The following data are for Central District Parking Corporation:
|
CENTRAL DISTRICT PARKING CORPORATION |
|
|
Assets |
|
|
Cash |
$344,000 |
|
Accounts Receivable |
18,000 |
|
Total assets |
$362,000 |
|
Liabilities and Stockholders” Equity |
|
|
Accounts payable |
$94,000 |
|
Capital stock |
232,000 |
|
Retained earnings |
36,000 |
|
Total liabilities and stockholders” equity |
$362,000 |
The summarized transactions for October 2010 are as follows:
Oct.1 The accounts payable owed as of September 30 (USD 94,000) were paid.
1 The company paid rent for the premises for October, USD 19,200.
7 The company received cash of USD 4,200 for parking by daily customers during the week.
10 The company collected USD 14,400 of the accounts receivable in the balance sheet at September 30.
14 Cash receipts for the week from daily customers were USD 6,600.
15 Parking revenue earned but not yet collected from fleet customers was USD 6,000.
16 The company paid salaries of USD 2,400 for the period October 1–15.
19 The company paid advertising expenses of USD 1,200 for October.
21 Cash receipts for the week from daily customers were USD 7,200.
24 The company incurred miscellaneous expenses of USD 840. Payment will be due November 10.
31 Cash receipts for the last 10 days of the month from daily customers were USD 8,400.
31 The company paid salaries of USD 3,000 for the period October 16–31.
31 Billings to monthly customers totaled USD 21,600 for October.
31 Paid cash dividends of USD 24,000.
a. Prepare a summary of transactions using column headings as given in the preceding balance sheet. Determine balances after each transaction.
b. Prepare an income statement for October 2010.
c. Prepare a statement of retained earnings for October 2010.
d. Prepare a balance sheet as of 2010 October 31.