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Labels and Amount Descriptions Labels Expenses For the Month Ended June 30, 2016 June 30, 2016 Amount Descriptions Change in retained earnings Dividends Net income Net loss Retained earnings Retained earnings, June 1, 2016 Retained earnings, June 30, 2016 Total assets Total expenses Total liabilities and stockholders' equity Total stockholders' equity
Instructions Labels and Amount Descriptions Accounting Equation Grid Accounting Equation Grid Ending balances for accounts are shown in the following summary grid. Cash Bai 3,920 Assets Accounts Receivable 1,000 + Supplies 170 =Liabilities. = Accounts Payable 250 Common Stock 4,000 -Dividends -500 Stockholders' Equity Fees-Music-Office Rent -Equipment Earned Expense Expense Rent Expense 675 6,200 1,590 800 Advertising -Wages -Utimes-Supplies - Miscellane Expense Expense Expense Expense Expense -500 -400 -300 -415 -180
Continuing Problem - Chapter 1, Part 2 Instructions Labels and Amount Descriptions Income Statement 2. Prepare an income statement for PS Music for the month ended June 30, 2016. Refer to the accounts in the Accounting Equation Grid and to the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. Enter all amounts as positive numbers, EXCEPT, if a net loss has been incurred, enter that amount as a negative number using a minus sign. You will not need to enter colons() on the income statement. (Label) PS Music Income Statement Accounting Equation Grid (Label)
Labels and Amount Descriptions Accounting Equation Grid Retained Earnings Statement 3. Prepare a retained earnings statement for PS Music for the month ended June 30, 2016. Refer to the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. If a net loss has been incurred, dividends were paid, or there has been a decrease in retained earnings, enter that amount as a negative number using a minus sign. If an amount is zero, enter "0" PS Music Retained Earnings Statement (Label)
Balance Sheet 4. Prepare a balance sheet for PS Music as of June 30, 2016. Refer to the accounts in the Accounting Equation Grid and to the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. 3 Assets Liabilities PS Music Balance Sheet (Label)
Instructions Accounting Equation Grid Instructions Peyton Smith enjoys listening to all types of music and owns countless CDs. Over the years, Peyton has gained a local reputation for knowledge of music from classical to rap and the ability to put together sets of recordings that appeal to all ages. During the last several months, Peyton served as a guest disc jockey on a local radio station, in addition, Peyton has entertained at several friends parties as the host deejay On June 1, 2016, Peyton established a corporation known as PS Music. Using an extensive collection of music MP3 files, Peyton will serve as a disc jockey on a tee basis for weddings, college parties, and other events. During June, Peyton entered into the following transactions: Jun 1 Deposited $4,000 in a checking account in the name of PS Music in exchange for common stock 2 Received $3.500 from a local radio station for serving as the guest disc jockey for June Agreed to share office space with a local real estate agency, Pinnacle Realty. PS Music will pay one- fourth of the rent. In addition, PS Music agreed to pay a portion of the wages of the receptionist and to pay one-fourth of the utilities. Paid $800 for the rent of the office. 2 Purchased supplies from City Office Supply Co. for $350. Agreed to pay $100 within 10 days and the remainder by July 5, 2016 Paid $500 to a local radio station to advertise the services of PS Music twice daily for two weeks.
tructions Accounting Equation Grid actions 8 12 13 16 22 25 29 30 30 30 30 30 30 Paid $675 to a local electronics store for renting digital recording equipment. Paid $350 (music expense) to Cool Music for the use of its current music demos to make various music sets. Paid City Office Supply Co. $100 on account. Received $300 from a dentist for providing two music sets for the dentist to play for her patients. Served as disc jockey for a wedding party. The father of the bride agreed to pay $1,000 in July. Received $500 for serving as the disc jockey for a cancer charity ball hosted by the local hospital. Paid $240 (music expense) to Galaxy Music for the use of its library of music demos. Received $900 for serving as PS disc jockey for a local club's monthly dance. Paid Pinnacle Realty $400 for PS Music's share of the receptionist's wages for June. Paid Pinnacle Realty $300 for PS Music's share of the utilities for June. Determined that the cost of supplies on hand is $170. Therefore, the cost of supplies used during the month was $180. Paid for miscellaneous expenses, $415. Paid $1,000 royalties (music expense) to National Music Clearing for use of various artists' music during the month.
Accounting Equation Grid Instructions Accounting Equation Grid - Indicate the effect of each transaction and the balances after each transaction, using the grid provided. • In each transaction row (indicated by the date), you must indicate the math sign (+ or -) in the columns affected by the transaction • You will not need to enter math signs in the balance rows (rows indicated by Bal.). Entries of 0 (zero) are not required and will be cleared if entered • You can click on the date in the first column or last column for a pop-up with the transaction description to ensure that you are entering the correct information in that row . Unlike images in the text, the items (eg. Cash, Accounts Receivable, Supplies) have been repeated about halfway down the grid. This is to aid in screen navigation - Also to aid in screen navigation, you may find it helpful to zoom out by pressing Ctrl-or Ctri+Mousewheel down. 30 Paid for miscellaneous expenses, $415. 30 Paid $1,000 royalties (music expense) to National Music Clearing for use of various artists' music