Accounting problem. SHOW WORK IN WORKSHEET

Problem (F) Ryan Hope, controller of Hope, Inc. provides you with the following information concerning all transactions during 2019. Hope, Inc. began operations on January 1, 2019. For this problem, use a separate expense line for each type of expense – both on the worksheet and on your formatted income statement. (See example on p.29, 30.) 1. Issued 1,000 shares of common stock at $95 per share. 2. Paid $2,600 in rent every month for office and warehouse space. 3. Provided services to customers: for $65,000 in cash and $125,000 on credit. 4. Purchased land for $32,000 in cash. 5. Borrowed $75,000 on December 31. The note payable matures in two years. 6. Salaries totaling $80,000 were paid during the year. Other expenses totaling $40,000 were paid during the year. 7. $56,000 in cash was received later in 2019 from the credit customers above. (See #3.) 8. Declared and paid a dividend of $26,000.

 

ANSWERS NEEDED

 

1.Total Owners’ Equity at the end of the period is: $

2.Total Assets at the end of the period is

3.The subtotal on the formatted Balance Sheet for Total Current Assets at the end of the period is:

4.Cash from Operations for the period was: $

 

Formatting Note: To display a negative amount insert parentheses () around the number. For example, if the cash from operations was negative $10,000, you would insert in the blank: (10,000)

 

5.Cash for Investing Activities for the period was:

6.Cash from Financing Activities for the period was

7.The ending balance for cash is:

 

 

EXTRA QUESTION

 

In the Additional Content area after this final question, upload a single Excel file containing your spreadsheets for:

1.Your accounting worksheet of all the accounts as rows and all the activity as columns, and

2.Your four financial statements for Hope, Inc.

Make sure that this is the latest version of your file, and that its contents agree with any revised answers to the quiz questions.

Include your name in cell A1 of each spreadsheet.