June 1 L. Martin, the owner, invested $122,000 cash, office equipment with a value of $10,500, and $71,000 of drafting equipment to launch the company. June 2 The company purchased land worth $54,500 for an office by paying $14,000 cash and signing a note payable for $40,500. June 2 The company purchased a portable building with $49,500 cash and moved it onto the land acquired on June 2. June 2 The company paid $6,300 cash for the premium on a 15-month insurance policy. June 7 The company completed and delivered a set of plans for a client and collected $10,600 cash. June 12 The company purchased $26,600 of additional drafting equipment by paying $15,000 cash and signing a payable for $11,600. June 14 The company completed $22,800 of engineering services for a client. This amount is to be received in 30 days. June 15 The company purchased $1,700 of additional office equipment on credit. June 17 The company completed engineering services for $24,200 on credit. June 18 The company received a bill for rent of equipment that was used on a recently completed job. The $1,850 rent cost must be paid within 30 days. June 20 The company collected $11,400 cash in partial payment from the client billed on June 14. June 21 The company paid $1,400 cash for wages to a drafting assistant. June 23 The company paid $1,700 cash to settle the account payable created on June 15. June 24 The company paid $1,200 cash for repairs. June 26 L. Martin withdrew $9,700 cash from the company for personal use. June 28 The company paid $1,400 cash for wages to a drafting assistant. June 30 The company paid $2,940 cash for advertisements on the web during June. Descriptions of items that require adjusting entries on June 30, 2021, follow. a) The company has completed, but not yet billed, $10,400 of engineering services for a client. b) Straight-line depreciation on the office equipment, assuming a 5-year life and a $3,200 salvage value, is $150 per month. c) Straight-line depreciation on the drafting equipment, assuming a 5-year life and a $10,600 salvage value, is $1,450 per month. d) Straight-line depreciation on the building, assuming a 25-year life and a $16,500 salvage value, is $110 per month. e) The balance in prepaid insurance represents a 15-month policy that went into effect on June 1. f) Accrued interest on the long-term note payable is $120. g) The drafting assistant is paid $1,400 for a 5-day work week. 2 days' wages have been incurred but are unpaid as of month-end. I need the Income statement I need the balance sheet I need Impact on income sheet

June 1 L. Martin, the owner, invested $122,000 cash, office equipment with a value of $10,500, and $71,000 of drafting equipment to launch the company. June 2 The company purchased land worth $54,500 for an office by paying $14,000 cash and signing a note payable for $40,500. June 2 The company purchased a portable building with $49,500 cash and moved it onto the land acquired on June 2. June 2 The company paid $6,300 cash for the premium on a 15-month insurance policy. June 7 The company completed and delivered a set of plans for a client and collected $10,600 cash. June 12 The company purchased $26,600 of additional drafting equipment by paying $15,000 cash and signing a payable for $11,600. June 14 The company completed $22,800 of engineering services for a client. This amount is to be received in 30 days. June 15 The company purchased $1,700 of additional office equipment on credit. June 17 The company completed engineering services for $24,200 on credit. June 18 The company received a bill for rent of equipment that was used on a recently completed job. The $1,850 rent cost must be paid within 30 days. June 20 The company collected $11,400 cash in partial payment from the client billed on June 14. June 21 The company paid $1,400 cash for wages to a drafting assistant. June 23 The company paid $1,700 cash to settle the account payable created on June 15. June 24 The company paid $1,200 cash for repairs. June 26 L. Martin withdrew $9,700 cash from the company for personal use. June 28 The company paid $1,400 cash for wages to a drafting assistant. June 30 The company paid $2,940 cash for advertisements on the web during June. Descriptions of items that require adjusting entries on June 30, 2021, follow. a) The company has completed, but not yet billed, $10,400 of engineering services for a client. b) Straight-line depreciation on the office equipment, assuming a 5-year life and a $3,200 salvage value, is $150 per month. c) Straight-line depreciation on the drafting equipment, assuming a 5-year life and a $10,600 salvage value, is $1,450 per month. d) Straight-line depreciation on the building, assuming a 25-year life and a $16,500 salvage value, is $110 per month. e) The balance in prepaid insurance represents a 15-month policy that went into effect on June 1. f) Accrued interest on the long-term note payable is $120. g) The drafting assistant is paid $1,400 for a 5-day work week. 2 days' wages have been incurred but are unpaid as of month-end. I need the Income statement I need the balance sheet I need Impact on income sheet

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

June 1	L. Martin, the owner, invested $122,000 cash, office equipment with a value of $10,500, and $71,000 of drafting equipment to launch the company.
June 2	The company purchased land worth $54,500 for an office by paying $14,000 cash and signing a note payable for $40,500.
June 2	The company purchased a portable building with $49,500 cash and moved it onto the land acquired on June 2.
June 2	The company paid $6,300 cash for the premium on a 15-month insurance policy.
June 7	The company completed and delivered a set of plans for a client and collected $10,600 cash.
June 12	The company purchased $26,600 of additional drafting equipment by paying $15,000 cash and signing a payable for $11,600.
June 14	The company completed $22,800 of engineering services for a client. This amount is to be received in 30 days.
June 15	The company purchased $1,700 of additional office equipment on credit.
June 17	The company completed engineering services for $24,200 on credit.
June 18	The company received a bill for rent of equipment that was used on a recently completed job. The $1,850 rent cost must be paid within 30 days.
June 20	The company collected $11,400 cash in partial payment from the client billed on June 14.
June 21	The company paid $1,400 cash for wages to a drafting assistant.
June 23	The company paid $1,700 cash to settle the account payable created on June 15.
June 24	The company paid $1,200 cash for repairs.
June 26	L. Martin withdrew $9,700 cash from the company for personal use.
June 28	The company paid $1,400 cash for wages to a drafting assistant.
June 30	The company paid $2,940 cash for advertisements on the web during June.

Descriptions of items that require adjusting entries on June 30, 2021, follow.

a) The company has completed, but not yet billed, $10,400 of engineering services for a client.
b) Straight-line depreciation on the office equipment, assuming a 5-year life and a $3,200 salvage value, is $150 per month.
c) Straight-line depreciation on the drafting equipment, assuming a 5-year life and a $10,600 salvage value, is $1,450 per month.
d) Straight-line depreciation on the building, assuming a 25-year life and a $16,500 salvage value, is $110 per month.
e) The balance in prepaid insurance represents a 15-month policy that went into effect on June 1.
f) Accrued interest on the long-term note payable is $120.
g) The drafting assistant is paid $1,400 for a 5-day work week. 2 days' wages have been incurred but are unpaid as of month-end.

I need the Income statement

I need the balance sheet

I need Impact on income sheet

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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