PREPARE A MULTI STEP INCOME STATEMENT FROM INFORMATION BELOW, IF SOMETHING HERE DOESNT BELONG IN THE...
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 gain in bond 7,000
Investment in Pear Inc 16,000
Bond Pear Inc 12,000
Supplies Expense 18,000
Gain on sale of business 40,000
salaries expense 45,000
salaries payable 10,000
dividend 10,000
dividend income 2,000
interest from bond 1,000
Homework Answers
| INCOME STATEMENT | |||||||
| Service Revenue | 355,000 | ||||||
| Unrealized gain on investment | 6,000 | (Assumed held for trading securities) | |||||
| Unrealized gain on Bond | 7,000 | (Assumed held for trading securities) | |||||
| Gain on sale of business | 40,000 | ||||||
| Total revenue | 408,000 | ||||||
| Operating expenses: | |||||||
| Salaries expense | 45,000 | ||||||
| Miscelleneous expense | 50,000 | ||||||
| Insurance expence | 12,000 | ||||||
| Supplies expense | 18,000 | ||||||
| Total Operating expenses | 125,000 | ||||||
| Earning Before Interest and Depreciation | 283,000 | ||||||
| Depreciation expenses | 10,000 | ||||||
| Earning Before Interest | 273,000 | ||||||
| Net Interest expense over interest income | 28,167 | (29167-1000) | |||||
| Net Income | 244,833 | ||||||
| (NOTE: Assumed Taxes=0, since no information regarding tax rate is given) | |||||||
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PREPARE A MULTI STEP INCOME STATEMENT FROM INFORMATION BELOW, IF
SOMETHING HERE DOESNT BELONG IN THE...
PREPARE A MULTI STEP INCOME STATEMENT FROM INFORMATION BELOW, IF SOMETHING HERE DOESNT BELONG IN THE...
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...
Prepare a balance sheet for the following information: (if something doesnt belong in the balance sheet,...
Prepare a balance sheet for the following information: (if something doesnt belong in the balance sheet, just leave 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 gain in...
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