M4-14 through M4-17 Reporting an Income Statement, Reporting a Statement of Retained Earnings, Reporting a Balance Sheet and Recording Closing Journal Entries [LO 4-4, LO 4-5]
[The following information applies to the questions
displayed below.]
The Sky Blue Corporation has the following adjusted trial balance
at December 31.
Debit | Credit | |||||||
Cash | $ | 1,230 | ||||||
Accounts Receivable | 2,000 | |||||||
Prepaid Insurance | 2,300 | |||||||
Notes Receivable (long-term) | 3,000 | |||||||
Equipment | 12,000 | |||||||
Accumulated Depreciation | $ | 2,600 | ||||||
Accounts Payable | 5,420 | |||||||
Salaries and Wages Payable | 1,000 | |||||||
Income Taxes Payable | 2,900 | |||||||
Deferred Revenue | 600 | |||||||
Common Stock | 2,400 | |||||||
Retained Earnings | 1,000 | |||||||
Dividends | 300 | |||||||
Sales Revenue | 42,030 | |||||||
Rent Revenue | 300 | |||||||
Salaries and Wages Expense | 21,600 | |||||||
Depreciation Expense | 1,300 | |||||||
Utilities Expense | 4,220 | |||||||
Insurance Expense | 1,400 | |||||||
Rent Expense | 6,000 | |||||||
Income Tax Expense | 2,900 | |||||||
Total | $ | 58,250 | $ | 58,250 | ||||
M4-17
Prepare closing journal entries on December 31. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Journal entries | |||
No. | ACCOUNT TITLES AND EXPLANATIONS | DEBIT ($) | CREDIT ($) |
December 31 | Sales Revenue | 42,030.00 | |
Rent Revenue | 300.00 | ||
Income Summary | 42,330.00 | ||
(To close revenue accounts) | |||
December 31 | Income Summary | 37,420.00 | |
Salaries and Wages Expense | 21,600.00 | ||
Depreciation Expense | 1,300.00 | ||
Utilities Expense | 4,220.00 | ||
Insurance Expense | 1,400.00 | ||
Rent Expense | 6,000.00 | ||
Income Tax Expense | 2,900.00 | ||
(To close expense accounts) | |||
December 31 | Income Summary | 4,910.00 | |
Retained Earnings | 4,910.00 | ||
(To close net income / (loss)) | |||
December 31 | Retained Earnings | 300.00 | |
Dividends | 300.00 | ||
(To close dividends) | |||
M4-14 through M4-17 Reporting an Income Statement, Reporting a Statement of Retained Earnings, Reporting a Balance...
M4-14 through M4-17 Reporting an Income Statement, Reporting a Statement of Retained Earnings, Reporting a Balance Sheet and Recording Closing Journal Entries [LO 4-4, LO 4-5] [The following information applies to the questions displayed below.] The Sky Blue Corporation has the following adjusted trial balance at December 31. Debit Credit Cash $ 1,230 Accounts Receivable 2,000 Prepaid Insurance 2,300 Notes Receivable (long-term) 3,000 Equipment 12,000 Accumulated Depreciation $ 2,600 Accounts Payable 5,420 Salaries and Wages Payable 1,000 Income Taxes Payable...
he Sky Blue Corporation has the following adjusted trial balance at December 31. DebitCredit Cash$1,230 Accounts Receivable2,000 Prepaid Insurance2,300 Notes Receivable (long-term)3,000 Equipment12,000 Accumulated Depreciation$2,600 Accounts Payable5,420 Salaries and Wages Payable1,000 Income Taxes Payable2,900 Unearned Revenue600 Common Stock2,400 Retained Earnings1,000 Dividends300 Sales Revenue42,030 Rent Revenue300 Salaries and Wages Expense21,600 Depreciation Expense1,300 Utilities Expense4,220 Insurance Expense1,400 Rent Expense6,000 Income Tax Expense2,900 Total$58,250$58,250 1.Prepare a classified balance sheet at December 31. (Amounts to be deducted should be indicated by a minus sign.) SKY BLUE CORPORATIONBalance SheetAt December 31Assets00$0LiabilitiesCash0Stockholders' Equity0$0 2.Are the Sky Blue Corporation's assets financed primarily by debt or equity?EquityDebt
prepare an income statement and provide the net income
nect Assignment i Saved Required information M4-14 through M4-17 Reporting an Income Statement, Repo Reporting a Balance Sheet and Recording Closing Journal E (The following information applies to the questions displayed below.) The Sky Blue Corporation has the following adjusted trial balance at D Credit Debit $ 1,240 2,100 2,400 3,100 12,500 Cash Accounts Receivable Prepaid Insurance Notes Receivable (long-term) Equipment Accumulated Depreciation Accounts Payable Salaries and Wages Payable Income Taxes...
The Sky Blue Corporation has the following adjusted trial balance at December 31. Credit Debit $ 1,320 2,900 3,200 3,900 16,500 Cash Accounts Receivable Prepaid Insurance Notes Receivable (long-term) Equipment Accumulated Depreciation Accounts Payable Salaries and Wages Payable Income Taxes Payable Deferred Revenue Common Stock Retained Earnings Dividends Sales Revenue Rent Revenue Salaries and Wages Expense Depreciation Expense Utilities Expense Insurance Expense Rent Expense Income Tax Expense Total $ 4,400 6,320 1,450 3,800 780 3,300 1,360 390 50,130 390 23,400...
A) prepare an income statement and a retained earnings
statement for the year
B) prepare a classified statement of financial position at
July 31
s. mor E4-17 These financial statement items are for Van Dijk Company NV at year-end 2017. Salaries and wages payable $ 2,040 Notes payable (long-term) Salaries and wages expense 50,700 Cash Utilities expense 22,600 Accounts receivable Equipment 30,000 Accumulated depreciation equip. Accounts payable 4,100 Dividends Service revenue 62,000 Depreciation expense Rent revenue 8,500 Retained earnings (beginning...
The Sky Blue Corporation has the following adjusted trial balance at December 31 Credit Debit $ 1,350 3,200 3,500 4,200 18,000 Cash Accounts Receivable Prepaid Insurance Notes Receivable (long- term) Equipment Accumulated Depreciation Accounts Payable Salaries and Wages Payable Income Taxes Payable Unearned Revenue Common Stock Retained Earnings Dividends Sales Revenue Rent Revenue Salaries and Wages Expense Depreciation Expense Utilities Expense Insurance Expense Rent Expense Income Tax Expense $ 5,000 6,620 1,600 4,100 840 3,600 1,480 420 52,830 420 24,000...
i want the income statement, statement of retained earnings, and
balance sheet
2 MIX Inc. is a service business incorporated on January, 2018 to provide personal training for athletes aspiring to play college sports. The following is a simplified list of accounts and amounts reported in its accounting records at the beginning of its second quarter of operations on April 1, 2018(the amounts are in thousands of dollars). The accounts have normal debit or credit balances. Accounts Payable $ 600...
Problem 1-63A (Algorithmic) Income Statement, Retained Earnings Statement, and Balance Sheet The following information relates to Ashton Appliances for 2019. Accounts payable $16,800 Accounts receivable 70,300 Accumulated depreciation (building) 106,200 Accumulated depreciation (furniture) 27,600 Bonds payable (due in 7 years) 192,000 Building 300,000 Cash 41,450 Common stock 115,620 Cost of goods sold 511,350 Depreciation expense (building) 11,050 Depreciation expense (furniture) 12,000 Furniture 130,000 Income taxes expense 16,650 Income taxes payable 11,400 Insurance expense 36,610 Interest expense 15,500 Inventory 59,850 Other...
Use the following adjusting entries to complete the
worksheet, prepare an income statement, statement of retained
earnings, closing entries, and balance sheet.
Broomfield Company
Adjusting Journal Entries
For the Year Ended December 31, 2019
Account Titles
DR
CR
a.
Interest
Expense
15,920
Interest
Payable
15,920
b.
Insurance Expense
19,152
Prepaid
Insurance
19,152
c.
Rent
Expense
23,940
Prepaid
Rent
23,940
d.
Unearned
Revenue
12,000
Consulting Revenue
12,000
e.
Supplies
Expense
116,622
Supplies...
Problem 2-7A Preparing an income statement, statement of retained earnings, and balance sheet. LO РЗ Angela Lopez owns and manages a consulting firm called Metrix, which began operations on March 1. On March 31, Metrix shows the following selected accounts and amounts for the month of March. polnts $ 1,900 $ 6,000 Office supplies Rental revenue Equipment Salaries expense Consulting revenue Cash Utilities expense eBook 3,400 14,000 8,800 900 Advertising expense Prepaid insurance Accounts payable 480 1,400 2,580 2,900 2,400...