Homework Answers
| Ans. | OROMOCTO CORPORATION | ||||
| Income Statement | |||||
| Year Ended February 28, 2018 | |||||
| Revenue: | |||||
| Fess Earned | $ 91,700 | ||||
| Less: Expenses | |||||
| Depreication expense | $ 4,600 | ||||
| Insurance expense | 3,500 | ||||
| Rent expense | 5,900 | ||||
| Salaries expense | 3,450 | ||||
| Supplies expense | 4,100 | ||||
| Utilities expense | 2,500 | ||||
| Total Expenses | $ 24,050 | ||||
| Gross Profit | $ 67,650 | ||||
| Less: Income Tax expense | 4,800 | ||||
| Net Income | $ 62,850 | ||||
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Question 7 The Oromocto Corporation reports the following adjusted account balances, shown in alphabetical order, at...
The Oromocto Corporation reports the following adjusted account balances, shown in alphabetical order, at the end...
The Oromocto Corporation reports the following adjusted account balances, shown in alphabetical order, at the end of its fiscal year, February 28, 2018: Accounts payable 13,700 Income tax payable 4,300 Accounts receivable 27,600 Insurance expense 3,300 Accumulated depreciation-equipment 5,600 Prepaid insurance 3,000 Cash 18,500 Rent expense 5,800 Common shares 6,730 Retained earnings 21,370 Depreciation expense 4,600 Salaries payable 2,550 Dividends declared 1,900 Salaries expense 44,350 Equipment 23,400 Supplies 400 Fees earned 89,600 Supplies expense 4,000 Income tax expense 4,700 Utilities...
Current Attempt in Progress The Oromocto Corporation reports the following adjusted account balances, shown in alphabetical...
Current Attempt in Progress The Oromocto Corporation reports the following adjusted account balances, shown in alphabetical order, at the end of its fiscal year. February 28, 2018 Accounts payable 13,700 Income tax payable 4,300 27,600 Insurance expense 3,300 Accounts receivable Accumulated depreciation equipment 5,600 Prepaid insurance 3,000 Cash 18,500 Rent expense 5,800 Common shares 6,730 Retained earnings 21,370 Depreciation expense 4,600 Salaries payable 2,550 Dividends declared 1,900 Salaries expense 44,350 Equipment 23,400 Supplies 400 4,000 Fees earned 89,600 Supplies expense...
Question 6 Oromocto Corporation reports the following adjusted account balances, shown in alphabetical order, at the...
Question 6 Oromocto Corporation reports the following adjusted account balances, shown in alphabetical order, at the end of its fiscal year, February 28, 2018: Accounts payable Accounts receivable Accumulated depreciation-equipment Cash Common shares Depreciation expense Dividends declared Equipment Fees earned Income tax expense 13,340 Income tax payable 4,550 25,550 Insurance expense 3,170 2,410 6,930 6,390 Retained earnings 22,660 3,170 2,190 Salaries expense 46,600 1,270 89,110 Supplies expense 3,800 3,000 5,560 17,900 Rent expense Prepaid insurance 4,290 Salaries payable 22,790 Supplies...
5,400 BE4-11 Oromocto Corporation reports the following adjusted account balances, shown in alphabetical order, at the...
5,400 BE4-11 Oromocto Corporation reports the following adjusted account balances, shown in alphabetical order, at the end of its fiscal year, February 28, 2018: Accounts payable $13,000 Income tax payable $ 4,550 Accounts receivable 28,000 Insurance expense 3,500 Accumulated depreciation-equipment Prepaid insurance 2,500 Cash 18,000 Rent expense 6,000 Common shares 10,000 Retained earnings 21,000 Depreciation expense 4,400 Salaries payable 3,000 Dividends declared 2,000 Salaries expense 46,400 Equipment 23,450 Supplies 1,000 Fees earned 89,500 Supplies expense 4,000 Income tax expense 4,800...
Current Attempt in Progress Morrison Services Ltd. reports the following adjusted account balances, shown in alphabetical...
Current Attempt in Progress Morrison Services Ltd. reports the following adjusted account balances, shown in alphabetical order, at the end of its fiscal year, July 31, 2018: Accounts payable $2,880 Interest expense $1,410 Accounts receivable 19,925 Interest payable 1,320 Accumulated depreciation-equipment 5,715 Prepaid insurance 3,600 Bank loan payable, due 2021 24,700 Rent expense 17,690 Cash 7,490 Rent payable Retained earnings 1,210 Common shares 4,870 5,200 Depreciation expense 2,185 Salaries expense 19,140 Dividends declared 460 Salaries payable 2,150 Equipment 25,400 Service...
The following account balances appear in the 2021 adjusted trial balance of Beavers Corporation: Service Revenue,...
The following account balances
appear in the 2021 adjusted trial balance of Beavers Corporation:
Service Revenue, $190,000; Salaries Expense, $93,000; Supplies
Expense, $11,500; Rent Expense, $17,500; Depreciation Expense,
$27,000; and Delivery Expense, $9,500. Prepare an income statement
for the year ended December 31, 2021.
The following account balances appear in the 2021 adjusted trial balance of Beavers Corporation: Service Revenue, $190,000; Salaries Expense, $93,000; Supplies Expense, $11,500; Rent Expense, $17,500; Depreciation Expense, $27,000, and Delivery Expense, $9,500. Prepare an income...
ccounts from the adjusted trial balance at September 30, 2018, are listed in alphabetical order below...
ccounts from the adjusted trial balance at September 30, 2018,
are listed in alphabetical order below for Ozaki Corp.:
Accounts payable
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Income tax payable
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Accounts receivable
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Interest expense
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Accumulated depreciation—equipment
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Interest payable
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Bank loan payable
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Income tax...
The unadjusted and adjusted trial balances for Tinker Corporation on December 31, 2015, are shown below:...
The unadjusted and adjusted trial balances for Tinker Corporation on December 31, 2015, are shown below: TINKER CORPORATION TRIAL BALANCES December 31, 2015 Unadjusted Adjusted Debit Credit Debit Credit Cash $ 35,200 $ 35,200 Accounts receivable 29,120 34,120 Unexpired insurance 1,200 600 Prepaid rent 5,400 3,600 Office supplies 680 380 Equipment 60,000 60,000 Accumulated depreciation: equipment $ 49,000 $ 50,000 Accounts payable 900 900 Notes payable 5,000 5,000 Interest payable 200 250 Salaries payable — 2,100 Income taxes payable 1,570...
Sodexo Corporation provides food services to universities. Its account balances are provided below in alphabetical order...
Sodexo Corporation provides food services to universities. Its account balances are provided below in alphabetical order for the month ended July 31, 2018. Sodexo's Retained Earnings account balance represents the balance as of June 30, 2017. All other account balances are as of July 31, 2018. Accounts Payable 3,100 Accounts Receivable 1,400 Buildings 22,000 Cash 15,600 Commission Revenue 12,700 Common Stock 20,000 Dividends 8,000 Insurance Expense 2,200 Land 35,000 Notes Payable, due 2020 3,300 Rent Expense 2,400 Retained Earnings, June...
Options for last line are (Compliance/incompliance) Credit Balsamo Corporation Adjusted Trial Balance July 31, 2018 Account...
Options for last line are (Compliance/incompliance)
Credit Balsamo Corporation Adjusted Trial Balance July 31, 2018 Account Debit Cash 12,400 Accounts receivable 19,500 Supplies 3,000 Prepaid rent 1,400 Equipment 36,800 Accumulated depreciation equipment Accounts payable Interest payable Unearned service revenue Income tax payable Note payable Common stock Retained earnings Dividends 6,000 Service revenue Depreciation expense-equipment 1,200 Salary expense 40,500 Rent expense 11,000 Interest expense 3,100 Insurance expense 3,600 Supplies expense 2,100 6,800 Income tax expense 4,800 8,600 300 300 2,200 18,200...
The Oromocto Corporation reports the following adjusted account balances, shown in alphabetical order, at the end of its fiscal year, February 28, 2018: Accounts payable 13,700 Income tax payable 4,300 Accounts receivable 27,600 Insurance expense 3,300 Accumulated depreciation-equipment 5,600 Prepaid insurance 3,000 Cash 18,500 Rent expense 5,800 Common shares 6,730 Retained earnings 21,370 Depreciation expense 4,600 Salaries payable 2,550 Dividends declared 1,900 Salaries expense 44,350 Equipment 23,400 Supplies 400 Fees earned 89,600 Supplies expense 4,000 Income tax expense 4,700 Utilities...
Current Attempt in Progress The Oromocto Corporation reports the following adjusted account balances, shown in alphabetical order, at the end of its fiscal year. February 28, 2018 Accounts payable 13,700 Income tax payable 4,300 27,600 Insurance expense 3,300 Accounts receivable Accumulated depreciation equipment 5,600 Prepaid insurance 3,000 Cash 18,500 Rent expense 5,800 Common shares 6,730 Retained earnings 21,370 Depreciation expense 4,600 Salaries payable 2,550 Dividends declared 1,900 Salaries expense 44,350 Equipment 23,400 Supplies 400 4,000 Fees earned 89,600 Supplies expense...
Question 6 Oromocto Corporation reports the following adjusted account balances, shown in alphabetical order, at the end of its fiscal year, February 28, 2018: Accounts payable Accounts receivable Accumulated depreciation-equipment Cash Common shares Depreciation expense Dividends declared Equipment Fees earned Income tax expense 13,340 Income tax payable 4,550 25,550 Insurance expense 3,170 2,410 6,930 6,390 Retained earnings 22,660 3,170 2,190 Salaries expense 46,600 1,270 89,110 Supplies expense 3,800 3,000 5,560 17,900 Rent expense Prepaid insurance 4,290 Salaries payable 22,790 Supplies...
5,400 BE4-11 Oromocto Corporation reports the following adjusted account balances, shown in alphabetical order, at the end of its fiscal year, February 28, 2018: Accounts payable $13,000 Income tax payable $ 4,550 Accounts receivable 28,000 Insurance expense 3,500 Accumulated depreciation-equipment Prepaid insurance 2,500 Cash 18,000 Rent expense 6,000 Common shares 10,000 Retained earnings 21,000 Depreciation expense 4,400 Salaries payable 3,000 Dividends declared 2,000 Salaries expense 46,400 Equipment 23,450 Supplies 1,000 Fees earned 89,500 Supplies expense 4,000 Income tax expense 4,800...
Current Attempt in Progress Morrison Services Ltd. reports the following adjusted account balances, shown in alphabetical order, at the end of its fiscal year, July 31, 2018: Accounts payable $2,880 Interest expense $1,410 Accounts receivable 19,925 Interest payable 1,320 Accumulated depreciation-equipment 5,715 Prepaid insurance 3,600 Bank loan payable, due 2021 24,700 Rent expense 17,690 Cash 7,490 Rent payable Retained earnings 1,210 Common shares 4,870 5,200 Depreciation expense 2,185 Salaries expense 19,140 Dividends declared 460 Salaries payable 2,150 Equipment 25,400 Service...
The following account balances
appear in the 2021 adjusted trial balance of Beavers Corporation:
Service Revenue, $190,000; Salaries Expense, $93,000; Supplies
Expense, $11,500; Rent Expense, $17,500; Depreciation Expense,
$27,000; and Delivery Expense, $9,500. Prepare an income statement
for the year ended December 31, 2021.
The following account balances appear in the 2021 adjusted trial balance of Beavers Corporation: Service Revenue, $190,000; Salaries Expense, $93,000; Supplies Expense, $11,500; Rent Expense, $17,500; Depreciation Expense, $27,000, and Delivery Expense, $9,500. Prepare an income...
ccounts from the adjusted trial balance at September 30, 2018,
are listed in alphabetical order below for Ozaki Corp.:
Accounts payable
$4,460
Income tax payable
$200
Accounts receivable
8,600
Interest expense
102
Accumulated depreciation—equipment
750
Interest payable
102
Bank loan payable
7,800
Rent expense
1,500
Cash
3,250
Retained earnings
1,965
Common shares
7,000
Salaries expense
13,040
Depreciation expense
750
Salaries payable
840
Dividends declared
700
Supplies
1,195
Equipment
15,040
Supplies expense
485
Fees earned
22,485
Unearned revenue
480
Income tax...
Sodexo Corporation provides food services to universities. Its account balances are provided below in alphabetical order for the month ended July 31, 2018. Sodexo's Retained Earnings account balance represents the balance as of June 30, 2017. All other account balances are as of July 31, 2018. Accounts Payable 3,100 Accounts Receivable 1,400 Buildings 22,000 Cash 15,600 Commission Revenue 12,700 Common Stock 20,000 Dividends 8,000 Insurance Expense 2,200 Land 35,000 Notes Payable, due 2020 3,300 Rent Expense 2,400 Retained Earnings, June...
Options for last line are (Compliance/incompliance)
Credit Balsamo Corporation Adjusted Trial Balance July 31, 2018 Account Debit Cash 12,400 Accounts receivable 19,500 Supplies 3,000 Prepaid rent 1,400 Equipment 36,800 Accumulated depreciation equipment Accounts payable Interest payable Unearned service revenue Income tax payable Note payable Common stock Retained earnings Dividends 6,000 Service revenue Depreciation expense-equipment 1,200 Salary expense 40,500 Rent expense 11,000 Interest expense 3,100 Insurance expense 3,600 Supplies expense 2,100 6,800 Income tax expense 4,800 8,600 300 300 2,200 18,200...
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