User Account

All Pages

What is the resulting balance sheet

Assignment Help Financial Accounting
Reference no: EM131777914

You start a Business with a Company called Sweet Dreams that produces software in Jan 2017.

Build a Balance Sheet and P&L of the company Sweet Dreams for each period from January to June 2017 (included) according to the following transactions:

1. January: The business starts in January with 3.000.000 EUR in capital and Liabilities (loan capital) of 1.000.000€

2. February: The company buys furniture for 3.600€ with an amortization period of 3 years. Include the depreciation starting in February.

3. March: The company starts to pay monthly rental for 2,000€, salaries for 100,000€, and monthly loan interests of 5000€.

Also the company Sweet Dreams pays interests (5.000€)

The company sells software for 25,000 € with a Payment term of 30 days.

Check if you need to include depreciation.

4. The next month April, Customers transfer to our Bank account the 25,000€ from last month but there is no additional sales. The company pays as each month, the monthly salaries, interest and rental we specify in March. Check if you need to include depreciation.

5. May: The company sells 50,000€ with a customer payment term of 30 days. The company pays as each month, the monthly salaries, interest and rental we specify in March. Also, check if you have depreciation costs.

6. June: Sweet Dreams collects 50.000€ from its customer from the previous month.

The Company Sweet Dreams spends 8.000€ in a marketing campaign with an agency payable in 30 days. The company pays as each month, the monthly salaries, interest and rental we specify in February. Also, check if you have depreciation costs.

What is the resulting balance sheet and P&L at the end of each month until June (included)?

Reference no: EM131777914

Questions Cloud

What are the factors you should consider in making decision : What are the factors you should consider in making this decision if your household income is $6,000, and your monthly expenses of $2, 500.
How much profit should larsen recognize on january : How much profit should Larsen recognize on January 1, 2011, on the sale of the machine
What is wrong with them using this pricing strategy : Kevin and Sarah know exactly what their costs are to make and deliver the meals to each customer. What is wrong with them using this pricing strategy?
Explain why a particular factor was selected : Assign an importance factor to each of these issues. It is important to note that whenever working with weighted averages.
What is the resulting balance sheet : What is the resulting balance sheet and P&L at the end of each month until June - You start Business with a Company called Sweet Dreams that produces software
Comfort diminishes hope for humanity : In Brave New World, the irony associated with John's changing understanding of the phrase "Brave New World" exemplifies the disillusionment.
Discuss discrimination that they have personally encountered : Discuss discrimination that they have personally encountered themselves or witnessed others encountering. Summarize this in one paragraph.
Story of addie bundren impending death : Compare how the two narrators tell the story of Addie Bundren's impending death. Is either narrator reliable? Explain what the reader learns.
What is the lease liability jordan should report : Jordan Co. leased a machine on December 31, 2011. What is the lease liability Jordan should report in its December 31, 2012, balance sheet

Reviews

Write a Review

Financial Accounting Questions & Answers

  About the plant assets

Imagine that you are the Chief Financial Officer (CFO) of a startup airline company. The executive management team has tasked you with making a recommendation about whether the company should buy or lease airplanes. Analyze the major pros and cons fo..

  Generally classified as current liability

Which of the following is generally classified as a current liability? Which of the following taxes would be subtracted in calculating an employee's net pay? Anton Company issued an $80,000, 6%, 120-day note payable to Bailey Company on June 8th. Wha..

  Develop a thorough understanding of accounting standards

Develop a thorough understanding of accounting standards and principles and fulfill the core accounting educational requirement to sit for the CPA exam.

  The land now has potential soil and groundwater problems

Mr. Smith is an accrual basis taxpayer with multiple lines of businesses. One business is a gas station. The land underneath the gas station did not appear contaminated when Mr. Smith purchased it. However, the land now has potential soil and groundw..

  Prepare simple job-order cost sheets for given jobs

Prepare simple job-order cost sheets for Jobs #703 and #704. Prepare the journal entries for events (f) and (h) above.

  Receives the tax savings from amortization deductions

Kelly’s marginal tax rate is 33% and discount rate is 12%. What is Kelly’s present value, after-tax cost if she pays $300,000 for an asset at the beginning of the year and if the cost is amortizable over 2 tax years? Kelly receives the tax savings fr..

  What is the value of the shareholders equity account

Sankey, Inc. has current assets of $4,900, net fixed assets of $25,000, current liabilities of $4,100, and long-term debt of $10,300. What is the value of the shareholder’s equity account for this firm? How much is net working capital?

  Purpose a lease amortization schedule for the lessor

What kind of lease is this to Lucas? Describe and show how the lease payment was evaluated

  Sufficient background on the topic and previews major points

Client X contacted you for clarification and recommendations on how the use of the LIFO method to value its inventories will be impacted if a switch to financial statements prepared in compliance with IFRS will be made. The introduction provides suff..

  Compare the firms financial performance for 2006 and 2007

Using financial ratios, compare the firm's financial performance for 2006 and 2007. - What do you think might have happened from 2006 to 2007?

  What is shown on schedule

What is shown on the schedule? What type of accounting system would seem to be required to produce this information? What type of knowledge, skills, and abilities would seem to be required to produce this form?

  By using the regulatory discussions and relevant

by using the regulatory discussions and relevant international accounting standards iass which are taught in the module

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd