Please give positive ratings so I can keep answering. It would help me a lot. Please comment if you have any query. Thanks! |
Victoria Co. | |
Income Statement | Amount $ |
Service revenue | 105,000.00 |
Sales | 936,000.00 |
Sales return | (6,000.00) |
Sales discount | (7,280.00) |
Interest received | 410.00 |
Total revenue | 1,028,130.00 |
Less: | |
Purchases | 430,000.00 |
Purchases return | (3,000.00) |
Purchases discount | (7,110.00) |
Salary Expense | 120,000.00 |
Bad Debts | 11,134.00 |
Insurance Expense | 4,800.00 |
Property tax | 6,600.00 |
Utilities Expense | 12,000.00 |
Supplies Expense | 8,000.00 |
Rent | 29,800.00 |
Depreciation Expense | 80,000.00 |
Total Expense | 692,224.00 |
Income before interest | 335,906.00 |
Less: Interest Expense | 10,250.00 |
Income before tax | 325,656.00 |
Income tax | 12,500.00 |
Net Income | 313,156.00 |
Statement of Retained Earnings | Amount $ |
Opening Balance | 180,500.00 |
Add: Net Income | 313,156.00 |
Less: Dividends | - |
Closing Balance | 493,656.00 |
Balance Sheet | |
Assets | Amount $ |
Current Assets | |
Cash | 441,730.00 |
Accounts Receivable | 78,866.00 |
Revenue Account | 11,000.00 |
Inventories | 65,000.00 |
Prepaid Rent | 23,000.00 |
Prepaid Insurance | (4,260.00) |
Total Current Assets | 615,336.00 |
Long Term Investments | |
Investment Securities | 180,000.00 |
Long Term Investments | 180,000.00 |
Fixed Assets | |
Land | 235,000.00 |
Buildings | 800,000.00 |
Accumulated Depreciation- Buildings | (320,000.00) |
Capitalize development | 15,000.00 |
Total Fixed Assets | 730,000.00 |
Intangible Assets | |
Goodwill | 120,000.00 |
Other Intangible Assets | 48,000.00 |
Intangible Assets | 168,000.00 |
Total Assets | 1,693,336.00 |
Liabilities & Stockholders' Equity | |
Liabilities | Amount $ |
Current Liabilities | |
Unearned Revenue | 12,000.00 |
Double debts | 2,930.00 |
Accounts Payable | 160,000.00 |
Interest Payable | 6,250.00 |
Salaries and Wages Payable | 15,000.00 |
Total Current Liabilities | 196,180.00 |
Long Term Liabilities | |
Notes Payable | 250,000.00 |
Provision related to pension | 93,100.00 |
Bonds Payable | 300,000.00 |
Total Long Term Liabilities | 643,100.00 |
Total Liabilities | 839,280.00 |
Stockholder's Equity | |
Common Stock (Paid Up) | 240,000.00 |
Preferred Stock (Paid Up) | 125,400.00 |
Retained Earnings | 493,656.00 |
Other accumulated comprehensive income (loss) | 5,000.00 |
Treasury stock at cost | (10,000.00) |
Stockholder's Equity | 854,056.00 |
Total Liabilities & Stockholder's Equity | 1,693,336.00 |
i need help with number 4, preparing the income statement, retained earnings statement, and the balance...
i just need help on #4. preparing income statement, retained earnings statement, and the balance sheet. Accounting Cycle Project (Group) ACCT3303 Spring 2020 Assignments Required: 1) Making journal entries for each transaction in chronological order. 2) Posting to the general ledger and prepare trial balance before adjustment 3) Making adjusting entries and prepare adjusted trial balance. 4) Prepare Income Statement, Retained Earnings Statement, and Balance Sheet 5) Making closing entries 6) Put all your work on excel spreadsheet. Each group...
Please help me with this! I'm so confused about how to prepare the trial balance before adjustment. Here is all the information: The 2019 Balance Sheet of the Victoria Co. is as follows: Victoria Co. Balance Sheet As of December 31, 2019 Cash 85,000 Notes Payable 150,000 Notes Receivable 34,590 Accounts Payable 125,000 Accounts Receivable 35,000 Unearned Revenue 1,000 Less: Allowance for Doubtful A/Cs (2,930) Property Tax Payable 0 Inventories 65,000 Interest Payable 3,500 Office Supplies 0 Income Tax Payable...
Assignments Required: Making journal entries for each transaction in chronological order. The 2019 Balance Sheet of the Victoria Co. is as follows: Victoria Co. Balance Sheet As of December 31, 2019 Cash Notes Receivable Accounts Receivable Less: Allowance for Doubtful A/Cs Inventories Office Supplies Prepaid Insurance Prepaid Rent Total Current Assets Long-term Investments Investments in securities Land for future development Property, Plant, and Equipment Land Buildings Less: Accu. Depreciation Intangible Assets Capitalized Development Costs Goodwill Other Intangible Assets Total Non-Current...
Need Assistance on Closing Entries. If more info is needed please let me know Trial Balance Particulars Debit Credit Cash/Bank $ 441,730.00 Notes recievable $ - Accounts recievable $ 78,866.00 Interest Received $ 410.00 Doubtfull debts $ 2,930.00 Bad debts $ 11,134.00 Inventories $ 65,000.00 Prepaid utilities $ 18,000.00 Utilities Expense $ 12,000.00 office supplies $ - Supplies expense $ 8,000.00 Prepaid insurance $ - $ 4,260.00 Rent $ 29,800.00 Prepaid rent $ 5,000.00 Investment in securities $ 180,000.00 Land...
I just completed the Journal Entries and according to the comment the next step is the trial balance. Can you please help me with this. journal Entries are attached. If there are any mistakes in the General Journal please let me know. Victoria Co. Balance Sheet As of December 31, 2019 Cash Notes Receivable Accounts Receivable Less: Allowance for Doubtful A/Cs Inventories Office Supplies Prepaid Insurance Prepaid Rent Total Current Assets Long-term Investments Investments in securities Land for future development...
Direction: Prepare an Income statement, retained earnings statements, and balance sheet. Income Tax Expense and Income Tax Payable have not yet been calculated . Assume the company is in a 21% tax bracket and that the 21% rate applies to all items of income or loss, including any "weird items ." Merchandise inventory at the beginning of the year was $ (you will need to analyze the Income Summary account ). For earnings per share calculations , assume that 600...
i want the income statement, statement of retained earnings, and balance sheet 2 MIX Inc. is a service business incorporated on January, 2018 to provide personal training for athletes aspiring to play college sports. The following is a simplified list of accounts and amounts reported in its accounting records at the beginning of its second quarter of operations on April 1, 2018(the amounts are in thousands of dollars). The accounts have normal debit or credit balances. Accounts Payable $ 600...
I need to prepare an adjusted trial balance and *Prepare ab income statement and a retained earnings statement for December and classified balance sheet at December 31 . COMPREHENSIVE ACCOUNTING CYCLE REVIEW ACR5-1. On December 1, 2018, Devine Distributing Company had the following account balances. Credit Accumulated Depreciation Equipment $ 2,200 Cash Accounts Receivable Inventory Supplies Equipment Debit $ 7,200 4,600 12,000 1,200 22,000 $47,000 Accounts Payable Salaries and Wages Payable Common Stock Retained Earnings 4,500 1.000 15,000 24,300 S47,000...
On the worksheets is an Income Statement and Statement of Retained Earnings transaction analysis worksheet and a Balance Sheet transaction analysis worksheet for ABC Company. Please sum and link the transaction analysis columns and worksheets such that the financial statements are properly updated after each transaction, and the sum across to totals. After properly setting up the transaction analysis worksheets, please record the following transactions. Please record the transactions below: a. Purchased merchandise inventories, on account, terms 3/15, n/45, $40,000....
a. Prepare an income statement. b. Prepare the statement of retained earnings. c. Prepare the balance sheet. Transactions and events during 2018 (summarized in thousands of dollars) follow: A. Borrowed S13 cash on March 1 using a short-term note. B. Purchased land on March 2 for future building site; paid cash, $7. C. Issued additional shares of common stock on April 3 for $25. D. Purchased software on July 4, S12 cash. E. Purchased supplies on account on October 5...