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II. Income Statement Information Based on the following trial balance for Sally's Salon, Inc., prepare an...
Can somebody help me with this? Below is the trial balance for Sally's Salon, Inc., in...
Can somebody help me with this?
Below is the trial balance for Sally's Salon, Inc., in the space before each account, write whether it is an asset account (A), a liability account (L), an Equity account (E), a Revenue account (R), or an Expense account). Then, using the appropriate accounts, prepare an income statement and a balance sheet. Be sure to include proper headings. You will probably need a separate sheet of paper for these. Sally's Salon, Inc. Trial Balance...
Q3- . Based on the following trial balance for XYZ company, prepare the income statement (2...
Q3- . Based on the following trial balance for XYZ company, prepare the income statement (2 Marks). XYZ Partial Trial Balance December 31 Dividends 36,000 Revenue earned 72,000 Supplies expense 3,425 Rent expense 6,000 Wages expense 22,000
3. Based on the following trial balance for Barry's Automotive Shop, prepare an income statement, statement...
3. Based on the following trial balance for Barry's Automotive Shop, prepare an income statement, statement of owner's equity, and a balance sheet. Barry made no additional investments in the company during the year. Barry's Automotive Shop Trial Balance December 31 $ 12,500 1,500 500 Cash Accounts receivable Supplies Repair shop equipment Service truck Accounts payable Barry, Capital Barry, Withdrawals Service revenue Supplies expense Rent expense Utilities expense Gas expense Wages expense Totals 27,000 33,000 $2,600 38,525 36,000 125,000 3,425...
1. What types of accounts should be closed at the end of the period? What are...
1. What types of accounts should be closed at the end of the period? What are the closing processes? 2. Based on the following trial balance for XYZ company, prepare the income statement XYZ Partial Trial Balance December 31 Dividends 36,000 Revenue earned 72,000 Supplies expense 3,425 Rent expense 6,000 Wages expense 22,000 *Answer these Questions * No hand Writing or Pics
Based on the following trial balance for RJ Dio Metal Shop, prepare an income statement and...
Based on the following trial balance for RJ Dio Metal Shop, prepare an income statement and a statement of owner's equity for the year ended December 31, 2019 and a classified balance sheet at December 31, 2019. Ru Dio made no investments in 2019. Use the designated space in the Solution Packet (30 points). 25,000 21,000 8,000 6,000 75,000 30,000 200,000 RJ Dio Metal Shop Adjusted Trial Balance December 31, 2019 Cash Accounts Receivable Prepaid Expense Supplies Equipment Accumulated Depreciation...
Using the trial balance below: complete the income statement, the statement of retained earnings and a...
Using the trial balance below: complete the income statement, the statement of retained earnings and a balance sheet. Johnny Dollar's Body Shop Trial Balance December 31, 2020 6500 475 2500 600 35200 Cash Accounts receivable Body shop supplies Office supples Body shop equipment Accounts payable Common stock Retained earnings Dividends Revenue earned Body shop supplies expense Office supplies expense Rent expense Utilities expense Wages expense 1500 10000 11775 36000 95000 3425 775 6000 4800 22000
Required: a) Prepare a properly formatted Income Statement. b) Prepare a properly formatted Balance Sheet. Trial...
Required: a) Prepare a properly formatted Income Statement. b) Prepare a properly formatted Balance Sheet. Trial Balance Workings Dr Cr 460,000 390,000 190,000 124,000 42,000 140,000 2,200,000 72,000 1780,000 336,000 Land and Buildings Shop Fittings Acc Depn-Shop Fittings Bank Overdraft Office Furniture & Equipment Accounts Receivable Sales Inventory (Opening) Purchases ANZ Long-Term Loan Wages Accounts Payable GST Collected GST Paid Capital (opening) Insurance Office Expenses Bad Debts Drawings Customs Duty Depreciation 60,000 80,000 58,000 64,000 200,000 10,000 22,000 4,000 36,000...
Required: a) Prepare a properly formatted Income Statement. b) Prepare a properly formatted Balance Sheet. Trial...
Required: a) Prepare a properly formatted Income Statement. b) Prepare a properly formatted Balance Sheet. Trial Balance Workings Dr Cr 460,000 390,000 190,000 124,000 42,000 140,000 2,200,000 72,000 1780,000 336,000 Land and Buildings Shop Fittings Acc Depn-Shop Fittings Bank Overdraft Office Furniture & Equipment Accounts Receivable Sales Inventory (Opening) Purchases ANZ Long-Term Loan Wages Accounts Payable GST Collected GST Paid Capital (opening) Insurance Office Expenses Bad Debts Drawings Customs Duty Depreciation 60,000 80,000 58,000 64,000 200,000 10,000 22,000 4,000 36,000...
Required: a) Prepare a properly formatted Income Statement. b) Prepare a properly formatted Balance Sheet. Trial...
Required: a) Prepare a properly formatted Income Statement. b) Prepare a properly formatted Balance Sheet. Trial Balance Workings Dr Cr 460,000 390,000 190,000 124,000 42,000 140,000 2,200,000 72,000 1780,000 336,000 Land and Buildings Shop Fittings Acc Depn-Shop Fittings Bank Overdraft Office Furniture & Equipment Accounts Receivable Sales Inventory (Opening) Purchases ANZ Long-Term Loan Wages Accounts Payable GST Collected GST Paid Capital (opening) Insurance Office Expenses Bad Debts Drawings Customs Duty Depreciation 60,000 80,000 58,000 64,000 200,000 10,000 22,000 4,000 36,000...
Instructions: Below is the adjusted trial balance for Bear Advertising Inc. (1) Prepare an Income Statement....
Instructions: Below is the adjusted trial balance for Bear Advertising Inc. (1) Prepare an Income Statement. Sement of Retained Earnings anda Balance Sheet (2) Then pecare closing trics, pou them to accounts, and prepare a posl-closing trial balance The heverining in Income Statement 1000 Advance De 000 40 4000 15000 0 21500 Cowok Paired Earns Advertising Decatione We spend www.pw Supo LE 300 Statement of Retained Eamings 845196 545165 General Joumai PR Debt Balance Sheet Date Account Credit Cash Accounts...
Can somebody help me with this?
Below is the trial balance for Sally's Salon, Inc., in the space before each account, write whether it is an asset account (A), a liability account (L), an Equity account (E), a Revenue account (R), or an Expense account). Then, using the appropriate accounts, prepare an income statement and a balance sheet. Be sure to include proper headings. You will probably need a separate sheet of paper for these. Sally's Salon, Inc. Trial Balance...
3. Based on the following trial balance for Barry's Automotive Shop, prepare an income statement, statement of owner's equity, and a balance sheet. Barry made no additional investments in the company during the year. Barry's Automotive Shop Trial Balance December 31 $ 12,500 1,500 500 Cash Accounts receivable Supplies Repair shop equipment Service truck Accounts payable Barry, Capital Barry, Withdrawals Service revenue Supplies expense Rent expense Utilities expense Gas expense Wages expense Totals 27,000 33,000 $2,600 38,525 36,000 125,000 3,425...
Based on the following trial balance for RJ Dio Metal Shop, prepare an income statement and a statement of owner's equity for the year ended December 31, 2019 and a classified balance sheet at December 31, 2019. Ru Dio made no investments in 2019. Use the designated space in the Solution Packet (30 points). 25,000 21,000 8,000 6,000 75,000 30,000 200,000 RJ Dio Metal Shop Adjusted Trial Balance December 31, 2019 Cash Accounts Receivable Prepaid Expense Supplies Equipment Accumulated Depreciation...
Using the trial balance below: complete the income statement, the statement of retained earnings and a balance sheet. Johnny Dollar's Body Shop Trial Balance December 31, 2020 6500 475 2500 600 35200 Cash Accounts receivable Body shop supplies Office supples Body shop equipment Accounts payable Common stock Retained earnings Dividends Revenue earned Body shop supplies expense Office supplies expense Rent expense Utilities expense Wages expense 1500 10000 11775 36000 95000 3425 775 6000 4800 22000
Required: a) Prepare a properly formatted Income Statement. b) Prepare a properly formatted Balance Sheet. Trial Balance Workings Dr Cr 460,000 390,000 190,000 124,000 42,000 140,000 2,200,000 72,000 1780,000 336,000 Land and Buildings Shop Fittings Acc Depn-Shop Fittings Bank Overdraft Office Furniture & Equipment Accounts Receivable Sales Inventory (Opening) Purchases ANZ Long-Term Loan Wages Accounts Payable GST Collected GST Paid Capital (opening) Insurance Office Expenses Bad Debts Drawings Customs Duty Depreciation 60,000 80,000 58,000 64,000 200,000 10,000 22,000 4,000 36,000...
Required: a) Prepare a properly formatted Income Statement. b) Prepare a properly formatted Balance Sheet. Trial Balance Workings Dr Cr 460,000 390,000 190,000 124,000 42,000 140,000 2,200,000 72,000 1780,000 336,000 Land and Buildings Shop Fittings Acc Depn-Shop Fittings Bank Overdraft Office Furniture & Equipment Accounts Receivable Sales Inventory (Opening) Purchases ANZ Long-Term Loan Wages Accounts Payable GST Collected GST Paid Capital (opening) Insurance Office Expenses Bad Debts Drawings Customs Duty Depreciation 60,000 80,000 58,000 64,000 200,000 10,000 22,000 4,000 36,000...
Required: a) Prepare a properly formatted Income Statement. b) Prepare a properly formatted Balance Sheet. Trial Balance Workings Dr Cr 460,000 390,000 190,000 124,000 42,000 140,000 2,200,000 72,000 1780,000 336,000 Land and Buildings Shop Fittings Acc Depn-Shop Fittings Bank Overdraft Office Furniture & Equipment Accounts Receivable Sales Inventory (Opening) Purchases ANZ Long-Term Loan Wages Accounts Payable GST Collected GST Paid Capital (opening) Insurance Office Expenses Bad Debts Drawings Customs Duty Depreciation 60,000 80,000 58,000 64,000 200,000 10,000 22,000 4,000 36,000...
Instructions: Below is the adjusted trial balance for Bear Advertising Inc. (1) Prepare an Income Statement. Sement of Retained Earnings anda Balance Sheet (2) Then pecare closing trics, pou them to accounts, and prepare a posl-closing trial balance The heverining in Income Statement 1000 Advance De 000 40 4000 15000 0 21500 Cowok Paired Earns Advertising Decatione We spend www.pw Supo LE 300 Statement of Retained Eamings 845196 545165 General Joumai PR Debt Balance Sheet Date Account Credit Cash Accounts...
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