Stephen anest started a new business called repairs r us

Reference no: EM13575631

Stephen Anest started a new business called "Repairs R Us, Inc." at the beginning of the year. Unfortunately, Stephen has not maintained any accounting records, except for keeping track of all cash receipts and cash disbursements which are presented below. In addition, all unpaid invoices are kept in a file until they are paid.

Anest has asked you to prepare an accrual basis income statement for the year. The following information should help in the preparation of the income statement:

The equipment has a useful life of ten years.
Supplies on hand at the end of the period have a cost of $3,000.
The shop rent is $500 per month, but the lease requires two months in advance.
The insurance was paid at the beginning of the year and represents a two-year policy.
Customers owe the shop $3,200 for services already performed.
The workers were hired this year and are owed $550 at the end of the year for work in Dec.

Reference no: EM13575631

Questions Cloud

A company has an inventory of 1000 assorted parts for a : a company has an inventory of 1000 assorted parts for a line of glue guns that have been discontinued. the inventory

Debate the necessity of preparing formal financial : debate the necessity of preparing formal financial statement if all of the data are in the statement columns of the

In calculating the rate of return on average investment : 1. the net present value capital budgeting method considers all estimated cash flows for the projects expected life.

In calculating the rate of return on average investment : 1. parker plumbing has received a special one-time order for 1500 faucets units at 5 per unit. parker currently

Stephen anest started a new business called repairs r us : stephen anest started a new business called repairs r us inc. at the beginning of the year. unfortunately stephen has

Respond to the followingdetermine the circumstances under : specal assessmentdebt may be in economic substance andor legal form an obligation of the asessed property owners rather

Fcf is expected to grow at a constant rate of 6 if the : suppose leonard nixon amp shull corporations projected free cash flow for the next year is 100000 and fcf is expected

Are we 95 percent confident that this proportion exceeds : quality progress february 2005 reports on the results achieved by bank of america in improving customer satisfaction

Although many governments prepare budgets for both capital : although many governments prepare budgets for both capital projects and debt service funds the gasb does not mandate

User Account

All Pages