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Do you intend to major in one of the College of Business and Economic's majors? Yes Assets Liabilities Shareholders tquiny Amount Account Amount Account Amount Account Balance Sheet at April 30: $ 87,466 Cash 5,750 Inventory 138,000 Equipment (1,150) Accumulated Depreciation $ 111,000 Notes Payable 555 Interest Payable $ 116,000 Stock 2,511 Retained Earnings Amounts in US$ During May, Its second month of business, Karry no Key, Inc.: 5/1 Per Unit Total Purchased 300 karaoke machines on account 34,500 3,450 Pald for six months of insurance in advance; coverage that begins May 1. 12 During Sold 320 karaoke machines on account: 13 May Record the sale 161.00 Record the cost of the sale Collected cash from customers from sales made on account 14 During May 5/31 15 46,368 16 Paid for inventory purchased on account Declared and paid cash dividend to its shareholders Adjusted for insurance used during the month Adjusted for depreciation on equipment (hint: refer to P1 for estimated life of equipment) Adjusted for wages owed that will be paid in the first week of June Adjusted for interest owed on the 6%, 3-month bank loan; interest and principal due on June 30 20,700 1,130 17 18 5/31 19 A1 20 A2 21 A3 1,554 22 A4 555 Column Totals 230,066 111,555 118,511 23 24

Do you intend to major in one of the College of Business and Economic's majors? Yes Assets Liabilities Shareholders tquiny Amount Account Amount Account Amount Account Balance Sheet at April 30: $ 87,466 Cash 5,750 Inventory 138,000 Equipment (1,150) Accumulated Depreciation $ 111,000 Notes Payable 555 Interest Payable $ 116,000 Stock 2,511 Retained Earnings Amounts in US$ During May, Its second month of business, Karry no Key, Inc.: 5/1 Per Unit Total Purchased 300 karaoke machines on account 34,500 3,450 Pald for six months of insurance in advance; coverage that begins May 1. 12 During Sold 320 karaoke machines on account: 13 May Record the sale 161.00 Record the cost of the sale Collected cash from customers from sales made on account 14 During May 5/31 15 46,368 16 Paid for inventory purchased on account Declared and paid cash dividend to its shareholders Adjusted for insurance used during the month Adjusted for depreciation on equipment (hint: refer to P1 for estimated life of equipment) Adjusted for wages owed that will be paid in the first week of June Adjusted for interest owed on the 6%, 3-month bank loan; interest and principal due on June 30 20,700 1,130 17 18 5/31 19 A1 20 A2 21 A3 1,554 22 A4 555 Column Totals 230,066 111,555 118,511 23 24

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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Do you intend to major in one of the College of Business and Economic's majors? Yes Assets Liabilities Shareholders tquiny Amount Account Amount Account Amount Account Balance Sheet at April 30: $ $ 111,000 Notes Payable 555 Interest Payable 87,466 Cash 5,750 Inventory 138,000 Equipment (1,150) Accumulated Depreciation $ 116,000 Stock 2,511 Retained Earnings Amounts in US$ During May, its second month of business, Karry no Key, Inc.: 5/1 Per Unit Total Purchased 300 karaoke machines on account Paid for six months of insurance in advance; coverage that begins May 1. 34,500 3,450 12 During Sold 320 karaoke machines on account: 13 May Record the sale 161.00 14 Record the cost of the sale During May 5/31 15 Collected cash from customers from sales made on account 46,368 16 17 Paid for inventory purchased on account 20,700 1,130 5/31 Declared and paid cash dividend to its shareholders Adjusted for insurance used during the month Adjusted for depreciation on equipment (hint: refer to P1 for estimated life of equipment) Adjusted for wages owed that will be paid in the first week of June Adjusted for interest owed on the 6%, 3-month bank loan; interest and principal due on June 30 18 19 A1 20 A2 1,554 555 21 A3 22 A4 Column Totals 230,066 111,555 118,511 23 24
Transcribed Image Text:Do you intend to major in one of the College of Business and Economic's majors? Yes Assets Liabilities Shareholders tquiny Amount Account Amount Account Amount Account Balance Sheet at April 30: $ $ 111,000 Notes Payable 555 Interest Payable 87,466 Cash 5,750 Inventory 138,000 Equipment (1,150) Accumulated Depreciation $ 116,000 Stock 2,511 Retained Earnings Amounts in US$ During May, its second month of business, Karry no Key, Inc.: 5/1 Per Unit Total Purchased 300 karaoke machines on account Paid for six months of insurance in advance; coverage that begins May 1. 34,500 3,450 12 During Sold 320 karaoke machines on account: 13 May Record the sale 161.00 14 Record the cost of the sale During May 5/31 15 Collected cash from customers from sales made on account 46,368 16 17 Paid for inventory purchased on account 20,700 1,130 5/31 Declared and paid cash dividend to its shareholders Adjusted for insurance used during the month Adjusted for depreciation on equipment (hint: refer to P1 for estimated life of equipment) Adjusted for wages owed that will be paid in the first week of June Adjusted for interest owed on the 6%, 3-month bank loan; interest and principal due on June 30 18 19 A1 20 A2 1,554 555 21 A3 22 A4 Column Totals 230,066 111,555 118,511 23 24
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