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The University of Texas at Austin University Extension ACC 310F:

I need help creating the T accounts (ledger accounts) for this scenario and then need to create an income statement , statement of owners equity and a balance sheet. Use the information in the attached file.

The University of Texas at Austin University Extension ACC 310F: Foundations of Accounting (Online) Bookkeeping Assignment Once you have completed the assignment below, you must submit your answers using the answer sheet provided in Blackboard; not all answers will be turned in. You may open and close the assignment as often as you like using the "Save" feature to keep your work; however, you must click the "Save and Submit" button to actually turn in your work by the due date and time. The due date and time are noted in the Course Home (and Announcements) section of Blackboard. Once successfully submitted, you will get a confirmation page; you should print or save this page for reference. Also, once submitted, your answers cannot be changed. Where appropriate, partial credit will be given. Super Chair King was organized at the beginning of January. Throughout January, the company had the following transactions: Jan. 1 The owners started the company with a $125,000 investment. Jan. 2 The company borrowed $65,000 from a bank by signing a long-term note. Jan. 2 The company purchased a building for $105,000, which will serve as warehouse and sales space. Jan. 5 Inventory costing $60,000 was purchased. Jan. 7 Sold $25,000 of inventory to a customer for $54,000 on account. Jan. 15 The customer remitted 50% of the amount owed to the company Jan. 20 The owners of the company invested another $40,000. Jan. 21 The company wanted to increase sales so they rented ad space on a billboard for $5,000. Jan. 23 The company purchased another $40,000 of inventory on account. Jan. 26 Sold $50,000 of inventory to a customer for $75,000. Jan. 31 The company paid $2,000 in dividends to owners. Jan. 31 Paid wages to staff of $9,800. Jan. 31 Paid back $5,600 on the bank loan. Of this amount, $3,500 represents interest expense. Required a. Prepare journal entries for the transactions above using the following account names as needed: Cash Cost of Goods Sold Accounts Receivable Wages Expense Inventory Advertising Expense Building Interest Expense Accounts Payable Capital Notes Payable Retained Earnings Revenues Dividends b. Prepare T-accounts (i.e. ledger accounts) and post the journal entries to the appropriate accounts. c. Use the information in part (b) to prepare an income statement, statement of owner’s equity and balance sheet for the company.
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1.What amount would the company report for net income in its financial statements?
Net Income $ 33700
2.What amount would the company report for cash in its financial statements?
Cash A/c Closing...

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