Homework Answers
SKYSONG INC.
Income Statement
Revenues:
Service Revenue 19,990
_______
Total Revenue 19,990
Expenses:
Salaries & Wages Expense 2,600
Supplies Expense 370
Depreciation Expense 340
Interest Expense 440
_________
Total Expense 3,750
__________
Net Income 16,240
___________
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Skysong Inc., a provider of consulting services, was founded on October 1, 2022. At the end...
Skysong Inc., a provider of consulting services, was founded on October 1, 2022. At the end...
Skysong Inc., a provider of consulting services, was founded on October 1, 2022. At the end of the first month of operations, the company decided to prepare an income statement, retained earnings statement, and balance sheet using the following information. Accounts payable $3,600 Supplies $ 2,480 Interest expense 440 Supplies expense 370 Equipment (net) 50,000 Depreciation expense 340 Salaries and wages expense 2,600 Service revenue 19,990 Bonds payable 22,700 Salaries and wages payable 540 Unearned service revenue 10,600 4,090 Common...
Skysong Inc, a provider of consulting services, was founded on October 1, 2022. At the end...
Skysong Inc, a provider of consulting services, was founded on October 1, 2022. At the end of the first month of operations, the company decided to prepare an income statement, retained earnings statement, and balance sheet using the following information Accounts payable $3,600 Supplies $2.480 Interest expense 370 Equipment Inet) 340 Salaries and wages expense 440 Supplies expense 50,000 Depreciation expense 2,600 Service revenue 22.700 Salaries and wages payable 4.090 Common stock 1.350 Interest payable 4,100 Bonds payable 19.990 540...
Reese Inc., a provider of consulting services, was founded on October 1, 2022. At the end...
Reese Inc., a provider of consulting services, was founded on
October 1, 2022. At the end of the first month of operations, the
company decided to prepare an income statement, retained earnings
statement, and balance sheet using the following information.
Reese Inc., a provider of consulting services, was founded on October 1, 2022. At the end of the first month of operations, the company decided to prepare an income statement, retained earnings statement, and balance sheet using the following information....
Teal Mountain Inc, a provider of consulting services, was founded on October 1, 2022. At the...
Teal Mountain Inc, a provider of consulting services, was founded on October 1, 2022. At the end of the first month of operations, the company decided to prepare an income statement, retained earnings statement, and balance sheet using the following information. Accounts payable $4,200 Supplies $ 2,630 Interest expense 480 Equipment (net] Salaries and wages expense SUPP & expense 48,000 Depreciation expense 2,800 Service revenus 21,700 Salaries and wages payable 4,050 Common stock 1.200 Interest payable 2,900 310 19.000 420...
Create an Income Statement, Retained Earnings, and Balance Sheet with the information below: Windsor Inc., a...
Create an Income Statement, Retained Earnings, and Balance Sheet with the information below: Windsor Inc., a provider of consulting services, was founded on October 1, 2022. At the end of the first month of operations, the company decided to prepare an income statement, retained earnings statement, and balance sheet using the following information. Accounts payable $ 3,300 Supplies $ 2,550 Interest expense 410 Supplies expense 470 Equipment (net) 50,000 Depreciation expense 280 Salaries and wages expense 2,500 Service revenue 20,530...
The following information relates to Skysong, Inc. for the year 2022. Retained earnings, January 1, 2022...
The following information relates to Skysong, Inc. for the year 2022. Retained earnings, January 1, 2022 $39,360 Advertising expense $1,480 Dividends during 2022 4,100 Rent expense 8,530 Service revenue 51,250 Utilities expense 2,540 Salaries and wages expense 22,960 Other comprehensive income (net of tax) 330 After analyzing the data, compute net income. Prepare a comprehensive income statement for the year ending December 31, 2022.
Help me to solve income statement and retained earning. Thanks sage Hill Inc. was founded in...
Help me to solve income statement and retained earning.
Thanks
sage Hill Inc. was founded in January 2013. Presented below are adjusted and unadjusted trial balances as at December 31, 2017. Sage Hill Inc. TRIAL BALANCE DECEMBER 31, 2017 Adjusted Unadjusted Dr. Cr. Dr. Cr. $11,660 21,200 8,900 3,550 63,600 $11,660 Accounts receivable 24,910 3,180 2,650 63,600 Prepaid insurance Accumulated depreciation-equipment Accounts payable Interest payable Notes payable Unearned revenue $29,680 5,300 34,980 5,300 150 5,000 5,940 1,380 10,600 4,000 67,310...
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...
2. Ace Delivery Service is a new company founded on July 1, 2020. At the end...
2. Ace Delivery Service is a new company founded on July 1, 2020. At the end of its first month of operation, the following trial balance was prepared from Ace's general ledger: ACE DELIVERY SERVICE, INC. Trial Balance July 31, 2020 Credit Debit $16,000 10,000 3,000 2,000 45,000 Cash Accounts Receivable Supplies... Prepaid Insurance.. Equipment...... Notes Payable Accounts Payable.. Salaries and Wages Payable Unearned Service Revenue. Common Stock Dividends. Service Revenue Salaries and Wages Expense Maintenance and Repairs Expense .........
The adjusted trial balance of Skysong, Inc. at December 31, 2020, includes the following accounts: Common...
The adjusted trial balance of Skysong, Inc. at December 31, 2020, includes the following accounts: Common Stock $17,600, Dividends $7,700, Service Revenue $37,400, Salaries and Wages Expense $15,600, Insurance Expense $1.200, Rent Expense $4,000, Supplies Expense $2,400, and Depreciation Expense $1,600. Prepare an income statement for the year. Skysong, Inc. Income Statement $
Skysong Inc., a provider of consulting services, was founded on October 1, 2022. At the end of the first month of operations, the company decided to prepare an income statement, retained earnings statement, and balance sheet using the following information. Accounts payable $3,600 Supplies $ 2,480 Interest expense 440 Supplies expense 370 Equipment (net) 50,000 Depreciation expense 340 Salaries and wages expense 2,600 Service revenue 19,990 Bonds payable 22,700 Salaries and wages payable 540 Unearned service revenue 10,600 4,090 Common...
Skysong Inc, a provider of consulting services, was founded on October 1, 2022. At the end of the first month of operations, the company decided to prepare an income statement, retained earnings statement, and balance sheet using the following information Accounts payable $3,600 Supplies $2.480 Interest expense 370 Equipment Inet) 340 Salaries and wages expense 440 Supplies expense 50,000 Depreciation expense 2,600 Service revenue 22.700 Salaries and wages payable 4.090 Common stock 1.350 Interest payable 4,100 Bonds payable 19.990 540...
Reese Inc., a provider of consulting services, was founded on
October 1, 2022. At the end of the first month of operations, the
company decided to prepare an income statement, retained earnings
statement, and balance sheet using the following information.
Reese Inc., a provider of consulting services, was founded on October 1, 2022. At the end of the first month of operations, the company decided to prepare an income statement, retained earnings statement, and balance sheet using the following information....
Teal Mountain Inc, a provider of consulting services, was founded on October 1, 2022. At the end of the first month of operations, the company decided to prepare an income statement, retained earnings statement, and balance sheet using the following information. Accounts payable $4,200 Supplies $ 2,630 Interest expense 480 Equipment (net] Salaries and wages expense SUPP & expense 48,000 Depreciation expense 2,800 Service revenus 21,700 Salaries and wages payable 4,050 Common stock 1.200 Interest payable 2,900 310 19.000 420...
Help me to solve income statement and retained earning.
Thanks
sage Hill Inc. was founded in January 2013. Presented below are adjusted and unadjusted trial balances as at December 31, 2017. Sage Hill Inc. TRIAL BALANCE DECEMBER 31, 2017 Adjusted Unadjusted Dr. Cr. Dr. Cr. $11,660 21,200 8,900 3,550 63,600 $11,660 Accounts receivable 24,910 3,180 2,650 63,600 Prepaid insurance Accumulated depreciation-equipment Accounts payable Interest payable Notes payable Unearned revenue $29,680 5,300 34,980 5,300 150 5,000 5,940 1,380 10,600 4,000 67,310...
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...
2. Ace Delivery Service is a new company founded on July 1, 2020. At the end of its first month of operation, the following trial balance was prepared from Ace's general ledger: ACE DELIVERY SERVICE, INC. Trial Balance July 31, 2020 Credit Debit $16,000 10,000 3,000 2,000 45,000 Cash Accounts Receivable Supplies... Prepaid Insurance.. Equipment...... Notes Payable Accounts Payable.. Salaries and Wages Payable Unearned Service Revenue. Common Stock Dividends. Service Revenue Salaries and Wages Expense Maintenance and Repairs Expense .........
The adjusted trial balance of Skysong, Inc. at December 31, 2020, includes the following accounts: Common Stock $17,600, Dividends $7,700, Service Revenue $37,400, Salaries and Wages Expense $15,600, Insurance Expense $1.200, Rent Expense $4,000, Supplies Expense $2,400, and Depreciation Expense $1,600. Prepare an income statement for the year. Skysong, Inc. Income Statement $
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