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3 years ago

The following transactions apply to Jova Company for Year 1, the first year of operation:

Business

1 answer:

erica [24]3 years ago

7 0

Answer:

Income statement balance for year 1 = $27210

Income statement balance for year 2 = $22880

Explanation:

Jova Company Year 1 Balance Sheet

ASSETS Stockholder's Equity

S/no ( Cash, Account receivable, Allowance) (Stock, Earning)

1. $15,500 $15,500

2 $64,500 $64,500

3. $57,600 -$57,600

4. -$36,000 -$36,000

5. $1,290 -$1,290

Bal. $37,100 $6,900 $1,290 $15,500 $27,210

Bad debt expense = 64500*2% =$1,290

Jova Company Year 2 Balance Sheet

ASSETS Stockholder's Equity

S/no ( Cash, Account receivable, Allowance) (Stock earning)

Bal. $37,100 $6,900 $1,290 $15,500 $27,210

1 $72,000 $72,000

2. $65,600 -$65,600

3. -$890 -$890

4. $300 $300

5 $300 -$300

6. -$48,400 -$48,400 7. $720 -$720

Bal. $54,600 $12,410 $1,420 $15,500 $50,090

Bad debt expense = 72000*1% $720

INCOME STATEMENT FOR YEAR 1

Revenues - Expenses = Net income

$64,500 - $64,500

$36,000 -$36,000

$1,290 -$1,290

BALANCE: $27210

INCOME STATEMENT FOR YEAR 2

Revenues - Expenses = Net income

$72,000 - $72,000

$48,400 -$48,400

$720 -$720

BALANCE: $ 22880

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