Homework Answers
1. Mackenzie Inc.
Income Statement
Sales Revenue 35,490
Cost of Goods sold 15,380
Gross Profit 20,110
Other Operating Revenue
Rent Revenue 1,320
Total Revenue 21,430
Operating Expenses:
Selling Expense 4,900
Administrative Expense 2,800
Interest Expense 800
Total Expense 8,500
Net Profit(EBIT) 12,930
Income Tax Expense. 2,525
Net Income(EAT) 10,405
2. Mackenzie Inc.
Statement of Retained earnings
Beginning Balance 7,540
Add:Net income 10,405
Less: Dividends 1,200
Ending balance 16,745
3. Mackenzie Inc.
Balance Sheet
Assets. Liabilities
CurrentAssets Current Liabilities
Cash 2,800 Accounts Payable 3,100
Accounts Receiveble (Net) 3,050 Unearned Rent 360
Inventory 6,500 Salaries payable 420
Prepaid Insurance 800 Income tax payable 2,525
Fixed Assets Interest payable 800
Land 6,000 Long term liabilities
Building and equipment 32,700 Notes payable 5,000
Less: Accumulated Stock Holders Equity
depreciation -15,100 Common Stock 7,800
Retained earnings 16,745
Total Assets 36,750 Total Liabilities and 36,750 stockholders equity
4.Adjusting Entry
Sales revenue Dr. 35,490
Rent revenue Dr. 1,320
To Income Statement 36,810
Income Statement Dr. 26,405
To Cost of goods sold 15,380
ToSelling expenses 4,900
To Administrative expenses 2,800
To Interest expenses 800
To Income tax expenses 2,525
Income Statement Dr. 10,405
To Retained Earnings 10,405
Retained earnings Dr. 1,200
To Dividends declared 1,200
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Mackenzie Inc. uses a perpetual inventory system and has prepared the following adjusted trial balance on...
Income Statement and Balance Sheet The following information for Rogers Enterprises is available at December 31,...
Income Statement and Balance Sheet The following information for Rogers Enterprises is available at December 31, 2019, and includes all of Rogers' financial statement amounts except retained earnings: Accounts receivable $72,920 Cash 13,240 Common stock (10,000 shares) 65,000 Income taxes expense 13,000 Income taxes payable 4,150 Interest expense 16,500 Notes payable (due in 10 years) 25,000 Prepaid rent (building) 31,500 Property, plant, and equipment 90,000 Rent expense 135,000 Retained earnings ? Salaries expense 235,200 Salaries payable 15,710 Service revenue 464,000...
Catena's Marketing Company has the following adjusted trial balance at the end of the current year....
Catena's Marketing Company has the following adjusted trial balance at the end of the current year. Cash dividends of $630 were declared at the end of the year, and 550 additional shares of common stock ($0.10 par value per share) were issued at the end of the year for $2,200 in cash (for a total at the end of the year of 830 shares). These effects are included below: Catena's Marketing Company Adjusted Trial Balance End of the Current Year...
Question 11 of 14 5 > Current Attempt in Progress The adjusted trial balance of Joseph...
Question 11 of 14 5 > Current Attempt in Progress The adjusted trial balance of Joseph Cooper Co. as of December 31, 2020, contains the following. Credit JOSEPH COOPER CO. ADJUSTED TRIAL BALANCE DECEMBER 31, 2020 Debit Cash $20,012 Accounts Receivable 7,460 Prepaid Rent 2.820 Equipment 18,590 Accumulated Depreciation-Equipment Notes Payable Accounts Payable Common Stock Retained Earnings Dividends 3.540 Service Revenue Salaries and Wages Expense 7.380 Rent Expense 2.218 Depreciation Expense 187 Interest Expense 125 Interest Payable $62,332 $5,435 6,240...
Cornerstone Exercise 3-26 (Algorithmic) Preparing a Balance Sheet Sparrow Company had the following adjusted trial balance...
Cornerstone Exercise 3-26 (Algorithmic) Preparing a Balance Sheet Sparrow Company had the following adjusted trial balance at December 31, 2019. Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit Cash $3,050 5,650 4,480 42,000 Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation, Equipment Accounts Payable Salaries Payable Unearned Service Revenue $24,000 2,700 4,450 3,875 8,000 2,255 Common Stock Retained Earnings Dividends 10,500 Service Revenue 99,600 Salaries Expense Rent Expense Insurance Expense Depreciation Expense 49,400 17,250 2,200 4,950 Required: Prepare a...
Preparing a Balance Sheet Sparrow Company had the following adjusted trial balance at December 31, 2019....
Preparing a Balance Sheet Sparrow Company had the following adjusted trial balance at December 31, 2019. Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit Cash $3,350 5,650 4,480 42,000 $24,000 3,000 4,450 3,875 8,000 Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation, Equipment Accounts Payable Salaries Payable Unearned Service Revenue Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Rent Expense Insurance Expense Depreciation Expense Income Taxes Expense 2,255 10,500 99,600 49,400 17,250 2,200 4,950 5,400 Totals $145,180 $145,180...
complete the worksheets above using information from the adjusted trial balance sheet. Adjusted Trial Balance December...
complete the worksheets above using information from the
adjusted trial balance sheet.
Adjusted Trial Balance December 31, 2019 Debit Credit 2.300 200 700 1126 587 loccounts Receivable 13.500 ANNONCe forunlcctalic Account Interest Receivable 15 Supplies 1800 Prepaid insurance Linventory 15.760 NO1S Pecewable 15,000 Building Cain ercumulaild Deprecat lecounts Payable Deferred Revenue salaries Payable income taxes Pavobl way rent liability NOLS Payable common stock Dividends 1.100 Seruisl. Pevno Solcs Revenue Sales Discounts interest Ketenul Bad De exachsc COSTOC Loods sold 17,280...
Problem 1-63A (Algorithmic) Income Statement, Retained Earnings Statement, and Balance Sheet The following information relates to...
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...
Instructions Turtle Company has prepared the following adjusted trial balance for the year onded December 31,...
Instructions Turtle Company has prepared the following adjusted trial balance for the year onded December 31, 2019: Turtle Company ADJUSTED TRIAL BALANCE December 31, 2019 ACCOUNT TITLE DERIT CREDIT 1 Cash 1.700.00 2 Accounts Receivable 2,200.00 Inventory 1,800.00 5,400.00 1.700.00 Equipment 5 Accumulated Depreciation Accounts Payable Salaries Payable 2,200.00 300.00 Insurucuons 660.00 3,200.00 3 Income Taxes Payable Common Stock (400 shares) 50 Retained Earnings 11 Dividends 1,700.00 200.00 12 Sales Revenue 8,500.00 13 Cost of Goods Sold 3,900.00 14 Selling...
Flint Inc. operates a cable television system. At December 31, 2019, the following unadjusted account balances were avai...
Flint Inc. operates a cable television system. At December 31, 2019, the following unadjusted account balances were available: Cash $ 2,000 Common Stock $300,000 Accounts Receivable 89,000 Retained Earnings, 12/31/2018 14,700 Supplies 5,000 Dividends 28,000 Land 37,000 Service Revenue 985,000 Buildings 209,000 Royalties Expense 398,000 Accumulated Depreciation (Buildings) 40,000 Property Taxes Expense 10,500 Equipment 794,000 Wages Expense 196,000 Accumulated Depreciation (Equipment) 262,000 Utilities Expense 34,000 Other Assets 19,700 Miscellaneous Expense 44,000 Accounts Payable 29,500 Interest Expense 15,000 Notes Payable (due...
Could some please help me fill out this income statement. Here is the adjusted trial balance,...
Could some please help me fill out this income
statement.
Here is the adjusted trial balance, statement of
stockholders' equity, and balance sheet.
Multiple Step Income Statement For the Year Ended December 31st, 2019 Revenue: Net Revenue Less: Cost of Goods Sold Gross Profit Operating Expenses Total Operating Expenses Operating Income Other Revenue and Expenses Total Other Revenue and Expenses Income Before Income Tax Income Tax Expense Net Income Credit 119113 7500 1800 17280 200 17600 Adjusted Trial Balance December...
Catena's Marketing Company has the following adjusted trial balance at the end of the current year. Cash dividends of $630 were declared at the end of the year, and 550 additional shares of common stock ($0.10 par value per share) were issued at the end of the year for $2,200 in cash (for a total at the end of the year of 830 shares). These effects are included below: Catena's Marketing Company Adjusted Trial Balance End of the Current Year...
Question 11 of 14 5 > Current Attempt in Progress The adjusted trial balance of Joseph Cooper Co. as of December 31, 2020, contains the following. Credit JOSEPH COOPER CO. ADJUSTED TRIAL BALANCE DECEMBER 31, 2020 Debit Cash $20,012 Accounts Receivable 7,460 Prepaid Rent 2.820 Equipment 18,590 Accumulated Depreciation-Equipment Notes Payable Accounts Payable Common Stock Retained Earnings Dividends 3.540 Service Revenue Salaries and Wages Expense 7.380 Rent Expense 2.218 Depreciation Expense 187 Interest Expense 125 Interest Payable $62,332 $5,435 6,240...
Cornerstone Exercise 3-26 (Algorithmic) Preparing a Balance Sheet Sparrow Company had the following adjusted trial balance at December 31, 2019. Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit Cash $3,050 5,650 4,480 42,000 Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation, Equipment Accounts Payable Salaries Payable Unearned Service Revenue $24,000 2,700 4,450 3,875 8,000 2,255 Common Stock Retained Earnings Dividends 10,500 Service Revenue 99,600 Salaries Expense Rent Expense Insurance Expense Depreciation Expense 49,400 17,250 2,200 4,950 Required: Prepare a...
Preparing a Balance Sheet Sparrow Company had the following adjusted trial balance at December 31, 2019. Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit Cash $3,350 5,650 4,480 42,000 $24,000 3,000 4,450 3,875 8,000 Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation, Equipment Accounts Payable Salaries Payable Unearned Service Revenue Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Rent Expense Insurance Expense Depreciation Expense Income Taxes Expense 2,255 10,500 99,600 49,400 17,250 2,200 4,950 5,400 Totals $145,180 $145,180...
complete the worksheets above using information from the
adjusted trial balance sheet.
Adjusted Trial Balance December 31, 2019 Debit Credit 2.300 200 700 1126 587 loccounts Receivable 13.500 ANNONCe forunlcctalic Account Interest Receivable 15 Supplies 1800 Prepaid insurance Linventory 15.760 NO1S Pecewable 15,000 Building Cain ercumulaild Deprecat lecounts Payable Deferred Revenue salaries Payable income taxes Pavobl way rent liability NOLS Payable common stock Dividends 1.100 Seruisl. Pevno Solcs Revenue Sales Discounts interest Ketenul Bad De exachsc COSTOC Loods sold 17,280...
Instructions Turtle Company has prepared the following adjusted trial balance for the year onded December 31, 2019: Turtle Company ADJUSTED TRIAL BALANCE December 31, 2019 ACCOUNT TITLE DERIT CREDIT 1 Cash 1.700.00 2 Accounts Receivable 2,200.00 Inventory 1,800.00 5,400.00 1.700.00 Equipment 5 Accumulated Depreciation Accounts Payable Salaries Payable 2,200.00 300.00 Insurucuons 660.00 3,200.00 3 Income Taxes Payable Common Stock (400 shares) 50 Retained Earnings 11 Dividends 1,700.00 200.00 12 Sales Revenue 8,500.00 13 Cost of Goods Sold 3,900.00 14 Selling...
Could some please help me fill out this income
statement.
Here is the adjusted trial balance, statement of
stockholders' equity, and balance sheet.
Multiple Step Income Statement For the Year Ended December 31st, 2019 Revenue: Net Revenue Less: Cost of Goods Sold Gross Profit Operating Expenses Total Operating Expenses Operating Income Other Revenue and Expenses Total Other Revenue and Expenses Income Before Income Tax Income Tax Expense Net Income Credit 119113 7500 1800 17280 200 17600 Adjusted Trial Balance December...
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