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Enter Tim's Tams, Inc.'s May transactions and adjustments in theaccounting equation below.
1. May 1, paid 600 $ cash for 3 months for insurance coveragebeginning May 1.
2. May 2, collected 8,000 $ from customers for sales made inApril.
3. May 6, paid 7,200 $ of accounts payable from Aprilpurchase.
4. May 6 , purchased 800 caps @ $6.10 each on account, FOB shippingpoint. Shipping was $120 also on account.
5. May 8, paid 300 $ cash for supplies
6. May 31, during May, Tim's Tams sold 1,000 baseball caps @ $ 10each on account. Tim's uses a FIFO perpetual inventory system.Beginning inventory consists of 500 caps at 6$ each.
7. May 31, Tim's Tams declared and paid 400 cash dividend to itsshareholder.
8. May 31, Adjusted for insurance used during the month. Recallthat on May 1, Tim's Tams paid $ 600 for three months of insurancecoverage that began May 1.
9. May 31, Recorded one month's straight line depreciation on the $18,000 truck that gas a 6-year useful life and no salvagevalue.
10. May 31, counted the office supplies and found that $ 100 ofsupplies have not been used.
11. May 31, Recorded interest on the $ 16,000, 4 – month, 6 % notepayable for the month.

There was a bginning balance sheet at 5/1/10 with thisamounts:
• Assests:
5,155 cash
8,000 account receivable
3,000 inventory
200 supplies
18,000 truck
(500) account depration.

• Liabilities :
7,200 account payable
16,000 note payable
160 interest payable

• Contributed capital :
6,000 common stock

• Retained earnings :
4,495 retained earning

..
what is Tim's Tams balance sheet of May 31, 2010.
i need a expert answer.
thank u

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Collen Von
Collen VonLv2
28 Sep 2019

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