Iub A100 Extra Credit

Topics: 1946, 1979, 1963 Pages: 2 (325 words) Published: March 5, 2013
A100 Extra Credit
Due at the start of your class on either
Tuesday, Jan. 31st or Wednesday, Feb. 1st

The Finicky Florist

On October 1, 2011, Marjorie Simpson opened a flower shop. During the company’s first three months in business it had the following transactions:

Oct 1Issued common stock for $1,000
Oct 1Borrowed $20,000 from the bank and no payments will be made until October 1, 2012, when the company will owe $21,200 Oct 1Paid $6,000 for rent from the period Oct. 1, 2011 through Jan. 31, 2012 Nov 1Purchased equipment for the shop for $8,400 and expect the equipment to last for 5 years with no salvage value Nov 10Purchased land for $6,000

Dec 12Purchased inventory for $12,000 on account
Dec 14Sold $2,500 of inventory for $6,000 cash
Dec 18Sold $3,000 of inventory for $8,500 on account
Dec 18Paid $5,000 on accounts payable
Dec 22Paid wages of $600
Dec 28 Sold one-half of the land for $2,600
Dec 28Received payment of $1,000 for flowers to be delivered in Jan, 2012 Dec 30Received one-half of accounts receivable

To receive a maximum of 2 percentage points of extra credit, you must prepare the Balance Sheet, Income Statement, and Statement of Retained Earnings for this company for the three-month period ending December, 2011. To receive credit, you must turn in your work when you arrive at you scheduled class time on either Tuesday, Jan 31 or Wednesday, Feb. 1. No late submissions will be accepted.

You are allowed to ask anyone for help except me. The work you turn in must be handwritten and must be your own work.

Please put the following at the top, left-hand side of the paper:
Last name, first name
Your class time
A100 Extra Credit

Please underline your last name.
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