Homework Answers
| Income Statement | |||||
| Particulars | Amount $ | ||||
| Service revenue | 500,000 | ||||
| Expenses | |||||
| Rent expenses | 10,000 | ||||
| Salaries expenses | 40,000 | ||||
| Utilities expenses | 10,000 | ||||
| Supplies | 10,000 | ||||
| Total Expenses | 70,000 | ||||
| Net Income for the current year | 430,000 | ||||
| Statement of owner's equity | |||||
| Particulars | Amount $ | ||||
| Beginning owners equity | 200,000 | ||||
| Owner's withdrawal | (200,000) | ||||
| Owner's contribution | 100,000 | ||||
| net Income for the period ended 31 January 2019 | 430,000 | ||||
| Closing balance of Owner's equity | 530,000 | ||||
| Balance sheet as of January 2019 | |||||
| Liabilities | $ | Assets | $ | ||
| Owner's equity | 530,000 | Building | 100,000 | ||
| Machinery | 50,000 | ||||
| Bond Payable | 400,000 | Accounts receivable | 100,000 | ||
| Accounts payable | 20,000 | Cash | 700,000 | ||
| Total | 950,000 | Total | 950,000 | ||
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Cash Balance sheet ibs Utility come statement: I. ACC Thursday February 6, 2020 Prepare an income...
the template adjusted trail balance, prepare an Income Statement, Owner's Equity Statement, and CLASSIFIED Balance Sheet...
the template
adjusted trail balance, prepare an Income Statement, Owner's Equity Statement, and CLASSIFIED Balance Sheet for the month ended Dec. 31st. You may use the template provided or attach an excel spreadsheet with your solution. Trent Company Adjusted Trial Balance December 31 Account Debit Credit 12700 20000 15000 35000 Cash Accounts Receivable Prepaid Insurance Equipment Acc Depreciation Equipment Accounts Payable Unearned Revenue Notes Payable Trent, Capital Trent, Drawing Service Revenue Adversting Expense Depreciation Expense Salary Expense Insurance Expense Rent...
Using the Adjusted Trial Balance, complete the Income Statement, Statement of Owner's Equity, and Balance Sheet....
Using the Adjusted Trial Balance, complete the Income Statement, Statement of Owner's Equity, and Balance Sheet. Enter any decreases with a minus sign or parentheses SMART TOUCH LEARNING Adjusted Trial Balance December 31, 2016 Balance Account Title Debit Credit Cash 19,200 Accounts Receivable 10,600 Office Supplies 200 Expenses: Prepaid Rent 12,800 Furniture 22,500 7.700 Accounts Payable Salaries Payable Interest Payable 2,500 600 300 Total Expenses Unearned Revenue 6,400 9,000 25,400 Net Income Notes Payable Bright, Capital Bright, Withdrawals 32,700 Service...
12A-2. Prepare a statement of owner's equity and a classified balance sheet from partial worksheet for...
12A-2. Prepare a statement of owner's equity and a classified balance sheet from partial worksheet for Goods Company (page 417). Note: Of the Mortgage Payable, $200 is due within one year. Figure 12.15 Partial Worksheet for Goods Company GOODS COMPANY PARTIAL WORKSHEET FOR THE YEAR ENDED DECEMBER 31, 2020 Account Titles Cash Petty Cash Accounts Receivable Merchandise Inventory Supplies Prepaid Insurance Store Equipment Accum. Dep'n., Store Eq. Automobile Accum. Dep'n., Auto Accounts Payable Taxes Payable Unearned Rent Mortgage Payable Goods,...
prepare an income statement of changes in stockholders equity, and a balance sheet, based on the...
prepare an income statement of changes in stockholders equity,
and a balance sheet, based on the financial statements you have
prepped for part a to answer questions in parts b-e
30.00 points Problem 2-19 Prepare an income statement, balance sheet, and statement of changes in stockholders' equity, analyze results LO 2, 3, 4 The information on the following page was obtained from the records of Breanna, Inc.: $ Accounts receivable Accumulated depreciation Cost of goods sold Income tax expense Cash...
The balance sheet and income statement for Covid19 Bhd is presented below. BALANCE SHEET (000) Cash...
The balance sheet and income statement for Covid19 Bhd is presented below. BALANCE SHEET (000) Cash $ 500 Accounts receivable 1,500 Inventories 500 Current assets 2,500 Net fixed assets 5,000 Total Assets $ 7,500 Accounts payable 1,200 Bank note 300 Total current liabilities 1,500 Long term debt 4,000 Common stock 300 Retained earnings 1,700 Total liabilities and owner's equity $ 7,500 INCOME STATEMENT (000) Net sales $ 8,500 Cost of goods sold (3,400) Gross profit 5,100 Operating expenses (2,900) Net...
Prepaid expense would appear on which financial statement? O A. Income Statement O B. Balance Sheet...
Prepaid expense would appear on which financial statement? O A. Income Statement O B. Balance Sheet OC. Owner's Equity Statement OD. None of the above answers are correct. Click to select your answer. What is X-cel Company's net income or net loss if it had Revenue of $1,800, Salary Expense of $400, Utility Expense of $350, and Withdrawals of $5,000 during October? O A. $3,950 net loss O B. $3,950 net income OC. $1,050 net loss OD. $1,050 net income...
these show wrong Return Adjusted Trial Balance Income Statement Balance Sheet and Statement of Owner's Equity...
these show wrong
Return Adjusted Trial Balance Income Statement Balance Sheet and Statement of Owner's Equity Dr. Cr. Dr. Cr. Account Title Dr. Cr. No. $ 101 $ 4,300 4,300 Cash 106 18,791 18.791 Accounts receivable 40,000 40,000 153 Trucks 16,080 X $ 16,080 $ 16,080 154 30,000 30 000 183 201 209 10 019 2.292 1 692 60.710 10,019 2,292 1,692 60 710 Accumulated depreciation-Trucks Land Accounts payable Salaries payable Unearned fees F. Planta, Capital F. Planta. Withdrawals Plumbing...
1. Construct an accrual basis Income Statement BALANCE SHEET Beginning Ending CASH FLOW Cash 225000 320000...
1. Construct an accrual basis
Income Statement
BALANCE SHEET Beginning Ending CASH FLOW Cash 225000 320000 Cash Operating Income 1525000 Accounts Receivable 180000 360000 Borrow on Oper. Loan 200000 Inventories 255000 880000 155000 Supplies 280000 Total Cash Receipts 1725000 Total Current Assets 940000 1715000 Cash Operating Expenses 1369120 46880 Interest Payments Family Living Withdrawals Machinery 880000 1030000 64000 Less: Acc. Depr. -175000 -300000 Payments on Oper. Loan Capital Purchases 150000 Real Estate 980000 980000 Total Assets 2625000 3425000 Total Cash...
Attached is the income statement and balance sheet and other info. QUESTION: I need to Prepare...
Attached is the income statement and balance sheet and other
info.
QUESTION:
I need to Prepare a Statement of cash Flows using the
INDIRECT METHOD.?
REYNOLDS FOOD COMPANY INCOME STATEMENT 12/31/09 REVENUES S 890,000 COST OF GOODS SOLD 465,000 OPERATING EXPENSES 188,000 DEPRECIATION EXPENSE 33,000 12.000 INTEREST EXPENSE LOSS ON SALE OF EQUIPMENT .000 TAXABLE INCOME 190,000 INCOME TAXES NET INCOME 65,000 S 125,000 1- Equipment costing $41,000 and a book value of $36,000 was sold for $34,000 in cash....
Unadjusted Adjustments Adjsuted Income statement Balance sheet Credit Debit Debit Credit Debit Debit Credit Debit Credit...
Unadjusted Adjustments Adjsuted Income statement Balance sheet Credit Debit Debit Credit Debit Debit Credit Debit Credit Credit Cash $1,500 $1,000 $6200 $7,700 S7,700 Accounts receivable $10,100 S11,100 $11,100 Cleaning supplies Prepaid insurance $1,400 $400 S1,800 S400 $4,600 $4,800 S9,000 $200 S4,600 S9,000 Truck $9,000 S350 Accumulated depreciation- Truck Accounts payable Salaries payable Напу, саpital Harry, withdrawls $350 S350 S6,000 $6,000 S6,000 $700 S700 S700 S19,500 S19,500 $18,000 $1,500 $500 500 $500 Service revenue $10,500 $1,000 Si1,500 $11,500 S1,700 Salaries expense...
the template
adjusted trail balance, prepare an Income Statement, Owner's Equity Statement, and CLASSIFIED Balance Sheet for the month ended Dec. 31st. You may use the template provided or attach an excel spreadsheet with your solution. Trent Company Adjusted Trial Balance December 31 Account Debit Credit 12700 20000 15000 35000 Cash Accounts Receivable Prepaid Insurance Equipment Acc Depreciation Equipment Accounts Payable Unearned Revenue Notes Payable Trent, Capital Trent, Drawing Service Revenue Adversting Expense Depreciation Expense Salary Expense Insurance Expense Rent...
Using the Adjusted Trial Balance, complete the Income Statement, Statement of Owner's Equity, and Balance Sheet. Enter any decreases with a minus sign or parentheses SMART TOUCH LEARNING Adjusted Trial Balance December 31, 2016 Balance Account Title Debit Credit Cash 19,200 Accounts Receivable 10,600 Office Supplies 200 Expenses: Prepaid Rent 12,800 Furniture 22,500 7.700 Accounts Payable Salaries Payable Interest Payable 2,500 600 300 Total Expenses Unearned Revenue 6,400 9,000 25,400 Net Income Notes Payable Bright, Capital Bright, Withdrawals 32,700 Service...
12A-2. Prepare a statement of owner's equity and a classified balance sheet from partial worksheet for Goods Company (page 417). Note: Of the Mortgage Payable, $200 is due within one year. Figure 12.15 Partial Worksheet for Goods Company GOODS COMPANY PARTIAL WORKSHEET FOR THE YEAR ENDED DECEMBER 31, 2020 Account Titles Cash Petty Cash Accounts Receivable Merchandise Inventory Supplies Prepaid Insurance Store Equipment Accum. Dep'n., Store Eq. Automobile Accum. Dep'n., Auto Accounts Payable Taxes Payable Unearned Rent Mortgage Payable Goods,...
prepare an income statement of changes in stockholders equity,
and a balance sheet, based on the financial statements you have
prepped for part a to answer questions in parts b-e
30.00 points Problem 2-19 Prepare an income statement, balance sheet, and statement of changes in stockholders' equity, analyze results LO 2, 3, 4 The information on the following page was obtained from the records of Breanna, Inc.: $ Accounts receivable Accumulated depreciation Cost of goods sold Income tax expense Cash...
Prepaid expense would appear on which financial statement? O A. Income Statement O B. Balance Sheet OC. Owner's Equity Statement OD. None of the above answers are correct. Click to select your answer. What is X-cel Company's net income or net loss if it had Revenue of $1,800, Salary Expense of $400, Utility Expense of $350, and Withdrawals of $5,000 during October? O A. $3,950 net loss O B. $3,950 net income OC. $1,050 net loss OD. $1,050 net income...
these show wrong
Return Adjusted Trial Balance Income Statement Balance Sheet and Statement of Owner's Equity Dr. Cr. Dr. Cr. Account Title Dr. Cr. No. $ 101 $ 4,300 4,300 Cash 106 18,791 18.791 Accounts receivable 40,000 40,000 153 Trucks 16,080 X $ 16,080 $ 16,080 154 30,000 30 000 183 201 209 10 019 2.292 1 692 60.710 10,019 2,292 1,692 60 710 Accumulated depreciation-Trucks Land Accounts payable Salaries payable Unearned fees F. Planta, Capital F. Planta. Withdrawals Plumbing...
1. Construct an accrual basis
Income Statement
BALANCE SHEET Beginning Ending CASH FLOW Cash 225000 320000 Cash Operating Income 1525000 Accounts Receivable 180000 360000 Borrow on Oper. Loan 200000 Inventories 255000 880000 155000 Supplies 280000 Total Cash Receipts 1725000 Total Current Assets 940000 1715000 Cash Operating Expenses 1369120 46880 Interest Payments Family Living Withdrawals Machinery 880000 1030000 64000 Less: Acc. Depr. -175000 -300000 Payments on Oper. Loan Capital Purchases 150000 Real Estate 980000 980000 Total Assets 2625000 3425000 Total Cash...
Attached is the income statement and balance sheet and other
info.
QUESTION:
I need to Prepare a Statement of cash Flows using the
INDIRECT METHOD.?
REYNOLDS FOOD COMPANY INCOME STATEMENT 12/31/09 REVENUES S 890,000 COST OF GOODS SOLD 465,000 OPERATING EXPENSES 188,000 DEPRECIATION EXPENSE 33,000 12.000 INTEREST EXPENSE LOSS ON SALE OF EQUIPMENT .000 TAXABLE INCOME 190,000 INCOME TAXES NET INCOME 65,000 S 125,000 1- Equipment costing $41,000 and a book value of $36,000 was sold for $34,000 in cash....
Unadjusted Adjustments Adjsuted Income statement Balance sheet Credit Debit Debit Credit Debit Debit Credit Debit Credit Credit Cash $1,500 $1,000 $6200 $7,700 S7,700 Accounts receivable $10,100 S11,100 $11,100 Cleaning supplies Prepaid insurance $1,400 $400 S1,800 S400 $4,600 $4,800 S9,000 $200 S4,600 S9,000 Truck $9,000 S350 Accumulated depreciation- Truck Accounts payable Salaries payable Напу, саpital Harry, withdrawls $350 S350 S6,000 $6,000 S6,000 $700 S700 S700 S19,500 S19,500 $18,000 $1,500 $500 500 $500 Service revenue $10,500 $1,000 Si1,500 $11,500 S1,700 Salaries expense...
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