Sep 26, 2017 term paper 2

DYNAMIC SERVICES INC. WAS ORGANIZED ON MARCH 1 BY TWO FORMER COLLEGE ROOMMATES. THE CORPORATION WILL PROVIDE COMPUTER TAX SERVICES TO SMALL BUSINESSES. THE FOLLOWING TRANSACTIONS OCCURRED DURING THE FIRST MONTH OF OPERATIONS:

This paper concentrates on the primary theme of DYNAMIC SERVICES INC. WAS ORGANIZED ON MARCH 1 BY TWO FORMER COLLEGE ROOMMATES. THE CORPORATION WILL PROVIDE COMPUTER TAX SERVICES TO SMALL BUSINESSES. THE FOLLOWING TRANSACTIONS OCCURRED DURING THE FIRST MONTH OF OPERATIONS: in which you have to explain and evaluate its intricate aspects in detail. In addition to this, this paper has been reviewed and purchased by most of the students hence; it has been rated 4.8 points on the scale of 5 points. Besides, the price of this paper starts from £ 40. For more details and full access to the paper, please refer to the site.

Dynamic Services Inc. was organized on March 1 by two former college roommates. The corporation will provide computer tax services to small businesses. The following transactions occurred during the first month of operations:
March Transactions:
March2Received contributions of $10,000 from each of the two principal owners in exchange for shares of stock.
7Signed a two-year promissory note at the bank and received cash of $7,500. Interest, along with the $7,500, will be repaid at the end of the two years.
12Purchased miscellaneous supplies on account for $350, payment due in 30 days.
19Billed a client $2,000 for tax preparation services. According to an agreement between the two companies, the client is to pay 25% of the bill upon its receipt and the remaining balance within 30 days.
20Paid a $650 bill from the local newspaper for advertising for the month of March.
22Received 25% of the amount billed the client on March 19.
26Received cash of $1,400 for services provided in assisting a client in preparing its tax return.
29Purchased a computer system for $4,000 in cash.
30Paid $1,650 in salaries and wages for March.
31Received and paid $700 of gas, electric, and water bills.
Required:
1.Prepare a table to summarize the preceding transactions as they affect the accounting equation. Identify each transaction with the date.
2.Prepare an income statement for the month of March.
3.Prepare a classified balance sheet at March 31.
4.From reading the balance sheet you prepared in part (3), what events would you expect to take place in April?

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