This is what the first question looks like, and there will be four questions in total. ( i do have sample answer for all question but with different numbers, let me know if you need it.)m
“On 1/1/19 Karitas Inc., a calendar year company, is created with an equity investment of $196.00. On the same day the company purchases a FINANCIAL INSTRUMENT for $95.00. The FINANCIAL INSTRUMENT is classified as TRADING. On 3/31/19 the FINANCIAL INSTRUMENT
is worth $76.95 per share. On 6/30/19 the FINANCIAL INSTRUMENT is worth $104.50 per share. On 9/30/19 the FINANCIAL INSTRUMENT is worth $88.35 per share. On 12/31/19 the FINANCIAL INSTRUMENT is worth $102.60 per share. The corporate tax rate is 21.00%.
Quarterly revenues and expenses are provided below and are all in cash. Karitas Inc. issues financial statements quarterly.”
FOR ALL ANSWERS ROUND TO TWO DECIMAL PLACES
A) Provide all journal entries and t-accounts necessary to account for this transaction on a quarterly basis (from inception of company to the end of quarter 4)
B) Create the financial statements: Income Statement, Statement of Retained Earnings and Balance Sheet, (from inception of company to the end of quarter 4)
C) Provide all journal entries and t-accounts necessary to account for this transaction on an annual basis (from inception of company to the end of the fiscal year)
D) Create the financial statements: Income Statement, Statement of Retained Earnings and Balance Sheet, (from inception of company to the end of fiscal year 1)
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