Homework Answers
| CALCULATION OF NET INCOME AS ON DECEMBER 31 2017 | |||
| Service Revenue | $8,41,000 | ||
| Less : Operating expenses | $7,41,000 | ||
| Net Income | $1,00,000 | ||
| CALCULATION OF RETAINED EARNING AS ON DECEMBER 31 , 2017 | |||
| Opening balance of retained earnings | $4,45,000 | ||
| Add: Net income of the year | $1,00,000 | ||
| Total Balance available | $5,45,000 | ||
| Less : Dividend paid | $59,000 | ||
| Ending balance of Retained Earnings | $4,86,000 | ||
| Answer = Option 4 = $ 486,000 | |||
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Whispering Winds Corp.compiled the following financial information as of December 31, 2017: Service revenue Common stock...
Wildhorse Co. compiled the following financial information as of December 31, 2017: Service revenue Common stock...
Wildhorse Co. compiled the following financial information as of December 31, 2017: Service revenue Common stock Equipment Operating expenses Cash $1142000 226000 300000 967000 285000 83000 35000 150000 124500 579000 Dividends Supplies Accounts payable Accounts receivable Retained earnings, 1/1/17 Wildhorse stockholders'equity on December 31, 2017 is: $980000 $897000 $671000. $862000.
Windsor, Inc. compiled the following financial information as of December 31, 2022: Service revenue Common stock...
Windsor, Inc. compiled the following financial information as of December 31, 2022: Service revenue Common stock Equipment Operating expenses Cash Dividends Supplies Accounts payable Accounts receivable Retained earnings, 1/1/22 $839000 192000 238000 746000 200000 65000 39000 100000 94500 454000 Windsor's retained earnings on December 31, 2022 are: O $39000. O $454000. O $549000 O $482000.
Coronado Industries compiled the following financial information as of December 31, 2017: Service revenue $1181000 Common...
Coronado Industries compiled the following financial information as of December 31, 2017: Service revenue $1181000 Common stock 240000 Equipment 307000 Operating expenses 980000 Cash 277000 Dividends 75000 Supplies 45000 Accounts payable 167000 Accounts receivable 108500 Retained earnings, 1/1/17 607000 Coronado retained earnings on December 31, 2017 are:
Metlock, Inc. compiled the following financial information as of December 31, 2022: Service revenue Common stock...
Metlock, Inc. compiled the following financial information as of December 31, 2022: Service revenue Common stock Equipment Operating expenses Cash Dividends Supplies Accounts payable Accounts receivable Retained earnings, 1/1/22 $829000 183000 225000 729000 208000 56000 34000 120000 88000 445000 Metlock's stockholders' equity on December 31, 2022 is: $479000. $709000. $638000 $672000.
Sheffield Corp.compiled the following financial information as of December 31, 2022: Service revenue Common stock Equipment...
Sheffield Corp.compiled the following financial information as of December 31, 2022: Service revenue Common stock Equipment Operating expenses Cash Dividends Supplies Accounts payable Accounts receivable Retained earnings, 1/1/22 $843000 183000 245000 744000 201000 59000 25000 124000 88500 426000 Sheffield's assets on December 31, 2022 are: O $559500 O $1009500 $1399500 O $490000.
These items are taken from the financial statements of Whispering Winds Corp. at December 31, 2017....
These items are taken from the financial statements of Whispering Winds Corp. at December 31, 2017. $103,684 12,348 3,136 11,603 80,752 59,976 764 Buildings Accounts receivable Prepaid insurance Cash Equipment Land Insurance expense Depreciation expense Interest expense Common stock Retained earnings (January 1, 2017) Accumulated depreciation-buildings Accounts payable Notes payable Accumulated depreciation equipment Interest payable Service revenue 5,194 2,548 58,800 39,199 44,688 9,310 91,728 18,346 3,528 14,406 Prepare a classified balance sheet. Assume that $13,328 of the note payable will...
The adjusted trial balance of Whispering Winds Corp. at December 31, 2017, includes the following accounts:...
The adjusted trial balance of Whispering Winds Corp. at December 31, 2017, includes the following accounts: Retained Earnings $16,680, Dividends $6,539, Service Revenue $37,549, Salaries and Wages Expense $13,817, Insurance Expense $1,796, Rent Expense $3,899, Supplies Expense $1,519, and Depreciation Expense $929. Prepare an income statement for the year. WHISPERING WINDS CORP. Income Statement
Sheffield Corp. compiled the following financial information as of December 31, 2017: Service revenue Common stock...
Sheffield Corp. compiled the following financial information as of December 31, 2017: Service revenue Common stock Equipment Operating expenses Cash Dividends Supplies Accounts payable Accounts receivable Retained earnings, 1/1/17 $1165000 248000 300000 984000 275000 82000 38000 155000 109500 570000 Sheffield stockholders' equity on December 31, 2017 is: $669000 $879000 $999000 $917000 Oriole Company recorded the following cash transactions for the year: Paid $140500 for salaries. Paid $57300 to purchase office equipment. Paid $15800 for utilities. Paid $5200 in dividends. Collected...
Waterway Industries compiled the following financial information as of December 31, 2022: Service revenue Common stock...
Waterway Industries compiled the following financial information as of December 31, 2022: Service revenue Common stock Equipment Operating expenses Cash Dividends Supplies Accounts payable Accounts receivable Retained earnings, 1/1/22 $836000 185000 246000 728000 205000 56000 38000 100000 94000 449000 Waterway's stockholders' equity on December 31, 2022 is:
Waterway Industries compiled the following financial information as of December 31, 2022: Service revenue $1200000 Common...
Waterway Industries compiled the following financial information as of December 31, 2022: Service revenue $1200000 Common stock 230000 Equipment 309000 Salaries and wages expense 370000 Rent expense 92500 Depreciation expense 462500 Cash 282000 Dividends 75000 Supplies 42000 Accounts payable 158000 Accounts receivable 104500 Retained earnings, 1/1/22 555000 Waterway's total assets at December 31, 2022 are:
Wildhorse Co. compiled the following financial information as of December 31, 2017: Service revenue Common stock Equipment Operating expenses Cash $1142000 226000 300000 967000 285000 83000 35000 150000 124500 579000 Dividends Supplies Accounts payable Accounts receivable Retained earnings, 1/1/17 Wildhorse stockholders'equity on December 31, 2017 is: $980000 $897000 $671000. $862000.
Windsor, Inc. compiled the following financial information as of December 31, 2022: Service revenue Common stock Equipment Operating expenses Cash Dividends Supplies Accounts payable Accounts receivable Retained earnings, 1/1/22 $839000 192000 238000 746000 200000 65000 39000 100000 94500 454000 Windsor's retained earnings on December 31, 2022 are: O $39000. O $454000. O $549000 O $482000.
Metlock, Inc. compiled the following financial information as of December 31, 2022: Service revenue Common stock Equipment Operating expenses Cash Dividends Supplies Accounts payable Accounts receivable Retained earnings, 1/1/22 $829000 183000 225000 729000 208000 56000 34000 120000 88000 445000 Metlock's stockholders' equity on December 31, 2022 is: $479000. $709000. $638000 $672000.
Sheffield Corp.compiled the following financial information as of December 31, 2022: Service revenue Common stock Equipment Operating expenses Cash Dividends Supplies Accounts payable Accounts receivable Retained earnings, 1/1/22 $843000 183000 245000 744000 201000 59000 25000 124000 88500 426000 Sheffield's assets on December 31, 2022 are: O $559500 O $1009500 $1399500 O $490000.
These items are taken from the financial statements of Whispering Winds Corp. at December 31, 2017. $103,684 12,348 3,136 11,603 80,752 59,976 764 Buildings Accounts receivable Prepaid insurance Cash Equipment Land Insurance expense Depreciation expense Interest expense Common stock Retained earnings (January 1, 2017) Accumulated depreciation-buildings Accounts payable Notes payable Accumulated depreciation equipment Interest payable Service revenue 5,194 2,548 58,800 39,199 44,688 9,310 91,728 18,346 3,528 14,406 Prepare a classified balance sheet. Assume that $13,328 of the note payable will...
The adjusted trial balance of Whispering Winds Corp. at December 31, 2017, includes the following accounts: Retained Earnings $16,680, Dividends $6,539, Service Revenue $37,549, Salaries and Wages Expense $13,817, Insurance Expense $1,796, Rent Expense $3,899, Supplies Expense $1,519, and Depreciation Expense $929. Prepare an income statement for the year. WHISPERING WINDS CORP. Income Statement
Sheffield Corp. compiled the following financial information as of December 31, 2017: Service revenue Common stock Equipment Operating expenses Cash Dividends Supplies Accounts payable Accounts receivable Retained earnings, 1/1/17 $1165000 248000 300000 984000 275000 82000 38000 155000 109500 570000 Sheffield stockholders' equity on December 31, 2017 is: $669000 $879000 $999000 $917000 Oriole Company recorded the following cash transactions for the year: Paid $140500 for salaries. Paid $57300 to purchase office equipment. Paid $15800 for utilities. Paid $5200 in dividends. Collected...
Waterway Industries compiled the following financial information as of December 31, 2022: Service revenue Common stock Equipment Operating expenses Cash Dividends Supplies Accounts payable Accounts receivable Retained earnings, 1/1/22 $836000 185000 246000 728000 205000 56000 38000 100000 94000 449000 Waterway's stockholders' equity on December 31, 2022 is:
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