Homework Answers
Income Statement:
| STERLING Co. | |
| Income Statement | |
| For the year ended December 31,2019 | |
| Service revenue | 375,000 |
| Less: Expenses: | |
| Advertising expense | -36,000 |
| Insurance expense | -45,000 |
| Rent expense | -29,000 |
| Supplies expense | -18,000 |
| Wages expense | -192,000 |
| Net income | 55,000 |
Statement of retained earnings:
| STERLING Co. | |
| Statement of retained earnings | |
| For the year ended December 31,2019 | |
| Retained earnings, Beginning balance | 32,000 |
| Add: Net income | 55,000 |
| (Less): Dividends | -9,000 |
| Retained earnings, Ending balance | 78,000 |
Explanations:
Following are the balance sheet items,
| Assets | |
| Cash | 87,000 |
| Supplies | 3,000 |
| Accounts receivable | 60,000 |
| Equipment | 118,000 |
| Liabilities | |
| Accounts payable | 40,000 |
| Notes payable | 60,000 |
| Wages payable | 80,000 |
| Stockholders' equity | |
| Common stock | 82,000 |
Add Answer to:
40 7) Use the following selected data for STERLING Co. to prepare an income stmt. &...
6) Calculate the missing amounts: (Note: Year 1 End. R/E will be year 2 Beg. R/E)...
6) Calculate the missing amounts: (Note: Year 1 End. R/E will be year 2 Beg. R/E) Year Beg. R/E Balance Net income Dividends End. R/E Balance $0 $2,100 $950 b. 300 2.600 2,400 | 800| e. 1 a. 2 3 7) Use the following selected data for STERLING Co. to prepare an income stmt. +& statement of retained earnings for 2019 (all accounts will not be used). Accounts payable 40,000 Notes payable 60.000 Accounts receivable 60,000 Rent expense 29,000 Advertising...
the following items are taken from the 2021 financial records.. prepare an income statement (in good...
the
following items are taken from the 2021 financial records.. prepare
an income statement (in good form).
The following items and amounts are taken from the 2021 financial records of Labrador Co.: Labrador Co. Income Statement For the Year Ended December 31, 2021 Supplies expense........ Equipment Salaries expense...... Utilities expense. Dividends Accounts payable..... Accounts receivable.... $32,000 Salaries payable... 72,000 Common stock. 150,000 Cash....... 8,200 Retained earnings, Jan. 1, 2021... 1,000 Insurance expense 6,000 Repair expense 26,800 Service revenue $5,000 50,000...
does anyone know what im missing ?? Following are the accounts and balances (in random order)...
does anyone know what im missing ??
Following are the accounts and balances (in random order) from the adjusted trial balance of Stark Company Notes payable Prepaid insurance Interest expense Accounts payable Wages payable Cash Wages expense Insurance expense Common stock Retained earnings Services revenue $ 19,000 3,300 660 5,500 1,200 26,000 8,300 2,600 16,400 56,400 60,000 Accumulated depreciation-Buildings Accounts receivable Utilities expense Interest payable Unearned revenue Supplies expense Buildings Dividends Depreciation expense-Buildings Supplies $ 23,000 5,600 2,100 420 1,200...
) Prepare the income statement for the year ended December 31. (2) Prepare the statement of...
)
Prepare the income statement for the year ended December 31. (2)
Prepare the statement of retained earnings for the year ended
December 31
The following adjusted year-end trial balance at December 31 of Wilson Trucking Company. Cred Debit $ 6,600 16,500 2,000 183,000 $ 37,698 75,000 Account Title Cash Accounts receivable office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term notes payable Common stock Retained earnings Dividends Trucking fees earned Depreciation expense-Trucks Salaries expense office supplies expense...
Part 3: Income Statement: Below are the accounts for Ben Inc. The company just completed its...
Part 3: Income Statement: Below are the accounts for Ben Inc. The company just completed its fourth year of operations ended December 31, 2019. Prepare the (1) Income Statement and the (2) Balance Sheet for Ben Inc. Use the provided tables and add proper headings when making these statements. Cad Accounts Payable Service Fees Revenue Supplies Expense Insurance Expense Retained Eamines, 1/1/19 Building Rent Expense Salaries Expense Supplies Inventory Maintenance Expense Contributed Capital Notes Payable Accounts Receivable Dividends (declared and...
On December 31, 2021, Fighting Okra Cooking Services reports the following revenues and expenses. Service revenue...
On December 31, 2021, Fighting Okra Cooking Services reports the following revenues and expenses. Service revenue Postage expense Legal fees expense $82,000 1,850 2,750 Rent expense Salaries expense Supplies expense 11,300 31,000 18,000 In addition, the balance of common stock at the beginning of the year was $550,000, and the balance of retained earnings was $46,000. During the year, the company issued additional shares of common stock for $32,000 and paid dividends of $24,000. Required: 1. Prepare an income statement....
Use the following adjusting entries to complete the worksheet, prepare an income statement, statement of retained...
Use the following adjusting entries to complete the
worksheet, prepare an income statement, statement of retained
earnings, closing entries, and balance sheet.
Broomfield Company
Adjusting Journal Entries
For the Year Ended December 31, 2019
Account Titles
DR
CR
a.
Interest
Expense
15,920
Interest
Payable
15,920
b.
Insurance Expense
19,152
Prepaid
Insurance
19,152
c.
Rent
Expense
23,940
Prepaid
Rent
23,940
d.
Unearned
Revenue
12,000
Consulting Revenue
12,000
e.
Supplies
Expense
116,622
Supplies...
Prepare an income statement and a retained earnings statement for the 2 months ended December 31,...
Prepare an income statement and a retained earnings statement
for the 2 months ended December 31, 2017, The note payable has a
stated interest rate of 6%, and the principal and interest are due
on November 16, 2019.
RUUSU 11al Dalal December 31, 2017 Debit Credit Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation Equipment NT$1,180 875 350 1,210 1,200 NT$ 40 Accounts Payable Salaries and Wages Payable Unearned Service Revenue Notes Payable 300 2,000 Interest Payable 15 800...
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...
The following items and amounts were taken from Carla Vista Co.’s 2022 income statement and balance...
The following items and amounts were taken from Carla Vista
Co.’s 2022 income statement and balance sheet, the end of its first
year of operations.
Interest expense
$ 2,100
Equipment, net
$ 55,100
Interest payable
800
Depreciation expense
3,700
Notes payable
11,300
Supplies
4,500
Sales revenue
50,100
Common stock
23,550
Cash
3,400
Retained earnings
?
Salaries and wages expense
16,000
Supplies expense
950
Prepare an income statement for Carla Vista Co. for December 31, 2022 Carla Vista Co. Income Statement...
6) Calculate the missing amounts: (Note: Year 1 End. R/E will be year 2 Beg. R/E) Year Beg. R/E Balance Net income Dividends End. R/E Balance $0 $2,100 $950 b. 300 2.600 2,400 | 800| e. 1 a. 2 3 7) Use the following selected data for STERLING Co. to prepare an income stmt. +& statement of retained earnings for 2019 (all accounts will not be used). Accounts payable 40,000 Notes payable 60.000 Accounts receivable 60,000 Rent expense 29,000 Advertising...
the
following items are taken from the 2021 financial records.. prepare
an income statement (in good form).
The following items and amounts are taken from the 2021 financial records of Labrador Co.: Labrador Co. Income Statement For the Year Ended December 31, 2021 Supplies expense........ Equipment Salaries expense...... Utilities expense. Dividends Accounts payable..... Accounts receivable.... $32,000 Salaries payable... 72,000 Common stock. 150,000 Cash....... 8,200 Retained earnings, Jan. 1, 2021... 1,000 Insurance expense 6,000 Repair expense 26,800 Service revenue $5,000 50,000...
does anyone know what im missing ??
Following are the accounts and balances (in random order) from the adjusted trial balance of Stark Company Notes payable Prepaid insurance Interest expense Accounts payable Wages payable Cash Wages expense Insurance expense Common stock Retained earnings Services revenue $ 19,000 3,300 660 5,500 1,200 26,000 8,300 2,600 16,400 56,400 60,000 Accumulated depreciation-Buildings Accounts receivable Utilities expense Interest payable Unearned revenue Supplies expense Buildings Dividends Depreciation expense-Buildings Supplies $ 23,000 5,600 2,100 420 1,200...
)
Prepare the income statement for the year ended December 31. (2)
Prepare the statement of retained earnings for the year ended
December 31
The following adjusted year-end trial balance at December 31 of Wilson Trucking Company. Cred Debit $ 6,600 16,500 2,000 183,000 $ 37,698 75,000 Account Title Cash Accounts receivable office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term notes payable Common stock Retained earnings Dividends Trucking fees earned Depreciation expense-Trucks Salaries expense office supplies expense...
Part 3: Income Statement: Below are the accounts for Ben Inc. The company just completed its fourth year of operations ended December 31, 2019. Prepare the (1) Income Statement and the (2) Balance Sheet for Ben Inc. Use the provided tables and add proper headings when making these statements. Cad Accounts Payable Service Fees Revenue Supplies Expense Insurance Expense Retained Eamines, 1/1/19 Building Rent Expense Salaries Expense Supplies Inventory Maintenance Expense Contributed Capital Notes Payable Accounts Receivable Dividends (declared and...
On December 31, 2021, Fighting Okra Cooking Services reports the following revenues and expenses. Service revenue Postage expense Legal fees expense $82,000 1,850 2,750 Rent expense Salaries expense Supplies expense 11,300 31,000 18,000 In addition, the balance of common stock at the beginning of the year was $550,000, and the balance of retained earnings was $46,000. During the year, the company issued additional shares of common stock for $32,000 and paid dividends of $24,000. Required: 1. Prepare an income statement....
Use the following adjusting entries to complete the
worksheet, prepare an income statement, statement of retained
earnings, closing entries, and balance sheet.
Broomfield Company
Adjusting Journal Entries
For the Year Ended December 31, 2019
Account Titles
DR
CR
a.
Interest
Expense
15,920
Interest
Payable
15,920
b.
Insurance Expense
19,152
Prepaid
Insurance
19,152
c.
Rent
Expense
23,940
Prepaid
Rent
23,940
d.
Unearned
Revenue
12,000
Consulting Revenue
12,000
e.
Supplies
Expense
116,622
Supplies...
Prepare an income statement and a retained earnings statement
for the 2 months ended December 31, 2017, The note payable has a
stated interest rate of 6%, and the principal and interest are due
on November 16, 2019.
RUUSU 11al Dalal December 31, 2017 Debit Credit Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation Equipment NT$1,180 875 350 1,210 1,200 NT$ 40 Accounts Payable Salaries and Wages Payable Unearned Service Revenue Notes Payable 300 2,000 Interest Payable 15 800...
The following items and amounts were taken from Carla Vista
Co.’s 2022 income statement and balance sheet, the end of its first
year of operations.
Interest expense
$ 2,100
Equipment, net
$ 55,100
Interest payable
800
Depreciation expense
3,700
Notes payable
11,300
Supplies
4,500
Sales revenue
50,100
Common stock
23,550
Cash
3,400
Retained earnings
?
Salaries and wages expense
16,000
Supplies expense
950
Prepare an income statement for Carla Vista Co. for December 31, 2022 Carla Vista Co. Income Statement...
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