Answered Essay: The December 31, 2017, balance sheet of Tybee Corporation is provided below (in millions). T

The December 31, 2017, balance sheet of Tybee Corporation is provided below n milli Assets Cash Accounts receivable Supplies Prepaid insurance Equipment Less: Accumulated depreciation Net equipment Land Total Liabilities and Shareholders Equity Accounts payable $ 24 15 Interest payable 6 Unearned revenue 3 12 54 20 12 12 Notes payable $50 (12) Common stock Retained earnings 38 $105 Total $105 Transactions during January 2018: . Paid $5 for employee salaries and wages. Collected $10 cash from customers for work previously performed and billed. .Purchased equipment for $5 cash. Purchased $2 of supplies for cash. Paid $3 to a vendor for supplies previously purchased on credit in December 20 Paid the interest owed as of December 31, 2017 Completed $18 in services for customers, receiving 50 percent payment in cash and billing the remainder. Paid $15 to reduce outstanding notes payable. Collected $5 for the issuance of common shares. As of 1/31/18: Had performed 25 percent of the services for which it had been paid in advance. Owes $1 for interest that will be paid next month. Depreciated equipment in the amount of $4 Physical count of supplies reveals $3 on hand. Declared and paid a cash dividend in the amount of 50 percent of Januarys net income. REQUIRED: Prepare the journal entries to record transactions and to adjust and close accounts. Pre a. pare a complete set of financial statements as of January 31, 2018, and prepare the statement of cash ows under the direct and the indirect (Appendix 4A) methods. fl

The December 31, 2017, balance sheet of Tybee Corporation is provided below (in millions). Transactions during January 2018: Paid $5 for employee salaries and wages. Collected $10 cash from customers for work previously performed and billed. Purchased equipment for $5 cash. Purchased $2 of supplies for cash. Paid $3 to a vendor for supplies previously purchased on credit in December 2017. Paid the interest owed as of December 31, 2017. Completed $18 in services for customers, receiving 50 percent payment in cash and billing the remainder. Paid $15 to reduce outstanding notes payable. Collected $5 for the issuance of common shares. As of 1/31/18: Had performed 25 percent of the services for which it had been paid in advance. Owes $1 for interest that will be paid next month. Depreciated equipment in the amount of $4. Physical count of supplies reveals $3 on hand. Declared and paid a cash dividend in the amount of 50 percent of January’s net income. a. Prepare the journal entries to record transactions and to adjust and close accounts. b. Prepare a complete set of financial statements as of January 31, 2018, and prepare the statement of cash flows under the direct and the indirect (Appendix 4A) methods.

Expert Answer

 

Buy Essay
Calculate your paper price
Pages (550 words)
Approximate price: -

Help Me Write My Essay - Reasons:

Best Online Essay Writing Service

We strive to give our customers the best online essay writing experience. We Make sure essays are submitted on time and all the instructions are followed.

Our Writers are Experienced and Professional

Our essay writing service is founded on professional writers who are on stand by to help you any time.

Free Revision Fo all Essays

Sometimes you may require our writers to add on a point to make your essay as customised as possible, we will give you unlimited times to do this. And we will do it for free.

Timely Essay(s)

We understand the frustrations that comes with late essays and our writers are extra careful to not violate this term. Our support team is always engauging our writers to help you have your essay ahead of time.

Customised Essays &100% Confidential

Our Online writing Service has zero torelance for plagiarised papers. We have plagiarism checking tool that generate plagiarism reports just to make sure you are satisfied.

24/7 Customer Support

Our agents are ready to help you around the clock. Please feel free to reach out and enquire about anything.

Try it now!

Calculate the price of your order

Total price:
$0.00

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

HOW OUR ONLINE ESSAY WRITING SERVICE WORKS

Let us write that nagging essay.

STEP 1

Submit Your Essay/Homework Instructions

By clicking on the "PLACE ORDER" button, tell us your requires. Be precise for an accurate customised essay. You may also upload any reading materials where applicable.

STEP 2

Pick A & Writer

Our ordering form will provide you with a list of writers and their feedbacks. At step 2, its time select a writer. Our online agents are on stand by to help you just in case.

STEP 3

Editing (OUR PART)

At this stage, our editor will go through your essay and make sure your writer did meet all the instructions.

STEP 4

Receive your Paper

After Editing, your paper will be sent to you via email.