Required information Problem 3-8B Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7) [The following information applies to the questions displayed below.] The general ledger of Pipers Plumbing at January 1, 2021, Includes the following account balances: Debits Credits $ 3,700 8,708 2,708 28,000 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable utilities Payable Deferred Revenue Common Stock Retained Earnings Totals The following is a summary of the transactions for the year 1. January 2. March 3. May 4. June 5. September 15 Pay utilities of $3,889 from 2828 (per year). 6. November 24 Receive cash in advance from customers, $6,800. 7. December 30 Pay $1,400 cash dividends to stockholders. Problem 3-88 Part 8 Expenses The following information is available for the adjusting entries. Depreciation for the year on the machinery is $4,800. Plumbing supplies remaining on hand at the end of the year equal $1,100. Of the $6.800 paid in advance by customers. $5.400 of the work has been completed by the end of the year Accrued utilities at year-end amounted to $7,600. Total expenses 24 Provide plumbing services for cash, $12,888, and on account, $57,800. 13 Collect on accounts receivable, $45,000. $4,800 2,000 3,00 15,800 8,700 $35,100 $35, 100 6 Issu shares of common stock in exchange for $11,000 cash. 38 Pay salaries for the current year, $31,400. -a. Prepare an income statement for the year ended December 31, 2021. Current Assets 8 PIPER & PLUMBING Income tatement For the Year Ended December 31, 2021 Total asets Total current assets Long-term Assets: -b. Prepare a classified balance sheet for the year ended December 31, 2021 (Amounts to be deducted should be indicated by s minus sign.) Assets S PIPER & PLUMBING Balance Sheet December 31, 2021 0 Current Liabilities: Total Current Liabilities Liabilities Stookholder's Equity Total Stockholder's Equity Total Liables and Stockholders Equity $ 0
Required information Problem 3-8B Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7) [The following information applies to the questions displayed below.] The general ledger of Pipers Plumbing at January 1, 2021, Includes the following account balances: Debits Credits $ 3,700 8,708 2,708 28,000 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable utilities Payable Deferred Revenue Common Stock Retained Earnings Totals The following is a summary of the transactions for the year 1. January 2. March 3. May 4. June 5. September 15 Pay utilities of $3,889 from 2828 (per year). 6. November 24 Receive cash in advance from customers, $6,800. 7. December 30 Pay $1,400 cash dividends to stockholders. Problem 3-88 Part 8 Expenses The following information is available for the adjusting entries. Depreciation for the year on the machinery is $4,800. Plumbing supplies remaining on hand at the end of the year equal $1,100. Of the $6.800 paid in advance by customers. $5.400 of the work has been completed by the end of the year Accrued utilities at year-end amounted to $7,600. Total expenses 24 Provide plumbing services for cash, $12,888, and on account, $57,800. 13 Collect on accounts receivable, $45,000. $4,800 2,000 3,00 15,800 8,700 $35,100 $35, 100 6 Issu shares of common stock in exchange for $11,000 cash. 38 Pay salaries for the current year, $31,400. -a. Prepare an income statement for the year ended December 31, 2021. Current Assets 8 PIPER & PLUMBING Income tatement For the Year Ended December 31, 2021 Total asets Total current assets Long-term Assets: -b. Prepare a classified balance sheet for the year ended December 31, 2021 (Amounts to be deducted should be indicated by s minus sign.) Assets S PIPER & PLUMBING Balance Sheet December 31, 2021 0 Current Liabilities: Total Current Liabilities Liabilities Stookholder's Equity Total Stockholder's Equity Total Liables and Stockholders Equity $ 0
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![Required information
Problem 3-8B Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7)
[The following information applies to the questions displayed below]
The general ledger of Pipers Plumbing at January 1, 2021, Includes the following account balances:
Debits
Credits
$ 3,700
8,708
2,700
28,000
Accounts
Cash
Accounts Receivable
Supplies
Equipment
Accumulated Depreciation
Accounts Payable
utilities Payable
Deferred Revenue
Common Stock
Retained Earnings
Totals
The following is a summary of the transactions for the year
1. January
2. March
3. May
4. June
5. September 15 Pay utilities of $3,889 from 2828 (per year).
6. November 24 Receive cash in advance from customers, $6,800.
7. December 30 Pay $1,400 cash dividends to stockholders.
Problem 3-88 Part 8
Expenses
The following Information is available for the adjusting entries.
Depreciation for the year on the machinery is $4,800. Plumbing supplies remaining on hand at the end of the year equal
$1,100. Of the $6.800 paid in advance by customers. $5.400 of the work has been completed by the end of the year
Accrued utilities at year-end amounted to $7,500.
Total expenses
24 Provide plumbing services for cash, $12,888, and on account, $57,800.
13 Collect on accounts receivable, $45,080.
-a. Prepare an income statement for the year ended December 31, 2021.
15,800
8,700
$35,100 $35, 100
6. Issu shares of common stock. In exchange for $11,000 cash.
38 Pay salaries for the current year, $31,400.
Current Assets
$4,800
2.800
3,880
8
PIPER & PLUMBING
Income tatement
For the Year Ended December 31, 2021
Total Assets
b. Prepare a classified balance sheet for the year ended December 31, 2021 (Amounts to be deducted should be indicated by s
minus sign.)
Total current assets
Long-term Assets
Assets
S
PIPER & PLUMBINO
Balance Sheet
December 31, 2021
0
Cument Liabilities:
Total Current Liabilities
Liabilities
Stookholder' Equity
Total Stockholder's Equity
Total Liables and Stockholders Equity
$
0
10](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F219aee74-c2e7-4b0f-b056-c3621e072259%2Fd34bac9f-a163-45fa-a581-128979adc0f5%2F64cdwn4_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
Problem 3-8B Complete the full accounting cycle (LO3-3, 3-4, 3-5, 3-6, 3-7)
[The following information applies to the questions displayed below]
The general ledger of Pipers Plumbing at January 1, 2021, Includes the following account balances:
Debits
Credits
$ 3,700
8,708
2,700
28,000
Accounts
Cash
Accounts Receivable
Supplies
Equipment
Accumulated Depreciation
Accounts Payable
utilities Payable
Deferred Revenue
Common Stock
Retained Earnings
Totals
The following is a summary of the transactions for the year
1. January
2. March
3. May
4. June
5. September 15 Pay utilities of $3,889 from 2828 (per year).
6. November 24 Receive cash in advance from customers, $6,800.
7. December 30 Pay $1,400 cash dividends to stockholders.
Problem 3-88 Part 8
Expenses
The following Information is available for the adjusting entries.
Depreciation for the year on the machinery is $4,800. Plumbing supplies remaining on hand at the end of the year equal
$1,100. Of the $6.800 paid in advance by customers. $5.400 of the work has been completed by the end of the year
Accrued utilities at year-end amounted to $7,500.
Total expenses
24 Provide plumbing services for cash, $12,888, and on account, $57,800.
13 Collect on accounts receivable, $45,080.
-a. Prepare an income statement for the year ended December 31, 2021.
15,800
8,700
$35,100 $35, 100
6. Issu shares of common stock. In exchange for $11,000 cash.
38 Pay salaries for the current year, $31,400.
Current Assets
$4,800
2.800
3,880
8
PIPER & PLUMBING
Income tatement
For the Year Ended December 31, 2021
Total Assets
b. Prepare a classified balance sheet for the year ended December 31, 2021 (Amounts to be deducted should be indicated by s
minus sign.)
Total current assets
Long-term Assets
Assets
S
PIPER & PLUMBINO
Balance Sheet
December 31, 2021
0
Cument Liabilities:
Total Current Liabilities
Liabilities
Stookholder' Equity
Total Stockholder's Equity
Total Liables and Stockholders Equity
$
0
10
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