Multi-step income Statement:
Income Statement | ||
Sales | $143,400 | |
Sales returns and allowances | ($9,000) | |
Net Sales | $134,400 | |
Cost of goods sold | ($56,040) | |
Gross profit | $78,360 | |
Operating expenses: | ||
Advertising expense | $1,500 | |
Bad debt expense | $1,200 | |
Depreciation expense | $5,131 | |
Insurance expense | $2,000 | |
Mileage expense | $5,872 | |
Rent expense | $12,924 | |
Repair expense | $495 | |
Supplies expense | $220 | |
Wages expense | $1,303 | |
Total operating expenses | $30,645 | |
Operating income | $47,715 | |
Non-operating income(expense): | ||
Interest expense | ($85) | |
Total non-operating income(expense) | ($85) | |
Net income | $47,630 |
Statement of Owner's equity :
Statement of owner's equity | |
B.Smart, Capital Beginning | $58,049 |
Add:Net income | $47,630 |
Balance | $105,679 |
(Less): B.Smart, Withdrawals | ($6,000) |
B.Smart, Capital Ending | $99,679 |
Balance sheet:
Balance Sheet | ||||
Assets | Liabilities and Owner's equity | |||
Current assets: | Current liabilities: | |||
Cash | $67,050 | Accounts payable | $390 | |
Merchandise inventory | $4,670 | Interest payable | $85 | |
Supplies | $1,540 | Notes payable | $25,000 | |
Prepaid insurance | $1,600 | Wages payable | $125 | |
Prepaid rent | $1,077 | Unearned revenue | $300 | |
Accounts receivable | $22,400 | Total liabilities | $25,900 | |
(Less):Allowance for doubtful accounts | ($448) | $21,952 | Owner's equity: | |
Total current assets | $97,889 | B.Smart, Capital | $99,679 | |
Property,plant,and equipment: | ||||
Vehicles | $35,920 | |||
Accumulated depreciation | ($8,230) | |||
Total property,plant, and equipment | $27,690 | |||
Total Assets | $125,579 | Total liabilities and Owner's equity | $125,579 |
prepare multi step income statement, statement of owners equity, and classified balanced sheet Terrific Review Company...
prepare an Income statement, statement of owners equity, and balance sheet for the following .. Cash 16,500 Accounts Receivable 10,450 Office Supplies 264 Prepaid Rent 880 Office Equipment 9,240 Accumulated Depreciation - Office Equipment 2,200 Accounts Payable 5,940 Notes Payable 11,000 Unearned Service Revenue 1,166 Interest Payable 550 Salaries Payable 330 B. Cooper, Capital 24,002 B. Cooper, Withdrawal 22,000 Service Revenue 76,604 Salaries Expense 49,730 Rent Expense 4,840 Utilities Expense 4,280 Office Supplies Expense 2,398 Depreciation Expense - Office Equipment...
Conduct a multi step income statement, statement of retained earnings, and classified balance sheet for the following Adjusted Trial Balance December 31, 2017 DEBIT 8,000 4,005 CREDIT 500 1001 80 22.000 150 4,000 1,800 4001 Cash Accounts Receivable Allowance for Doubtful Accounts Short term Note Receivable Interest Receivable Supplies Inventory Prepaid Expenses Equipment Accumulated Depreciation Copyrights Accounts Payable Interest Payable Unearned Revenue Long Term Note Payable Common Stock Paid-in-Capital In Excess of Par - CS Retained Earnings (1/1/17) Dividends Sales...
re the income statement, the statement of owner's equity, and the classified 6. Prepare the income stateme balance sheet in report form. 1. Prepare the closing entries, and post to the T-accounts 8. Prepare a post-closing trial balance. 44-34A Preparing adiusting entries and reversing entries Learning Objective 7 Appendix 4A ne uradjusted trial balance and adjustment data of Martha's Motors at December 31, 2018, follow MARTHA'S MOTORS Unadjusted Trial Balance December 31, 2018 Credit Debit $ 4200 27,200 1.000 2.400...
. Prepare an income statement and a statement of shareholders’ equity for the year ended December 31, 2021, and a classified balance sheet as of December 31, 2021. Assume that no common stock was issued during the year and that $5,000 in cash dividends were paid to shareholders during the year. Pastina Company sells varlous types of pasta to grocery chains as private label brands. The company's reporting year-end Is December 31. The unadjusted trlal balance as of December 31,...
Prepare a Trial Balance, Multi Step Income Statement, Retained Earnings Statement, and Classified Balance Sheet the values needed are all the way on the left in the photo. i started the trial balance (the green chart) but could not get both sides to equal. ACCT 251 EXCEL ASSIGNMENT - PREPARING FINANCIAL STATEMENTS IN EXCEL (see instructions tab for detailed instructions) Prepare a multi-step income statement: Prepare a retained earnings statement: Prepare a classified balance sheet: 1,001,360 101,360 591,680 Service Revenue...
Prepare a mulit-step income statement, balance sheet, and statement of owner's equity. I can't figure out the income statement but I believe I can get the other two! Yoder's Cool Stuff Worksheet For the month ended 12/31/13 Balance Income Adjusted Sheet Trial Balance Adjustments Trial Balance Credit Debit Debit Credit Debit Credit Credit Credit Debit Debit 37 Account Name 37 37 sh Receivable a 2000 4000 Merchandise Inven 60 175 Supplies Prepaid Insurance 175 25 Equipment f 1000 A/Depr-Equipment 18...
prepare income statement 1.prepare income statement 2. prepare statement of owners equity 3.prepare a balance sheet Question 5 of 5 < > View Policies Current Attempt in Progress Swifty Engineering Services is owned by François Swifty. Here is a listing of financial statement items for the bus ended December 31, 2021. Cash $1,080 Accounts receivable 1,512 Supplies 648 Equipment 6,696 Accounts payable 878 Salaries payable 494 F. Swifty, capital January 1, 2021 7,020 5. Swifty, drawings 4.752 Service revenue 16,046...
1) Create a Multi-step Income Statement for the Month of June. Assume a 35% Tax rate Date Entry Post Ref. Credit Debit 70,000 101 307 70,000 128 12,240 101 12,240 25,000 25,000 155 153 101 12,000 12,500 24,500 131 3,600 101 3,600 June Cash Common Stock (to record investment) Prepaid Insurance Cash (to record prepayment of insurance) Cash Accounts Payable (to record loan) Rafts Trucks Cash | (to record purchase of Rafts and Truck) Prepaid Rent Cash (to record prepayment...
Prepare the Income Statement, the Statement of Stockholders Equity, the Classified Balance Sheet, and the Closing Entries using the adjusted trial balance for Stockton Company. Paragraph Styles Problem Two Prepare the Income Statement, the Statement of Stockholders' Equity, the Classified Balance Sheet, and the Closing Entries using the adjusted trial balance for Stockton Company. Stockton Company Adjusted Trial Balance For the Year ended December 31, 2018 $ 5,030 2,100 700 10,000 13,700 Cash Accounts Receivable Prepaid Expenses Land Equipment Accumulated...
PREPARE A MULTI STEP INCOME STATEMENT FROM INFORMATION BELOW, IF SOMETHING HERE DOESNT BELONG IN THE STATEMENT, THEN JUST IGNORE IT. Cash 990,000 Common Stock 10,000 Service Revenue 355,000 Accounts Receivable 65,000 Additional Paid in Capital 390,000 Notes Payable 350,000 Interest Expense 29,167 Interest Payable 29,167 Prepaid Rent 24,000 Equipment 76,000 Depreciation 10,000 Accumulated Depreciation 10,000 Supplies 5,000 Unearned Service Revenue 30,000 Misc Expense 50,000 prepaid insurance 12,000 insurance expense 12,000 accounts payable 6,000 unrealized gain in investment 6,000 unrealized...