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Using Excel Prepare a classified Balance Sheet and Income Statement
3/01- sole propreitor contributed 350,000 cash to beachfront 14
beachfront 14 purchased a condominium to rent out
condo cost 750,000. Allocated to 10% land 90% building, 30 year useful life
Payment was 250,000 cash and 500,000 loan payable.
2.5% interest due march 1 and sept 1 each year
100,000 principle payment due june 1 each year
mar-apr: 45,000 paid kitchen, baths, and improvements useful life 7 years
15,000 paid for furniture useful 5 years
paid with cash
may 1: all assets were placed in service and the condo was rented
may-dec
cash recieved:
rent-91,782
rent deposits for next year-11,820
sales tax collected-12,880
may-dec
cash paid:
real estate and property taxes-8,694
sales tax-9,000
insurance-4,444
condo fees-6,400
resort fee-925
commissions-10,440
advertisments-514
utilities-6,669
cleaning-9,800
repair-6,716
paid interest on loan payable-
31 dec-
cash balance- 86,630
NEED SOMEONE TO ANSWR NOW PLS
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