Question

financial accounting

Alison and Chuck Renny began operations of their furniture repair shop (Lazy Sofa Furniture, Inc.) on January 1, 2017. The annual reporting period ends December 31 The trial balance on January 1, 2018, follows (amounts are rounded to thousands of dollars to simplify). Debit Credit Account Titles Cash Mecounts Receivable Sapplies Equipment Accumulated Depreciation Accumulated Amortization Accounts Tayable Notes Payable (long-tern) Salaries and Wages Payable Interest Payable Income Tax Payable Deferred Revenge Retained Earnings Service Revenue Supplies Expense Depreciation Expense Salaries and Wages Expense Amortization Expense Interest Expense Income Tax Expense Totals Transactions during 2018 (summarized in thousands of dollars) follow a Borrowed $30 cash on July 1, 2018, signing a six-month note payable. b. Purchased equipment for $4 cash on July 2 c issued additional shares of common stock on July 3 for $5. d Purchased additional equipment on August 4, $3 cash e Purchased, on account, supplies on September 5 for future use. $10. On December 6, recorded revenues in the amount of $74, including $9 on credit and $65 received in cash. Pald salaries and wages expenses on December 7. $44.

Answer 1

Service revenue Less: Supplies expense Depreciation expense Salaries and wages expense Amortisation expense Interest expense Income tax expense Net income WA 9-a Net Income $11,000 9-b Liabilities