Filling schedule c | Accounting homework help

ECR (which stands for electric car repair).  ECR uses the cash method of accounting and Stephen has produced the following financial information for this year:

ECR collected $81,000 in cash for repairs completed during the year and an additional $3,200 in cash for repairs that will commence after year end.

Customers owe ECR $14,300 for repairs completed this year, and while Stephen isn’t sure which bills will eventually be paid, he expects to collect all but about $1,900 of these revenues next year.

ECR has made the following expenditures:

     Interest expense                                                         $  1,250

     Shop rent ($1,500 per month)                                     27,000

     Utilities                                                                          1,075

     Contract labor                                                                8,250

     Compensation                                                              21,100

     Liability insurance premiums ($350 per month)         4,200

     Term life insurance premiums ($150 per month)        1,800

          The interest paid relates to interest accrued on a $54,000 loan made to Stephen in July of this year.  Stephen used half of the loan to pay for 18 months of shop rent and the remainder he used to upgrade his personal wardrobe.  In July Stephen purchased 12 months of liability insurance to protect against liability should anyone be injured in the shop.  ECR has only one employee (the remaining workers are contract labor), and this employee thoroughly understands how to repair an electric propulsion system.  On November 1 of this year Stephen purchased a 12-month term-life policy that insures the life of this “key” employee.  Stephen paid Gecko Insurance Company $1,800, and in return Gecko promises to pay Stephen a $40,000 death benefit if this employee dies any time during the next 12 months. 

Fill out and turn in the the draft of the front page of Stephen’s Schedule C.

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more

STAY HOME, SAVE LIVES. Order your essay today and save 20% with the discount code ATOM