Homework Answers
| Sheridan Company | ||
| Income Statement | ||
| For the Year Ended December 31, 2022 | ||
| Revenue | ||
| Sales Revenue | $49,600 | |
| Expenses: | ||
| Interest Expense | $2,900 | |
| Salaries and Wages expense | $17,400 | |
| Depreciation expense | $3,200 | |
| Supplies expense | $800 | |
| Total expenses | $24,300 | |
| Net Income [$49,600 - $24,300] | $25,300 | |
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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 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...
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...
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 Crane Company's 2022 income statement and balance sheet....
The following items and amounts were taken from Crane Company's 2022 income statement and balance sheet. 6,500 Cash Retained earnings Cost of goods sold Salaries and wages expense Prepaid insurance Inventory $ 84,800 Accounts receivable $ 89,300 122,900 Sales revenue 580,500 437,300 Notes payable 115,700 Accounts payable 52,100 7,800 Service revenue 4,900 65,000 Interest expense 1,860 repare an income statement for Crane Company for the year ended December 31, 2022. CRANE COMPANY Income Statement
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.
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 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 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...
Identify financial statement components and prepare income statement. E1-8 The following items and amounts were taken...
Identify financial statement components and prepare income statement. E1-8 The following items and amounts were taken from Lonyear Inc.'s 2017 income statement and balance sheet Cash Accounts LO 3), C Retained earnings Cost of goods sold Salaries and wages 84,700 receivable 123,192 438,458 115,131 88,419 Sales revenue 584,951 6,499 49,384 Notes payable Accounts expense payable Prepaid insurance 7,818 Service revenue4,806 Inventory 64,618 Interest expense 1,882 Instructions (a) In each, case, identify on the blank line whether the item is an...
INTRO FINANCIAL ACCT (ACCT2001) apter 1 Graded The following items and amounts were taken from Whispering...
INTRO FINANCIAL ACCT (ACCT2001) apter 1 Graded The following items and amounts were taken from Whispering Winds Corp. Cost of goods sold Salaries and wages expense 91,800 123,900 436,700 118,100 1-8 (Part Leve Prepaid insurance 7,900 64,900 89,200 582,600 Do Sales revenue Notes payable Interest expense ▼ (a) 6,600 50,600 ,200 1,850 payable eview Score bjective In each case, identify whether the item is an asset, liability, stockholders' equity, revenue, or expense item. Cash Cost of goods sold Salaries and...
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...
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...
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 Crane Company's 2022 income statement and balance sheet. 6,500 Cash Retained earnings Cost of goods sold Salaries and wages expense Prepaid insurance Inventory $ 84,800 Accounts receivable $ 89,300 122,900 Sales revenue 580,500 437,300 Notes payable 115,700 Accounts payable 52,100 7,800 Service revenue 4,900 65,000 Interest expense 1,860 repare an income statement for Crane Company for the year ended December 31, 2022. CRANE COMPANY Income Statement
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 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...
Identify financial statement components and prepare income statement. E1-8 The following items and amounts were taken from Lonyear Inc.'s 2017 income statement and balance sheet Cash Accounts LO 3), C Retained earnings Cost of goods sold Salaries and wages 84,700 receivable 123,192 438,458 115,131 88,419 Sales revenue 584,951 6,499 49,384 Notes payable Accounts expense payable Prepaid insurance 7,818 Service revenue4,806 Inventory 64,618 Interest expense 1,882 Instructions (a) In each, case, identify on the blank line whether the item is an...
INTRO FINANCIAL ACCT (ACCT2001) apter 1 Graded The following items and amounts were taken from Whispering Winds Corp. Cost of goods sold Salaries and wages expense 91,800 123,900 436,700 118,100 1-8 (Part Leve Prepaid insurance 7,900 64,900 89,200 582,600 Do Sales revenue Notes payable Interest expense ▼ (a) 6,600 50,600 ,200 1,850 payable eview Score bjective In each case, identify whether the item is an asset, liability, stockholders' equity, revenue, or expense item. Cash Cost of goods sold Salaries and...
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