# Dynamic services Inc. was organized on March 1 by two former college roommates. The corporation will provide computer tax services to small businesses. T

Dynamic services Inc. was organized on March 1 by two former college roommates. The corporation will provide computer tax services to small businesses. The following transactions occurred during the first month of operations: Prepare a table to summarize the preceding transactions as they affect the accounting equation. Use the format in Exhibit 3-1. Identify each transaction with the date. Prepare an income statement for the month of March. Prepare a classified balance sheet at March 31. From reading the balance sheet you prepared in part (3), what events would you expect to take place in April? Explain your answer.

 1 DYNAMIC SERVICE INC. TRANSACTIONS FOR THE MONTH OF MARCH Assets = Liabilities + Stockholders’ Equity Accounts Accounts Notes Capital Retained Date Cash Receivable Computer Supplies Payable Payable Stock Earnings 2/3 \$20,000.00 \$20,000.00 7/3 \$7,500.00 \$7,500.00 Bal. \$27,500.00 \$- \$- \$- \$- \$7,500.00 \$20,000.00 \$- 12/3 \$350.00 \$350.00 Bal. \$27,500.00 \$- \$- \$350.00 \$350.00 \$7,500.00 \$20,000.00 \$- 19/3 \$2,000.00 \$2,000.00 Bal. \$27,500.00 \$2,000.00 \$- \$350.00 \$350.00 \$7,500.00 \$20,000.00 \$2,000.00 20/3 \$(650.00) \$(650.00) Bal. \$26,850.00 \$2,000.00 \$- \$350.00 \$350.00 \$7,500.00 \$20,000.00 \$1,350.00 22/3 \$500.00 \$(500.00) Bal. \$27,350.00 \$1,500.00 \$- \$350.00 \$350.00 \$7,500.00 \$20,000.00 \$1,350.00 26/3 \$1,400.00 \$1,400.00 Bal. \$28,750.00 \$1,500.00 \$- \$350.00 \$350.00 \$7,500.00 \$20,000.00 \$2,750.00 29/3 \$(4,000.00) \$4,000.00 Bal. \$24,750.00 \$1,500.00 \$4,000.00 \$350.00 \$350.00 \$7,500.00 \$20,000.00 \$2,750.00 30/3 \$(1,650.00) \$(1,650.00) Bal. \$23,100.00 \$1,500.00 \$4,000.00 \$350.00 \$350.00 \$7,500.00 \$20,000.00 \$1,100.00 31/3 \$(700.00) \$(700.00) Bal. \$22,400.00 \$1,500.00 \$4,000.00 \$350.00 \$350.00 \$7,500.00 \$20,000.00 \$400.00 TOTAL ASSETS: \$28,250 TOTAL LIABILITIES AND \$28,250 STOCKHOLDERS’ EQUITY: 2 DYNAMIC SERVICE INC. INCOME STATEMENT FOR THE MONTH ENDED MARCH 31 Revenues: Tax prep Services \$2,000.00 Services \$1,400.00 \$3,400.00 Expenses: Advertising \$650.00 Gas/Electric/Water blls \$700.00 Salaries & Wages \$1,650.00 \$3,000.00 Net income \$400.00 3 DYNAMIC SERVICE INC. BALANCE SHEET Assets Current assets: Cash \$22,400.00 Accounts Receivable \$1,500.00 Supplies \$350.00 Total current assets \$24,250.00 Property, plant, and equipment: Equipment—Computer system \$4,000.00 Total assets \$28,250.00 Liabilities and Stockholders’ Equity Current liabilities: Accounts Payable \$350.00 Long-term debt: Notes Payable \$7,500.00 Total liabilities \$7,850.00 Capital stock \$20,000.00 Retained earnings \$400.00 Total stockholders’ equity \$20,400.00 Total liabilities and stockholders’ equity \$28,250.00 4.The company has huge cash balance which should be invested in an efficient way.It can also be used to pay off the company’s liabilities
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.

Try it now!

## Calculate the price of your order

Total price:
\$0.00

How it works?

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

Proceed with the payment

Choose the payment system that suits you most.

HOW OUR ONLINE ESSAY WRITING SERVICE WORKS

Let us write that nagging essay.

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.

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.

Editing (OUR PART)

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