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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

FINANCIAL ACCOUNTING
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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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
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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