Homework Answers
| CRANE COMPANY | ||
| Income Statement | ||
| For the year ended December 31, 2022 | ||
| REVENUES | ||
| Sales Revenue | 5,80,500 | |
| Service Revenue | 4,900 | |
| Total Revenue | 5,85,400 | |
| EXPENSES | ||
| Cost of goods sold | 4,37,300 | |
| Salaries & Wages expenses | 1,15,700 | |
| Interest expense | 1,860 | |
| Total expenses | 5,54,860 | |
| Net Income | 30,540 |
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The following items and amounts were taken from Crane Company's 2022 income statement and balance sheet....
The following items and amounts were taken from Sheridan Company's 2022 income statement and balance sheet,...
The following items and amounts were taken from Sheridan Company's 2022 income statement and balance sheet, the end of its first year of operations. Interest expense Interest payable Notes payable Sales revenue Cash Salaries and wages expense $2,900 Equipment, net $ 56,800 650 Depreciation expense 3,200 12,000 Supplies 4,000 49,600 Common stock 26,750 3,900 Retained earnings 17,400 Supplies expense 800 (a) ✓ Your answer is correct. In each case, identify whether the item is an asset, liability, stockholders' equity, revenue,...
The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet,...
The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet, the end of its first year of operations. $2.000 Equipment, net $ 54.000 Interest expense Interest payable 500 Depreciation expense 3,000 11.000 Supplies Notes payable 4,000 44,000 Common stock 25,600 Sales revenue 2.400 Retained earnings Cash Salaries and wages expense 700 15.000 Supplies expense In each case, identify whether the item is an asset, liability, stockholders' equity, revenue, or expense item. Expense Interest expense...
In Accountant The following items and amounts were taken from Cullumber Company's 2022 income statement and...
In Accountant
The following items and amounts were taken from Cullumber Company's 2022 income statement and balance sheet. Cash Retained earnings Cost of goods sold Salaries and wages expense Prepaid insurance Inventory $ 86,400 Accounts receivable $ 90,400 121,700 Sales revenue 586,000 436,500 Notes payable 6,400 117,700 Accounts payable 55,000 8,100 Service revenue 4,500 64,300 Interest expense 1,700 (a) In each case, identify whether the item is an asset, liability, stockholders' equity, revenue, or expense item. Cash Retained earnings Cost...
The following items and amounts were taken from Oriole Company's 2022 income statement and balance sheet,...
The following items and amounts were taken from Oriole Company's 2022 income statement and balance sheet, the end of its first year of operations. $ 54,900 $ 2,500 Equipment, net Interest expense 800 Depreciation expense Interest payable 3,900 Notes payable 11,000 Supplies 4,700 Sales revenue 52,500 Common stock 21,200 Cash 3,600 Retained earnings Salaries and wages expense 15,000 Supplies expense 900 (a) In each case, identify whether the item is an asset, liability, stockholders' equity, revenue, or expense item. Interest...
The following items and amounts were taken from Skysong, Inc.'s 2017 income statement and balance sheet...
The following items and amounts were taken from Skysong, Inc.'s 2017 income statement and balance sheet Cash Retained earnings Cost of goods sold Salaries and wages expense Prepaid insurance Inventory Accounts receivable Sales revenue Notes payable Accounts payable Service revenue Interest expense $ 94,300 122,000 438,800 118,800 8,100 64,700 87,400 583,700 6,800 53,200 5,400 1,850 In each case, identify whether the item is an asset, liability, stockholders' equity, revenue, or expense item. Asset Cash Stockholders' Equity Retained earnings Expense Cost...
The following items and amounts were taken from Sunland Company's 2022 income statement and balance sheet.
The following items and amounts were taken from Sunland Company's 2022 income statement and balance sheet. In each case, identify whether the item is an asset, liability, stockholders' equity, revenue, or expense item.
The following items and amounts were taken from Carla Vista Co.’s 2022 income statement and balance...
The following items and amounts were taken from Carla Vista
Co.’s 2022 income statement and balance sheet, the end of its first
year of operations.
Interest expense
$ 2,100
Equipment, net
$ 55,100
Interest payable
800
Depreciation expense
3,700
Notes payable
11,300
Supplies
4,500
Sales revenue
50,100
Common stock
23,550
Cash
3,400
Retained earnings
?
Salaries and wages expense
16,000
Supplies expense
950
Prepare an income statement for Carla Vista Co. for December 31, 2022 Carla Vista Co. Income Statement...
These items are taken from the financial statements of Crane Company at December 31, 2022. $133,308...
These items are taken from the financial statements of Crane Company at December 31, 2022. $133,308 15,876 4,032 14,918 103,824 77,112 983 6,678 Buildings Accounts receivable Prepaid insurance Cash Equipment Land Insurance expense Depreciation expense Interest expense Common stock Retained earnings (January 1, 2022) Accumulated depreciation-buildings Accounts payable Notes payable Accumulated depreciation-equipment Interest payable Service revenue Interest 75,600 57,456 11,970 117,936 23,587 4,536 18,522 CRANE COMPANY Balance Sheet December 31, 2022 Assets Current Assets cash 14918 Debt Investments Accounts Receivable...
CULLUMBER COMPANY Income Statement $ $ $ These items are taken from the financial statements of...
CULLUMBER COMPANY Income Statement $ $ $ These items are taken from the financial statements of Cullumber Company for 2022. Retained earnings (beginning of year) Utilities expense Equipment Accounts payable Cash Salaries and wages payable Common stock Dividends Supplies Debt investment (long-term) Trademarks Service revenue Prepaid insurance Maintenance and repairs expense Depreciation expense Accounts receivable Insurance expense Salaries and wages expense Accumulated depreciation equipment $32,850 2,180 65,300 17,650 14,980 5,600 22,400 12,000 3,400 5,200 1,800 72,680 6,130 1,600 3,200 13,600...
create a statement:) Show Attem, Current Attempt in Progress The following items and amounts were taken...
create a statement:)
Show Attem, Current Attempt in Progress The following items and amounts were taken from Sheridan Inc.'s 2022 Statement of income and statement of financial position Cash Retained earnings Salaries expense Office expense Prepaid insurance Inventory Income tax expense $77.960 113,554 403,566 100,489 7,454 59,494 5,416 Accounts receivable Service revenue Income tax payable Accounts payable Rent revenue Interest expense $81,535 538,161 5,799 45,507 4,429 2,195 a) Your answer is correct. In each case, identify whether the item is...
The following items and amounts were taken from Sheridan Company's 2022 income statement and balance sheet, the end of its first year of operations. Interest expense Interest payable Notes payable Sales revenue Cash Salaries and wages expense $2,900 Equipment, net $ 56,800 650 Depreciation expense 3,200 12,000 Supplies 4,000 49,600 Common stock 26,750 3,900 Retained earnings 17,400 Supplies expense 800 (a) ✓ Your answer is correct. In each case, identify whether the item is an asset, liability, stockholders' equity, revenue,...
The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet, the end of its first year of operations. $2.000 Equipment, net $ 54.000 Interest expense Interest payable 500 Depreciation expense 3,000 11.000 Supplies Notes payable 4,000 44,000 Common stock 25,600 Sales revenue 2.400 Retained earnings Cash Salaries and wages expense 700 15.000 Supplies expense In each case, identify whether the item is an asset, liability, stockholders' equity, revenue, or expense item. Expense Interest expense...
In Accountant
The following items and amounts were taken from Cullumber Company's 2022 income statement and balance sheet. Cash Retained earnings Cost of goods sold Salaries and wages expense Prepaid insurance Inventory $ 86,400 Accounts receivable $ 90,400 121,700 Sales revenue 586,000 436,500 Notes payable 6,400 117,700 Accounts payable 55,000 8,100 Service revenue 4,500 64,300 Interest expense 1,700 (a) In each case, identify whether the item is an asset, liability, stockholders' equity, revenue, or expense item. Cash Retained earnings Cost...
The following items and amounts were taken from Oriole Company's 2022 income statement and balance sheet, the end of its first year of operations. $ 54,900 $ 2,500 Equipment, net Interest expense 800 Depreciation expense Interest payable 3,900 Notes payable 11,000 Supplies 4,700 Sales revenue 52,500 Common stock 21,200 Cash 3,600 Retained earnings Salaries and wages expense 15,000 Supplies expense 900 (a) In each case, identify whether the item is an asset, liability, stockholders' equity, revenue, or expense item. Interest...
The following items and amounts were taken from Skysong, Inc.'s 2017 income statement and balance sheet Cash Retained earnings Cost of goods sold Salaries and wages expense Prepaid insurance Inventory Accounts receivable Sales revenue Notes payable Accounts payable Service revenue Interest expense $ 94,300 122,000 438,800 118,800 8,100 64,700 87,400 583,700 6,800 53,200 5,400 1,850 In each case, identify whether the item is an asset, liability, stockholders' equity, revenue, or expense item. Asset Cash Stockholders' Equity Retained earnings Expense Cost...
The following items and amounts were taken from Carla Vista
Co.’s 2022 income statement and balance sheet, the end of its first
year of operations.
Interest expense
$ 2,100
Equipment, net
$ 55,100
Interest payable
800
Depreciation expense
3,700
Notes payable
11,300
Supplies
4,500
Sales revenue
50,100
Common stock
23,550
Cash
3,400
Retained earnings
?
Salaries and wages expense
16,000
Supplies expense
950
Prepare an income statement for Carla Vista Co. for December 31, 2022 Carla Vista Co. Income Statement...
These items are taken from the financial statements of Crane Company at December 31, 2022. $133,308 15,876 4,032 14,918 103,824 77,112 983 6,678 Buildings Accounts receivable Prepaid insurance Cash Equipment Land Insurance expense Depreciation expense Interest expense Common stock Retained earnings (January 1, 2022) Accumulated depreciation-buildings Accounts payable Notes payable Accumulated depreciation-equipment Interest payable Service revenue Interest 75,600 57,456 11,970 117,936 23,587 4,536 18,522 CRANE COMPANY Balance Sheet December 31, 2022 Assets Current Assets cash 14918 Debt Investments Accounts Receivable...
CULLUMBER COMPANY Income Statement $ $ $ These items are taken from the financial statements of Cullumber Company for 2022. Retained earnings (beginning of year) Utilities expense Equipment Accounts payable Cash Salaries and wages payable Common stock Dividends Supplies Debt investment (long-term) Trademarks Service revenue Prepaid insurance Maintenance and repairs expense Depreciation expense Accounts receivable Insurance expense Salaries and wages expense Accumulated depreciation equipment $32,850 2,180 65,300 17,650 14,980 5,600 22,400 12,000 3,400 5,200 1,800 72,680 6,130 1,600 3,200 13,600...
create a statement:)
Show Attem, Current Attempt in Progress The following items and amounts were taken from Sheridan Inc.'s 2022 Statement of income and statement of financial position Cash Retained earnings Salaries expense Office expense Prepaid insurance Inventory Income tax expense $77.960 113,554 403,566 100,489 7,454 59,494 5,416 Accounts receivable Service revenue Income tax payable Accounts payable Rent revenue Interest expense $81,535 538,161 5,799 45,507 4,429 2,195 a) Your answer is correct. In each case, identify whether the item is...
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