Homework Answers
Answer-
| GERTZ COMPANY | ||
| INCOME STATEMENT | ||
| FOR THE YEAR ENDED DECEMBER 31,2016 | ||
| PARTICULARS | AMOUNT | AMOUNT |
| $ | $ | |
| Net Sales | 515500 | |
| Sales | 575000 | |
| Less- Sales discounts | 9500 | |
| Less- Sales returns & allowances | 50000 | |
| Less- Cost of goods sold | 347000 | |
| Gross profit | 168500 | |
| Less- Operating expenses | ||
| Advertising expense | 15000 | |
| Depreciation expense | 3500 | |
| Freight-out | 2000 | |
| Store Salaries expense | 74000 | |
| Utilities expense | 18000 | |
| Total operating expenses | 112500 | |
| Operating income | 56000 | |
| Add-Other gains | 6000 | |
| Interest revenue | 25000 | |
| Less- Interest expense | 19000 | |
| Income before income taxes | 62000 | |
| Less- Income taxes expenses | 21700 | |
| Net income | 40300 | |
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Problems: 1. (11 points) The adjusted trial balance of Gertz Company included the following accounts, each...
P'roblems: 1.(tt points) The adjusted trial balance of Gertz Company included the following accounts, each with...
P'roblems: 1.(tt points) The adjusted trial balance of Gertz Company included the following accounts, each with a normal balance Advertising Expense Cost of Goods Sold Depreciation Expense Freight-out Income Tax Expense Interest Expense Interest Revenue Merchandise Inventory Prepaid Rent S 15,000 347,000 3,500 2,000 21,700 19,000 25,000 35,750 4,500 575,000 9,500 Sales Discounts Sales Returns and Allowances Store Salaries Expense Unearned Revenue Utilities Expense 74,000 8,000 18,000 Instructions 1.Use the above e information to prepare a multiple-step income statement for...
The adjusted trial balance of McCoy Company included the following selected accounts: Debit Credit Sales Revenue...
The adjusted trial balance of McCoy Company included the following selected accounts: Debit Credit Sales Revenue Sales Returns and Allowances Sales Discounts Cost of Goods Sold Freight-Out Advertising Expense Interest Expense Salaries and Wages Expense Utilities Expense Depreciation Expense Interest Revenue $645,000 $50,000 9,500 396,000 2,000 15,000 19,000 84,000 23,000 3,500 25,000 Use the above information to prepare a multiple-step income statement for the year ended December 31, 2017. (List other revenues before other expenses.) MCCOY COMPANY Income Statement For...
Nicholas Company Adjusted Trial Balance May 31, 2016 Account Names Cash Petty Cash Fund Accounts ...
Hello, can someone do this Income Statement for me?
Nicholas Company Adjusted Trial Balance May 31, 2016 Account Names Cash Petty Cash Fund Accounts Receivable Merchandise Inventory, 5/1/16 Store Supplies Office Supplies Prepaid Insurance Deblt Credit $337,100 5,000 24,200 57,500 11,700 3,500 37,000 32,800 Forklift Forklift $800 Delivery Truck Accumulated Accounts Payable Salaries Payable Unearned Sales Revenue Notes Payable (Long-Term) Nicholas Ram, Capital Nicholas Ram, Drawings Sales Revenue Sales Discounts 157,000 1,500 62,600 1,800 122,900 401,750 4,500 259,600 624 Assignment...
The adjusted trial balance of Crane Company included the following selected accounts: Debit Credit Sales Revenue...
The adjusted trial balance of Crane Company included the following selected accounts: Debit Credit Sales Revenue $659.000 $60,000 Sales Returns and Allowances Sales Discounts 10,000 Cost of Goods Sold 394,000 Freight-Out 2,800 Advertising Expense 10,600 Interest Expense 24.000 Salaries and Wages Expense 82.000 Utilities Expense 23,000 Depreciation Expense 3.700 Interest Revenue 26,300 Use the above information to prepare a multiple-step income statement for the year ended December 31, 2022. (List other revenues before other expenses.) CRANE COMPANY Income Statement $...
The following is a list of the accounts and balances taken from the adjusted trial balance...
The following is a list of the accounts and balances taken from the adjusted trial balance at December 31 2021 for Meilleur Merchants. Meilleur uses a perpetual inventory system and the earnings approach for revenue recognition. The list of accounts is in alphabetical order. All accounts have normal balances. Balance Dec. 31 $15,000 30.000 15,500 10,000 4,300 84,600 75.000 28,300 4,500 235,500 5,800 24,500 650 Account 1 Accounts payable 2 Accounts receivable 3 Accumulated depreciation-building 4 Accumulated depreciation equipment 5...
EXERCISE 3 - Multiple-Step Income Statement (15 pts.) The adjusted trial balance of Omega Company at...
EXERCISE 3 - Multiple-Step Income Statement (15 pts.) The adjusted trial balance of Omega Company at March 31, 2017 contained the following information: Debit Credit Sales $560,000 Sales Returns and Allowances $ 20,000 7,000 386,000 Sales Discounts Cost of Goods Sold Freight-out Advertising Expense 2,000 15,000 Interest Expense 18,000 Store Salaries Expense 55,000 Utilities Expense 28,000 Depreciation Expense 7,000 Interest Revenue 30,000 Gain on Disposal of Equipment 15.000 Instructions Use the above information to prepare a multiple-step income statement for...
The following is a list of the accounts and balances taken from the adjusted trial balance at December 31, 2021 for, Me...
The following is a list of the accounts and balances taken from the adjusted trial balance at December 31, 2021 for, Meilleur Merchants. The list of accounts is in alphabetical order. All accounts have normal balances. Meilleur uses a periodic inventory system and the earnings approach to recognize revenue. Account 1 Accounts payable 2 Accounts receivable 3 Accumulated depreciation-building 4 Accumulated depreciation equipment 5 Advertising expense 6 Building 7 S. Meilleur, capital 8 S. Meilleur, drawings 9 Cash 10 Depreciation...
The adjusted trial balance of Pronghorn Wholesale Inc. contained the following accounts at December 31, the...
The adjusted trial balance of Pronghorn Wholesale Inc.
contained the following accounts at December 31, the company’s year
end:
PRONGHORN WHOLESALE INC.
Adjusted Trial Balance
December 31, 2018
Debit
Credit
Cash
$12,900
Accounts receivable
18,000
Prepaid insurance
2,600
Inventory
105,500
Supplies
6,300
Land
129,600
Buildings
217,300
Accumulated depreciation—buildings
$92,400
Equipment
96,500
Accumulated depreciation—equipment
33,300
Accounts payable
61,600
Unearned revenue
9,000
Income tax payable
3,900
Bank loan payable
97,400
Common shares
51,000
Retained earnings
142,700
Sales
1,098,700
Sales returns and allowances...
The following is information from Crystal Company's adjusted trial balance at December 31, 2021: Debit Credit...
The following is information from Crystal Company's adjusted trial balance at December 31, 2021: Debit Credit Cash Notes receivable $76,000 100,000 Merchandise inventory 69,000 435,400 Equipment Accumulated depreciation-equipment $130,620 Unearned revenue 7,500 Notes payable 143,620 L. Crystal, capital 240,000 L. Crystal, drawings 142,000 Interest revenue 12,000 Rent revenue 25,000 1.970,000 Sales Advertising expense 53,000 Cost of goods sold 860,000 Depreciation expense 43,540 Freight out 27,000 Insurance expense 16,000 10,500 Interest expense Salaries expense 630,000 9,300 Sales discounts Sales returns and...
The following is a partial Adjusted Trial Balance for Alpha Company for the month: Alpha Company...
The following is a partial Adjusted Trial Balance for Alpha Company for the month: Alpha Company Adjusted Trial Balance (partial) January 31, 2016 Accounts Debit Credit Cost of Goods Sold $3,200 Interest Revenue $3,000 Sales $10,000 Interest Expense $1,000 Sales Discounts 200 Gain on sale of Equipment $500 Sales Returns & Allowances 1,200 Prepare a partial multiple-step income statement to show the computation for gross profit.
P'roblems: 1.(tt points) The adjusted trial balance of Gertz Company included the following accounts, each with a normal balance Advertising Expense Cost of Goods Sold Depreciation Expense Freight-out Income Tax Expense Interest Expense Interest Revenue Merchandise Inventory Prepaid Rent S 15,000 347,000 3,500 2,000 21,700 19,000 25,000 35,750 4,500 575,000 9,500 Sales Discounts Sales Returns and Allowances Store Salaries Expense Unearned Revenue Utilities Expense 74,000 8,000 18,000 Instructions 1.Use the above e information to prepare a multiple-step income statement for...
The adjusted trial balance of McCoy Company included the following selected accounts: Debit Credit Sales Revenue Sales Returns and Allowances Sales Discounts Cost of Goods Sold Freight-Out Advertising Expense Interest Expense Salaries and Wages Expense Utilities Expense Depreciation Expense Interest Revenue $645,000 $50,000 9,500 396,000 2,000 15,000 19,000 84,000 23,000 3,500 25,000 Use the above information to prepare a multiple-step income statement for the year ended December 31, 2017. (List other revenues before other expenses.) MCCOY COMPANY Income Statement For...
Hello, can someone do this Income Statement for me?
Nicholas Company Adjusted Trial Balance May 31, 2016 Account Names Cash Petty Cash Fund Accounts Receivable Merchandise Inventory, 5/1/16 Store Supplies Office Supplies Prepaid Insurance Deblt Credit $337,100 5,000 24,200 57,500 11,700 3,500 37,000 32,800 Forklift Forklift $800 Delivery Truck Accumulated Accounts Payable Salaries Payable Unearned Sales Revenue Notes Payable (Long-Term) Nicholas Ram, Capital Nicholas Ram, Drawings Sales Revenue Sales Discounts 157,000 1,500 62,600 1,800 122,900 401,750 4,500 259,600 624 Assignment...
The adjusted trial balance of Crane Company included the following selected accounts: Debit Credit Sales Revenue $659.000 $60,000 Sales Returns and Allowances Sales Discounts 10,000 Cost of Goods Sold 394,000 Freight-Out 2,800 Advertising Expense 10,600 Interest Expense 24.000 Salaries and Wages Expense 82.000 Utilities Expense 23,000 Depreciation Expense 3.700 Interest Revenue 26,300 Use the above information to prepare a multiple-step income statement for the year ended December 31, 2022. (List other revenues before other expenses.) CRANE COMPANY Income Statement $...
The following is a list of the accounts and balances taken from the adjusted trial balance at December 31 2021 for Meilleur Merchants. Meilleur uses a perpetual inventory system and the earnings approach for revenue recognition. The list of accounts is in alphabetical order. All accounts have normal balances. Balance Dec. 31 $15,000 30.000 15,500 10,000 4,300 84,600 75.000 28,300 4,500 235,500 5,800 24,500 650 Account 1 Accounts payable 2 Accounts receivable 3 Accumulated depreciation-building 4 Accumulated depreciation equipment 5...
EXERCISE 3 - Multiple-Step Income Statement (15 pts.) The adjusted trial balance of Omega Company at March 31, 2017 contained the following information: Debit Credit Sales $560,000 Sales Returns and Allowances $ 20,000 7,000 386,000 Sales Discounts Cost of Goods Sold Freight-out Advertising Expense 2,000 15,000 Interest Expense 18,000 Store Salaries Expense 55,000 Utilities Expense 28,000 Depreciation Expense 7,000 Interest Revenue 30,000 Gain on Disposal of Equipment 15.000 Instructions Use the above information to prepare a multiple-step income statement for...
The following is a list of the accounts and balances taken from the adjusted trial balance at December 31, 2021 for, Meilleur Merchants. The list of accounts is in alphabetical order. All accounts have normal balances. Meilleur uses a periodic inventory system and the earnings approach to recognize revenue. Account 1 Accounts payable 2 Accounts receivable 3 Accumulated depreciation-building 4 Accumulated depreciation equipment 5 Advertising expense 6 Building 7 S. Meilleur, capital 8 S. Meilleur, drawings 9 Cash 10 Depreciation...
The adjusted trial balance of Pronghorn Wholesale Inc.
contained the following accounts at December 31, the company’s year
end:
PRONGHORN WHOLESALE INC.
Adjusted Trial Balance
December 31, 2018
Debit
Credit
Cash
$12,900
Accounts receivable
18,000
Prepaid insurance
2,600
Inventory
105,500
Supplies
6,300
Land
129,600
Buildings
217,300
Accumulated depreciation—buildings
$92,400
Equipment
96,500
Accumulated depreciation—equipment
33,300
Accounts payable
61,600
Unearned revenue
9,000
Income tax payable
3,900
Bank loan payable
97,400
Common shares
51,000
Retained earnings
142,700
Sales
1,098,700
Sales returns and allowances...
The following is information from Crystal Company's adjusted trial balance at December 31, 2021: Debit Credit Cash Notes receivable $76,000 100,000 Merchandise inventory 69,000 435,400 Equipment Accumulated depreciation-equipment $130,620 Unearned revenue 7,500 Notes payable 143,620 L. Crystal, capital 240,000 L. Crystal, drawings 142,000 Interest revenue 12,000 Rent revenue 25,000 1.970,000 Sales Advertising expense 53,000 Cost of goods sold 860,000 Depreciation expense 43,540 Freight out 27,000 Insurance expense 16,000 10,500 Interest expense Salaries expense 630,000 9,300 Sales discounts Sales returns and...
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