Ortiz Co. had the following account balances: Sales revenue &nb
Ortiz Co. had the following account balances:
Sales revenue $ 440,000
Cost of goods sold 220,000
Salaries and wages expense 30,000
Depreciation expense 60,000
Dividend revenue 12,000
Utilities expense 24,000
Rent revenue 60,000
Interest expense 36,000
Sales returns and allow. 33,000
Advertising expense 39,000
What would Ortiz report as total expenses in a single-step income statement?
Homework Answers
Ortiz Co, had the following account balances: Sales revenue $ 440.000 Cost of goods sold 220,000...
Ortiz Co, had the following account balances: Sales revenue $ 440.000 Cost of goods sold 220,000 Salaries and wages expense 30,000 Prepaid insurance expense 60,000 Dividend revenue 12,000 Utilities expense 24,000 Rent revenue 60,000 Interest expense 36.000 Unearned revenue 33,000 Advertising expense 39.000 What would Ortiz report as total expenses in a single-step income statement? $409,000 $189.000 5349,000 5129,000
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The following account titles and balances were taken from the adjusted trial balance of King Co. for 2018. The company uses the periodic inventory system. Account Title Sales returns and allowances Miscellaneous expense Transportation-out Sales Advertising expense Salaries expense Transportation-in Purchases Interest expense Merchandise inventory, January 1 Rent expense Merchandise inventory, December 31 Purchase returns and allowances Loss on sale of land Utilities expense Balance $ 4,100 800 3,100 161,000 7,100 22,200 3,250 91,000 400 13,200 9,100 11,300 3,100 4,100...
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DB 3.6-Closing Entries Serena Corp. has year-end account balances as follows: Sales Interest Revenue Cost of...
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Income Statement; Net Loss The following revenue and expense account balances were taken from the ledger of Acom Health Services Co. after the accounts had been adjusted on January 31, 2018, the end of the fiscal year: Depreciation Expense $10,000 Insurance Expense 9,000 Miscellaneous Expense 8,150 Rent tixpense 60,000 Service Revenue 634,900 Supplies Expense 4,100 Utilities Expense 44,700 Wages Expense 548,200 Prepare an income statement. Acorn Health Services Co. Income Statement For the Year Ended January 31, 2018 Expenses: $...
QUESTION 2 Part A Pureen Berhad had the following Adjusted Trial Balance as at 31 December...
QUESTION 2 Part A Pureen Berhad had the following Adjusted Trial Balance as at 31 December 2018. PUREEN BERHAD Adjusted Trial Balance As at 31 December 2018 Credits (RM) Debits (RM) 600,000 382,000 750,000 Account Titles Cash Accounts Receivable Machinery Accounts Payable Accumulated Depreciation-Equip. Share Capital - Ordinary Retained Earnings (1 January) 230,000 24,000 500,000 150,000 Dividends 60,000 545,000 240,000 300,000 Service Revenue Unearned Rent Revenue Rent Revenue Salaries and Wages Expense Depreciation Expense Commission Expense Insurance Expense Advertising Expense...
Ortiz Co, had the following account balances: Sales revenue $ 440.000 Cost of goods sold 220,000 Salaries and wages expense 30,000 Prepaid insurance expense 60,000 Dividend revenue 12,000 Utilities expense 24,000 Rent revenue 60,000 Interest expense 36.000 Unearned revenue 33,000 Advertising expense 39.000 What would Ortiz report as total expenses in a single-step income statement? $409,000 $189.000 5349,000 5129,000
9. At March 31, account balances after adjustments for Wide Screen are as follows: Account Balances (After Adjustment) Accounts Cash $ 11,000 Supplies 4,000 Equipment 50,000 Accumulated Depreciation-Equipment 12,000 Accounts Payable 5,000 Owner's, Capital 20,000 Owner's, Drawings 8,000 Ticket Revenue 59,000 Service Revenue Advertising Expense 55,000 Supplies Expense 18,800 Depreciation Expense 17,000 Rent Expense 4,000 Salaries and Wages Expense 26,000 Utilities Expense 24,000 5,200 Instructions Prepare the closing journal entries for Wide Screen. (20 pts) 10
The following are account balances for Sam Olin Co. for the year ended December 31, 2018: Fees earned $168,000 Cash $30,000 14,000 Selling expenses Accounts receivable 44,000 42,000 Sam, capital Equipment 36,000 Accounts payable 12,000 Interest Payable 3,000 Salaries & wages expense 40,000 Rent expense 51,000 Income taxes payable 5,000 Supplies 2,000 Notes payable Income taxes expense 20,000 18,000 Prepare an income statement for Sam Olin Co. For the Year Ended December 31, 2018. (Don
The following account titles and balances were taken from the adjusted trial balance of King Co. for 2018. The company uses the periodic inventory system. Account Title Sales returns and allowances Miscellaneous expense Transportation-out Sales Advertising expense Salaries expense Transportation-in Purchases Interest expense Merchandise inventory, January 1 Rent expense Merchandise inventory, December 31 Purchase returns and allowances Loss on sale of land Utilities expense Balance $ 4,100 800 3,100 161,000 7,100 22,200 3,250 91,000 400 13,200 9,100 11,300 3,100 4,100...
DB 3.6-Closing Entries Serena Corp. has year-end account balances as follows: Sales Interest Revenue Cost of Goods Sold Salaries and Wages Expense Depreciation Expense Advertising Expense Utilities Expense Insurance Expense Income Tax Expense Dividends $808,900 13,500 556,200 100,000 30,000 25,000 15,000 14,000 40,100 18,900 Required: Prepare closing entries in proper journal entry form) for Serena Corp. on December 31st. (Note: Our textbook discuss closing entries and provides examples on p. 31-32 of Chapter 3.)
Income Statement; Net Loss The following revenue and expense account balances were taken from the ledger of Acom Health Services Co. after the accounts had been adjusted on January 31, 2018, the end of the fiscal year: Depreciation Expense $10,000 Insurance Expense 9,000 Miscellaneous Expense 8,150 Rent tixpense 60,000 Service Revenue 634,900 Supplies Expense 4,100 Utilities Expense 44,700 Wages Expense 548,200 Prepare an income statement. Acorn Health Services Co. Income Statement For the Year Ended January 31, 2018 Expenses: $...
QUESTION 2 Part A Pureen Berhad had the following Adjusted Trial Balance as at 31 December 2018. PUREEN BERHAD Adjusted Trial Balance As at 31 December 2018 Credits (RM) Debits (RM) 600,000 382,000 750,000 Account Titles Cash Accounts Receivable Machinery Accounts Payable Accumulated Depreciation-Equip. Share Capital - Ordinary Retained Earnings (1 January) 230,000 24,000 500,000 150,000 Dividends 60,000 545,000 240,000 300,000 Service Revenue Unearned Rent Revenue Rent Revenue Salaries and Wages Expense Depreciation Expense Commission Expense Insurance Expense Advertising Expense...
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