Maurice Tutor

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    Argosy University/ Phoniex University/
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Category > Accounting Posted 21 Sep 2017 My Price 8.00

Kaffen Company

Kaffen Company, a ski tuning and repair shop, opened on November 1, 2013. The company carefully kept track of all its cash receipts and cash payments. The following information is available at the end of the ski season, April 30, 2014.

    Cash
Receipts		   Cash
Payments
Issuance of common shares   $19,600    
Payment to purchase repair shop equipment       $ 9,100
Rent payments       1,260
Newspaper advertising payment       340
Utility bill payments       830
Part-time helperAc€?cs wage payments       2,130
Income tax payment       10,400
Cash receipts from ski and snowboard repair services  

31,540

    
Subtotals   51,140   24,060
Cash balance      

27,080
Totals  

$51,140

  

$51,140


The repair shop equipment was purchased on November 1 and has an estimated useful life of 5 years. The company rents space at a cost of $180 per month on a one-year lease. The lease contract requires payment of the first and last monthsAc€?c rent in advance, which was done. The part-time helper is owed $480 at April 30, 2014, for unpaid wages. At April 30, 2014, customers owe Kaffen Company $390 for services they have received but have not yet paid for.

a)Prepare an accrual-basis income statement for the 6 months ended April 30, 2014.

b)Prepare the April 30, 2014, classified balance sheet. (List current assets in order of liquidity.)

Answers

Maurice Tutor
(5)
Status NEW Posted 21 Sep 2017 09:09 PM My Price 8.00

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