Homework Answers
From the given information Income statement is prepared. The gross profit is the difference between Revenue and cost of goods sold i.e $580,000 and Net income is the difference between the Gross profit and Expense i.e $160,000.
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Preparation of an income statement from a list of accounts: Based upon the items below, create...
Classification Exercise: Based upon the items listed below, determine if they would be included on the...
Classification Exercise: Based upon the items listed below, determine if they would be included on the balance sheet or income statement. If it is on the balance sheet, determine if it is an asset, liability or equity. Account Title Common Stock (Owner's Investment) Salary Expense Salaries Payable Equipment Depreciation Expense Accumulated Depreciation Inventory Revenue Operating Income Accounts Payable Accrued Liabilities Land Cost of goods sold Retained earnings Cash Investments Net income Accounts Receivable Prepaid Insurance Classification
Question 1: Briefly discuss the difference between “Temporary Accounts” and “Permanent Accounts”. The financial statement columns...
Question 1: Briefly
discuss the difference between “Temporary Accounts” and “Permanent
Accounts”.
The financial statement columns of the worksheet December 31, 2017, are as follows: Income Statement Debit Credit Accounts Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Note Payable (Long term) Salaries and Wages Payable Share Capital-Ordinary Retained Earnings Dividends Service Revenue Advertising Expense Depreciation Expense Insurance Expense Rent Expense Salaries and Wages Expense Supplies Expense Totals Net Income Financial Position Debit Credit 20,000 14,000 8,000...
cial Statement Preparation - 20 marks (suggested time: 36 minutes) QUESTION #6 - Financial Statement Preparation...
cial Statement Preparation - 20 marks (suggested time: 36 minutes) QUESTION #6 - Financial Statement Preparation - 20 marks (suges The adjusted trial balance of White Enamel Dental Inc. follows: White Enamel Dental Inc. Adjusted Trial Balance December 31, 2018 $14,000 11,000 4,000 171,000 100,000 Cash Accounts receivable Prepaid expenses Equipment Building Accounts payable Note payable Share capital Retained earnings Dividends Service revenue Rent expense Advertising expense Wage expense Supplies expense Total $30,000 120,000 102,000 40,000 22,000 86,000 14,000 3,000...
Requirement: Using this adjusted trial balance, complete an income statement, a statement of retained earnings, and...
Requirement: Using this adjusted trial balance, complete an income statement, a statement of retained earnings, and a balance sheet. Make sure all three are in good form. Bertrand Irrigation System Adjusted Trial Balance December 31, 2018 Balance Account Title Debit Credit Cash $12,000 Accounts Receivable 46,200 Office Supplies 17,700 Prepaid Insurance 4,600 Building 58,000 Accumulated Depreciation—Building $24,300 Equipment 26,000 Accumulated Depreciation—Equipment 7,600 Accounts Payable 27,100 Interest Payable 1,800...
11) From the account balances below, create a proper balance sheet and income statement with proper...
11) From the account balances below, create a proper balance sheet and income statement with proper headings for ACME, Incorporated for the period ending 12-31-2010. This was the entity's first year of operations. All items are expressed in thousands of dollars. Classify your balance sheet. CL=Current Liability, LTL = long term liability. PP&E = long term asset. 100 100 20 28 20 20 116 30 Property, Plant & Equipment (PP&E) Sales Notes payable (CL) Accounts receivable Inventory Depreciation expense Mortgages...
Preparation of Financial Statements Use the following information to prepare a multi-step Statement of Comprehensive Income,...
Preparation of Financial Statements Use the following information to prepare a multi-step Statement of Comprehensive Income, a Statement of Changes in Shareholders Equity, and a classified Statement of Financial Position. Charles Corporation Adjusted Trial Balance December 31, 2017 Debit Credit $ 33,400 87,400 Cash 90,000 7,000 170,000 Merchandise Inventory.. Store Supplies Store Equipment. Accumulated Depreciation-Store Equipment Delivery Equipment Accumulated Depreciation-Delivery Equipment Notes Payable Accounts Payable Common Shares.... Retained Earnings. Sales Sales Return and Allowances Cost of Goods Sold. 54,000 96,000...
Practice Questions: Financial Statement Preparation Prepare the three financial statements (in good form) for XYZ Company...
Practice Questions: Financial Statement Preparation Prepare the three financial statements (in good form) for XYZ Company Accounts Receivable Accounts Payable Salanes Expense Notes Payable (1year Dividends $20,000 18,000 50,000 80 000 4000 $26,000 .000 10,000 Retaincd Earnines,A15,000 ALTEA120.000 Cash tlitics Ex Capitail Stock fees Eatned quipment Income Tax Expense 50.000 Rent hx pes35,000 15,000 Income Statement Salaries expense $50,000 NET INCOME Statement of Retained Earnings $15,000 BEGINNING RE, 1-1 ADD DEDUCT ENDING RE, 12-31 Balance Sheet ASSETS LIABILITIES&STK EQUITY CURRENT...
Required Identify whether each of the following items would appear on the income statement (IS), statement...
Required Identify whether each of the following items would appear on the income statement (IS), statement of changes in stockholders' equity (SE), balance sheet (BS), or statement of cash flows (CF). Some items may appear on more than one statement; If so, Identify all applicable statements. (Not all cells will require entry.) Statement Statement ces Item/Account a. Supplies b. Cash Flow from Financing Activities "As of Date Notation d. Ending Retained Earnings 0. Net Income 1. Dividends Net Change in...
In Accounting Classify each of the following financial statement items based upon the major balance sheet...
In Accounting
Classify each of the following financial statement items based upon the major balance sheet classifications. Prepaid advertising Equipment Trademarks Salaries and wages payable Income taxes payable Retained earnings Accounts receivable Land (held for future use) Patents Bonds payable Common stock Accumulated depreciation-equipment Unearned sales revenue Inventory
Income statement tab: Select the financial statement elements and accounts properly included on the income statement. The...
Income statement
tab: Select the
financial statement elements and accounts properly included on the
income statement. The balances automatically populate from the
trial balance selected. Determine if the company reported a net
income or a net loss.
Adjusted Berkey Photography Trial Balance December 31, 2018 Account Title Credit Cash $ Debit 23,130 6,800 1,100 420 11,160 3,720 3,400 3,800 31,000 Accounts receivable Prepaid rent Photography supplies Photography equipment Accumulated depreciation - Photography equipment Accounts payable Unearned revenue Common stock Dividends Photography...
Classification Exercise: Based upon the items listed below, determine if they would be included on the balance sheet or income statement. If it is on the balance sheet, determine if it is an asset, liability or equity. Account Title Common Stock (Owner's Investment) Salary Expense Salaries Payable Equipment Depreciation Expense Accumulated Depreciation Inventory Revenue Operating Income Accounts Payable Accrued Liabilities Land Cost of goods sold Retained earnings Cash Investments Net income Accounts Receivable Prepaid Insurance Classification
Question 1: Briefly
discuss the difference between “Temporary Accounts” and “Permanent
Accounts”.
The financial statement columns of the worksheet December 31, 2017, are as follows: Income Statement Debit Credit Accounts Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equipment Accounts Payable Note Payable (Long term) Salaries and Wages Payable Share Capital-Ordinary Retained Earnings Dividends Service Revenue Advertising Expense Depreciation Expense Insurance Expense Rent Expense Salaries and Wages Expense Supplies Expense Totals Net Income Financial Position Debit Credit 20,000 14,000 8,000...
cial Statement Preparation - 20 marks (suggested time: 36 minutes) QUESTION #6 - Financial Statement Preparation - 20 marks (suges The adjusted trial balance of White Enamel Dental Inc. follows: White Enamel Dental Inc. Adjusted Trial Balance December 31, 2018 $14,000 11,000 4,000 171,000 100,000 Cash Accounts receivable Prepaid expenses Equipment Building Accounts payable Note payable Share capital Retained earnings Dividends Service revenue Rent expense Advertising expense Wage expense Supplies expense Total $30,000 120,000 102,000 40,000 22,000 86,000 14,000 3,000...
11) From the account balances below, create a proper balance sheet and income statement with proper headings for ACME, Incorporated for the period ending 12-31-2010. This was the entity's first year of operations. All items are expressed in thousands of dollars. Classify your balance sheet. CL=Current Liability, LTL = long term liability. PP&E = long term asset. 100 100 20 28 20 20 116 30 Property, Plant & Equipment (PP&E) Sales Notes payable (CL) Accounts receivable Inventory Depreciation expense Mortgages...
Preparation of Financial Statements Use the following information to prepare a multi-step Statement of Comprehensive Income, a Statement of Changes in Shareholders Equity, and a classified Statement of Financial Position. Charles Corporation Adjusted Trial Balance December 31, 2017 Debit Credit $ 33,400 87,400 Cash 90,000 7,000 170,000 Merchandise Inventory.. Store Supplies Store Equipment. Accumulated Depreciation-Store Equipment Delivery Equipment Accumulated Depreciation-Delivery Equipment Notes Payable Accounts Payable Common Shares.... Retained Earnings. Sales Sales Return and Allowances Cost of Goods Sold. 54,000 96,000...
Practice Questions: Financial Statement Preparation Prepare the three financial statements (in good form) for XYZ Company Accounts Receivable Accounts Payable Salanes Expense Notes Payable (1year Dividends $20,000 18,000 50,000 80 000 4000 $26,000 .000 10,000 Retaincd Earnines,A15,000 ALTEA120.000 Cash tlitics Ex Capitail Stock fees Eatned quipment Income Tax Expense 50.000 Rent hx pes35,000 15,000 Income Statement Salaries expense $50,000 NET INCOME Statement of Retained Earnings $15,000 BEGINNING RE, 1-1 ADD DEDUCT ENDING RE, 12-31 Balance Sheet ASSETS LIABILITIES&STK EQUITY CURRENT...
Required Identify whether each of the following items would appear on the income statement (IS), statement of changes in stockholders' equity (SE), balance sheet (BS), or statement of cash flows (CF). Some items may appear on more than one statement; If so, Identify all applicable statements. (Not all cells will require entry.) Statement Statement ces Item/Account a. Supplies b. Cash Flow from Financing Activities "As of Date Notation d. Ending Retained Earnings 0. Net Income 1. Dividends Net Change in...
In Accounting
Classify each of the following financial statement items based upon the major balance sheet classifications. Prepaid advertising Equipment Trademarks Salaries and wages payable Income taxes payable Retained earnings Accounts receivable Land (held for future use) Patents Bonds payable Common stock Accumulated depreciation-equipment Unearned sales revenue Inventory
Income statement
tab: Select the
financial statement elements and accounts properly included on the
income statement. The balances automatically populate from the
trial balance selected. Determine if the company reported a net
income or a net loss.
Adjusted Berkey Photography Trial Balance December 31, 2018 Account Title Credit Cash $ Debit 23,130 6,800 1,100 420 11,160 3,720 3,400 3,800 31,000 Accounts receivable Prepaid rent Photography supplies Photography equipment Accumulated depreciation - Photography equipment Accounts payable Unearned revenue Common stock Dividends Photography...
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