Prepare first quarter \"multiple step\" a balance sheet, income statement,and re
ID: 2595336 • Letter: P
Question
Prepare first quarter "multiple step" a balance sheet, income statement,and retained earnings as well as march 31 20X balance sheet
March2 Bellagio issued a check in the amount of 19,900 to a payroll company. the payroll company prepares individual checks to employees. March3 issued a check for $105,00 to pay for purchase of february 15 March11 issued a check for 14,125 to pay an invoice that was received relatating to february utilities cost. March15 total accumulated sales for March1 through march 15 were $185,400 and were recorded on march 15. this total excludes sales of gifts cards and dinner parties. March16 Purchased $88,000 of food inventory on account from jonshon suppy. these goods were purchased Fob destination March 24 Paid $4,400 in dividends to shareholders. check was issued for this amount to a local financial institution that handled shareholder records and disbursed amounts to individual shareholders. March 25. issued check for $7,100 of restaurant supplies that were immediately delivered. March26 issued check in the amount of 17,400 to a payroll company. the payroll company prepares individual payroll check to employees March 31 Total accumulated sales for march 16 through march 31 were 256,600 and were recorded on march 31. this total excludes sales of gift cards and dinner parties. March 31 paid 10,125 of accrued interest on $500000 loan from zone bank. the 500000 loan balance was also reduced by an additional 50000 payment toward the principal of the loan March31 Bellagio utility comsumption is measured. As of the end of the month the accrued but unbilled utilities amount to $17,405 March 31 Accrued employee wages as of the end of march amount to 31,100 March 31 counted supplies and noted that $4400 was on hand at mont end. march 31 bellagio estimates a total obligation relating to the first quarter of the year in the amount of $100000.
Explanation / Answer
INCOME STATEMENT
$
$
SALES
442000
COS
90700
GP
351300
EXPENSES
SALARIES
68400
INTEREST
10125
UTILITY
17405
DIVIDENDS
4400
100330
NET INCOME
250970
BALANCE SHEET
$
NON CURRENT ASSETS ?
574625
CURRENT ASSETS
INVENTORY
4400
ACC REC
0
CASH
358450
TOTAL ASSETS
937475
CURRENT LIAB
ACC PAY
88000
UTILITY
17405
SALARIES PAYABLE
31100
LONG TERM NOTES PAY
450000
CAPITAL STOCK
100000
RETAINED EARNINGS
250970
937475
CASH BOOK
SALES
185400
PAYROLL
19900
SALES
256600
PURCHASES
10500
UTILITY
14125
DIVIDENDS
4400
PURCHASES
7100
PAYROLL
17400
INTEREST
10125
BAL C/D
358450
442000
442000
INCOME STATEMENT
$
$
SALES
442000
COS
90700
GP
351300
EXPENSES
SALARIES
68400
INTEREST
10125
UTILITY
17405
DIVIDENDS
4400
100330
NET INCOME
250970