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December 19, 2014

Homework Help: accounting

Posted by Micky on Tuesday, October 27, 2009 at 8:37am.

A new company called Bloomner construct, buys and sells furniture. During January the following happens: 1. The owner of the company pays in $50 000 into the cash, as starting capital. 2. The bank grants the company a bank loan of $40 000, the interest is 15 % annually and the loan will run for 4 years. Loan repayments are made quarterly and the interest for January is paid the 31st of January. 3. During January the company buys furniture and material on credit for $90 000. 4. Sales on credit during January is $350 000. Invoices are sent out to customers. 5. The rent, $10 000, for January is paid in cash. 6. The company receives an invoice for machinery purchase on the amount of $60 000. 7. The company receives an invoice for offices supplies on the amount of $9 000, all the office supplies is used and gone during January. 8. During January the customers pays some of their debts to the company, in total $240 000. 9. The company receives an invoice for telephone used during January, $2 000, the invoice is paid 10th of February. 10. The company pays salary to their employees on the 25th of January, total $85 000 in cash. 11. During January the company pays different suppliers, total $55 000. 12. Depreciation for the month is $1 000. 13. By the end of the month is the value of the remaining stock of products $10 000. Open a balance sheet and an income statement for January. Show each of the transactions on the two statements as a series of pluses and minuses (show your calculations) and transfer the profit or loss to the balance sheet. Prepare a cash flow statement for the month. No tax

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