GIJoe, Sheffer, Cruel World Case Study - Accounting and Finance Assignment Help

Assignment Task -

Question 1:  GIJoe

The GIJoe Company started its operations in 2017.  Two years later, the balance sheet for December 31, 2018, showed the following account balances (there were no other accounts listed): 

Wages payable 6, Loan made to the ABC company 50, Paid in capital 500, Accounts payable 50, PP&E 200, Inventory 59, Cash 400, Advances from customers 40, Accumulated depreciation 30, Accounts receivables 93, Retained earnings (?).

During 2019 the following transactions occurred:

1. Depreciation expense was $20.

2. Insurance expenses were $25, all paid in cash.

3. Rent for 18 months, starting January 1, 2019, in the amount of $36, was paid in cash.

4. Sales, all on credit, were $753.

5. Collections from customers were $777.

Required:

a. What was the balance of the Retained Earnings account on December 31, 2018?

b. Record the entries for all the transactions that occurred during 2019. You can use journal entries or the accounting equation to record the transactions. 

c. Prepare an Income Statement for the year ended December 31, 2019.

d. Prepare a Balance Sheet for December 31, 2019.

e. Prepare a Statement of Cash Flows for the year ended December 31, 2019.

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