Answered Essay: please help with prepare an Income Statement, Statement of Retained Earnings, Balance Sheet and Cash Flow Statement from the problem that you have been working on du

please help with prepare an Income Statement, Statement of Retained Earnings, Balance Sheet and Cash Flow Statement from the problem that you have been working on during the week. Be sure to put all of the statements in very good form.

On April 1, 2017 Hippocrates Consulting began operations with the following beginning balances entered on April 1st as seen in the T-accounts below. Enter each of the following transactions in the T-accounts. I have made each of the T-accounts but you will need to draw the vertical line to divide the debits from the credits. Complete all of the transactions below and bring this with you to class on August 15th.

April 1: Paid three months’ rent on a lease rental contract, $4,800

2: Paid a six-month insurance premium for $1,800

4: Received cash from clients as an advance payment for services to be

provided and recorded as unearned fees, $5,000

5: Purchased additional office equipment on account from Office Station Co.,

$2,000.

6: Received cash from clients on account, $1,800.

10: Paid cash for a newspaper advertisement, $120

12: Paid Office Station Co. for part of the debt incurred on April 5, $1200.

12: Recorded services provided on account for the period April 1-12, $4,200.

14. Paid part-time receptionist for two weeks’ salary, $750.

17: Recorded cash from cash clients for fees earned during the period April

1-16, $6,250.

18: Paid cash for supplies, $800.

20: Recorded services provided on account for the period April 13-20, $2,100.

24: Recorded cash from cash clients for fees earned the period April

17-24, $3,850.

26: Received cash from clients on account, $5,600.

27: Paid part-time receptionist for two weeks’ salary, $750.

29: Paid telephone bill for April, $130.

30: Paid electricity bill for April, $200.

30: Recorded cash from cash clients for fees earned for the period April 25-30,

$3,050.

30: Recorded services provided on account for the remainder of April, $1,500.

30. A dividend of $6,000 was declared and paid.

The following are adjusting entries to be recorded:

Insurance expired during April is $300.

Supplies on hand on April 30 are $1,350.

Depreciation of office equipment for April is $700.

Accrued receptionist salary on April 30 is $120.

Rent expired during April is $1,600.

Unearned fees on April 30 are $2,500.

Here is a check figure: Ending cash balance–$22,100

Accounts

Cash                                Receivable                  Supplies                      Prepaid Rent

———————                 ——————-              ————–                         —————

$13,100                             $3,000                          $1,400

Office                          Accumulated

Prepaid Insurance             Equipment                      Depreciation

————————–          ——————-                  ——————-

$12,500

Unearned

Accounts Payable      Salaries Payable                     Fees                        Common Stock

———————–        ———————                   —————-               ——————–

$30,000

Retained Earnings             Fees Earned                   Salary Expense          Rent Expense

————————           —————–                      ———————-        ——————

Depreciation                                                         Miscellaneous

Supplies Expense               Expense                         Insurance Expense       Expense

———————–            ———————                ————————-     —————–

Expert Answer

 

Trial Balance.
April 30, 2017
Dr. Amt. Cr. Amt.
Cash          22,100
Accounts Receivable            3,400
Supplies            1,350
Office Equipment          14,500
Accumulated Depreciation – Office Equip.                700
Prepaid Rent            3,200
Prepaid Insurance            1,500
Unearned Fees            2,500
Accounts Payable                800
Salary Payable                120
Common Stock          30,000
Fees Earned          23,450
Advertisement Expenses                120
Salary Expenses            1,620
Telephone Expenses                130
Electric Expenses                200
Insurance Expenses                300
Dividend            6,000
Supplies Expenses                850
Depreciation Expenses                700
Rent Expenses            1,600
Total          57,570          57,570
                  –
Income Statement
April 30, 2017
Revenue
Fees Earned          23,450
Less: Expenses
Advertisement Expenses                120
Salary Expenses            1,620
Telephone Expenses                130
Electric Expenses                200
Insurance Expenses                300
Supplies Expenses                850
Depreciation Expenses                700
Rent Expenses            1,600            5,520
Net Operating Income          17,930
Statement of Retained Earnings
April 30, 2017
Beginning Balance                   –
Add: Net Operating Income          17,930
Sub-total          17,930
Less: Dividend            6,000
Ending Balance          11,930
Balance Sheet
April 30, 2017
Assets
Current Assets
Cash          22,100
Accounts Receivable            3,400
Supplies            1,350
Prepaid Rent            3,200
Prepaid Insurance            1,500          31,550
Office Equipment          14,500
Accumulated Depreciation – Office Equip.                700          13,800
Total Assets          45,350
Liabilities & Shareholders’ Equity
Liabilities
Current Liabilities
Unearned Fees            2,500
Accounts Payable                800
Salary Payable                120            3,420
Total Liabilities            3,420
Shareholders’ Equity
Common Stock          30,000
Retained Earnings          11,930
Total Shareholders’ Equity          41,930
Total Liabilities & Shareholders’ Equity          45,350
Cash Flow Statement
April 30, 2017
Cash Flow from opearating activities:
Net Income          17,930
Add/(Less) non cash effects on operating activities
Depreciation expense                700
Increase in Accounts Receivables             (400)
Decrease in Supplies                  50
Increase in Prepaid Rent          (3,200)
Increase in Prepaid Insurance          (1,500)
Increase in Accounts Payables                800
Increase in Unearned Fees            2,500
Increase in Salary Payable                120             (930)
Net Cash provided by operating activities          17,000
Cash flow from Investing Activities
Purchase of Equipment          (2,000)
Cash Flow / (used) from Investing activities          (2,000)
Cash Flow from Financing Activities
Dividend Paid          (6,000)
Cash Flow from Financing Activities          (6,000)
Net Increase / (Decrease) in Cash            9,000
Cash balance at the beginning          13,100
Cash balance at the end          22,100
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