Purchase Solution

Blue Sky Window Washing Inc.

Not what you're looking for?

Ask Custom Question

Blue Sky Window Washing Inc. was started on May 1. Here is a summary of the May transactions.
1 Stockholders invested cash in the company in exchange for common stock - $16,000
2 Purchased equipment for cash - $7,000
3 Paid cash for May office rent - $700
4 Paid cash for supplies - $400
5 Purchased advertising in the Beacon News on account - $550
6 Received $5,800 in cash from customers for service.
7 Declared and paid a cash dividend - $500
8 Paid part-time employee salaries - $1,700
9 Paid utility bills - $140
10 Provided service on account to customers - $500
11 Collected cash of $240 for services billed in transaction (10).

Instructions:
(a) Prepare a tabular analysis of the transactions using these column headings: Cash, Accounts Receivable, Supplies, Equipment, Accounts Payable, Common Stock, and Retained Earnings. Revenue is called Service Revenue. Include margin explanations for any changes in Retained Earnings.
(b) From an analysis of the column Retained Earnings, compute the net income or net loss for May.

Purchase this Solution
Solution Summary

This solution provide calculations in Excel for table analysis of transactions and computations for net income and net loss.

Solution Preview

Note:
*** Remember, this service is not intended to be used as "homework completion, I am giving you the ...

Purchase this Solution
Free BrainMass Quizzes
Understanding the Accounting Equation

These 10 questions help a new student of accounting to understand the basic premise of accounting and how it is applied to the business world.

Marketing Management Philosophies Quiz

A test on how well a student understands the basic assumptions of marketers on buyers that will form a basis of their marketing strategies.

Learning Lean

This quiz will help you understand the basic concepts of Lean.

Paradigms and Frameworks of Management Research

This quiz evaluates your understanding of the paradigm-based and epistimological frameworks of research. It is intended for advanced students.

Balance Sheet

The Fundamental Classified Balance Sheet. What to know to make it easy.

View More Free Quizzes
Related BrainMass Solutions

  • Leadership Change

    Blue Sky has undergone a leadership change. Be sure to address the differences in leadership style and approach today and in the recent past at Blue Sky.

  • Accounting Cycle - Terry Duffy

    63229 Accounting Problem P3-5B Terry Duffy opened Terry's Window Washing Inc. on July 1, 2002. During July the following transactions were completed.

  • Terry's Window Washing Inc.- Journal entries

    Terry Duffy opened Terry's Window Washing Inc. on July 1, 2002. During July the following transactions were completed.

  • Does sky blue paint keep wasps from building nests?

    491762 Does sky blue paint keep wasps from building nests? Your neighbor added a farmer's porch to his house and painted the ceiling of it blue.

  • Contrasts Between Qualitative and Quantitative Research

    An example of this contrast might be research on how blue the sky is. Lets say you picked a specific time and location to measure the blueness of the sky (not blue at all, somewhat blue, blue, very blue).

  • Quantitative analysis for E Catalogs

    Confirm that the new issue complies with the "blue sky" laws of each state. Appoint a registrar. Appoint a transfer agent 2.5 4.5 5 Q Phone interested buyers Confirm that the new issue complies with the "blue sky" laws of each state.

  • Barkley Company's Patents and loss of impairments

    Blue Sky Company's 12/31/08 balance sheet reports assets of $5,000,000 and liabilities of $2,000,000.

  • Eat-M-Up Inc Bird Seed

    Blue Sky uses process costing and had the following unit production information available for the months of June and July; June July Number of units

  • Journalizing Accounting Transactions

    502665 Journalizing Accounting Transactions Journalizing Accounting Transactions Dana La Fontsee opened Pro Window Washing Inc. on July 1, 2012.

View More Related Solutions