above information and assuming this is a newly created company in its first year of operations, please create the journal entries for each of the above transactions and create a properly formatted Income Statement and Balance Sheet for Emi Co.

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 9RE: Refer to RE6-8. On April 23, 2020, McKinncy Co. receives a check, from Mangold Corporation for...
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Emi Co., a new trendy figurine company, began operations this year on January 1, 2023. The annual reporting period ends on December 31, 2023 Transactions a. March 1, 2023 b. April 20, 2023 C. April 30, 2023 d. May 15, 2023 e. June 9, 2023 f. June 25, 2023 g: August 12, 2023 h. September 1, 2023 i. October 23, 2023 Borrowed $150,000 on a 7 year, 8% note payable Purchased $2,040,000 of inventory on account. Bought a new delivery truck for $110,000. It should last for 15 years with a residual value of $20,000. Purchased window cleaner, printer paper, and tape for the office for $21,000 Issued 20,000 shares of $1 par common stock at $10 per share Acquired land for $240,000. Sold 150,000 figurines for $20 each. 50,000 of those figurines were paid on account. Each figurine costs $10 to make. Collected $600,000 on accounts receivable from sales. Incurred $95,000 in wages. j. November 4, 2023 Signed a 3 year $250,000 contract to build the new admin office, which will start February 14, next year k. December 1, 2023 Declared cash dividends of $40,000. 1. December 31, 2023 m. n. 0. p. 9. r. S. Adjusting entries Paid dividends that was declared at the beginning of the month Paid employees their wages earned during the year. $95,000 was from September and $28,000 was from this period. Due to inflation, the value of the land acquired in June went up by $25,000. $10,000 of supplies were left Interest accrued on notes payable Depreciation on the delivery truck Incurred $11,000 in income tax expense Assume 10% of the sales on account will be uncollectible. CJE t. December 31, 2023 Close the books Using the above information and assuming this is a newly created company in its first year of operations, please create the journal entries for each of the above transactions and create a properly formatted Income Statement and Balance Sheet for Emi Co.
Transcribed Image Text:Emi Co., a new trendy figurine company, began operations this year on January 1, 2023. The annual reporting period ends on December 31, 2023 Transactions a. March 1, 2023 b. April 20, 2023 C. April 30, 2023 d. May 15, 2023 e. June 9, 2023 f. June 25, 2023 g: August 12, 2023 h. September 1, 2023 i. October 23, 2023 Borrowed $150,000 on a 7 year, 8% note payable Purchased $2,040,000 of inventory on account. Bought a new delivery truck for $110,000. It should last for 15 years with a residual value of $20,000. Purchased window cleaner, printer paper, and tape for the office for $21,000 Issued 20,000 shares of $1 par common stock at $10 per share Acquired land for $240,000. Sold 150,000 figurines for $20 each. 50,000 of those figurines were paid on account. Each figurine costs $10 to make. Collected $600,000 on accounts receivable from sales. Incurred $95,000 in wages. j. November 4, 2023 Signed a 3 year $250,000 contract to build the new admin office, which will start February 14, next year k. December 1, 2023 Declared cash dividends of $40,000. 1. December 31, 2023 m. n. 0. p. 9. r. S. Adjusting entries Paid dividends that was declared at the beginning of the month Paid employees their wages earned during the year. $95,000 was from September and $28,000 was from this period. Due to inflation, the value of the land acquired in June went up by $25,000. $10,000 of supplies were left Interest accrued on notes payable Depreciation on the delivery truck Incurred $11,000 in income tax expense Assume 10% of the sales on account will be uncollectible. CJE t. December 31, 2023 Close the books Using the above information and assuming this is a newly created company in its first year of operations, please create the journal entries for each of the above transactions and create a properly formatted Income Statement and Balance Sheet for Emi Co.
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