1 answer

Need to complete the balance sheet Required information [The following information applies to the questions displayed...

Question:

Required information [The following information applies to the questions displayed below.) The following transactions apply tComplete this question by entering your answers in the tabs below. Reg D1 Inc Reg D1 Stmt Stmt of Changes Req D1 Bal Reg D1 Sneed to complete the balance sheet

Required information [The following information applies to the questions displayed below.) The following transactions apply to Jova Company for Year 1, the first year of operation: 1. Issued $13,500 of common stock for cash. 2. Recognized $68,500 of service revenue earned on account. 3. Collected $60,800 from accounts receivable. 4. Paid operating expenses of $35,600. 5. Adjusted accounts to recognize uncollectible accounts expense. Jova uses the allowance method of accounting for uncollectible accounts and estimates that uncollectible accounts expense will be 2 percent of sales on account.
Complete this question by entering your answers in the tabs below. Reg D1 Inc Reg D1 Stmt Stmt of Changes Req D1 Bal Reg D1 Stmt Sheet of Cash Flows Prepare the balance sheet for Year 1. JOVA COMPANY Balance Sheet As of December 31, Year 1 Assets Cash Accounts receivable Less: Allowance for doubtful accounts Total assets Liabilities Stockholders' equity Common stock Retained earnings 0 $ 0 0 Total stockholders' equity Total liabilities and stockholders' equity $ 0

Answers

JOVA COMPANY
Balance Sheet
As of December 31, Year 1
Assets
Cash 38700
Accounts Receivable 7700
Less: Allowance for doubtful accounts 1370 6330
Total Assets 45030
Liabilities
Stock holder's equity
Common Stock 13500
Retained Earnings 31530 45030
Total Stock holder's equity 45030
Total liabilities and stock holder's equity 45030

Cash Balance

Issue of Common Stock 13500
Add: Account receivable collected 60800
Less: Operating Expenses paid 35600
Cash Balance 38700

Retained Earnings

Service Revenue Earned 68500
Less: Operating Expenses 35600
Less: Allowance for doubtful accounts (68500*2%) 1370
Retained Earnings 31530

(All amounts are in $)

.

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