1) Income Statement:
Multi-step Income Statement for the year ending 2018 | ||
Description | Ref | Amount ($) |
Gross Sales | A | 395,000.00 |
Less: Sales Discount | B | 12,140.00 |
Net Sales | C=A-B | 382,860.00 |
Less: COGS | D | 245,520.00 |
Gross Profit | E=C-D | 137,340.00 |
Less: Operating Expense | ||
Wages & Salaries - Office | 30,000.00 | |
Wages & Salaries - Selling | 44,800.00 | |
Utilities Expense | 2,200.00 | |
Supplies Expense | 600.00 | |
Office Rent Expense | 6,400.00 | |
Insurance Expense | 1,200.00 | |
Bad Debt Expense | 3,600.00 | |
Amortization Expense | 725.00 | |
Depreciation Expense - Building | 13,500.00 | |
Depreciation Expense - Store Equipment | 6,000.00 | |
Total Operating Expense | F | 109,025.00 |
Operating Profit | G=E-F | 28,315.00 |
Non Operating Income | ||
Gain on disposition of plant asset | 28,465.00 | |
Income from water division+Income tax of $ 5750 | 24,250.00 | |
Rent Revenue | 12,630.00 | |
Total Non-Operating Income | H | 65,345.00 |
Less: Non-Operating Expense | ||
Loss on disposal of Water division less income tax exp of $ 1480 | 4,720.00 | |
Interest Expense | 1,100.00 | |
Income Tax Expense (for income from continued business) | 19,300.00 | |
Income Tax Expense (of income from water division) | 5,750.00 | |
Income Tax Expense (on loss on sale of water division) | 1,480.00 | |
Total Non-Operating Expenses | I | 32,350.00 |
Net Income | J=G+H-I | 61,310.00 |
2) Classified Balance Sheet:
Balance Sheet | |||
As of December 31, 2018 | |||
Assets | Amount ($) | Liabilities & Equity | Amount ($) |
Current Assets | Current Liabilities | ||
Accounts Receivable | 31,250 | Accounts Payable | 4,400 |
Less: Allowance for bad debts | (4,020) | Bonds Payable | 130,000 |
Bank O/D | (2,500) | Discount on bonds payable | (10,000) |
Cash | 36,780 | Interest Payable | 200 |
Cash Surrender value of Life insurance | 15,000 | Notes Payable due June 15, 2019 | 10,000 |
Merchandise Inventory | 16,800 | Unearned Revenue | 15,000 |
Supplies | 440 | ||
Prepaid Insurance | 800 | ||
Investments | Long Term Liabilities | ||
Land held for future use | 14,050 | Notes Payable due May 20, 2020 | 25,000 |
Fixed Assets | |||
Building | 348,000 | ||
Less: Accumulated Depreciation - Building | (252,600) | ||
Store Equipment | 162,500 | ||
Less: Accumulated Depreciation - Store Equipment | (25,500) | Equity: | |
Land | 60,000 | Common Stock @ $2 par value | 135,400 |
Paid in Capital in excess of stock | 40,600 | ||
Intangible & Other Assets | Retained Earnings December 31, 2018 | 86,000 | |
Goodwill | 28,000 | ||
Patent | 7,600 | ||
Total Assets | 436,600 | Total Liabilities & Equity | 436,600 |
3) Statement of Retained Earnings:
Description | Amount ($) |
Opening Balance | 49,690.00 |
Add: Current Year Profit (from Income Statement) | 61,310.00 |
Less: Dividend | (25,000.00) |
Closing Balance | 86,000.00 |
Using the worksheets that follow this one, prepare in good form: (read notes at bottom also)...
Using the worksheets that follow this one, prepare in good form: (read notes at bottom also) 2018 Year-End Financial Statements for Botswana Tea Company, Inc. 1.) Multi-step Income Statement Instructions: 2.) Classified Balance Sheet 3.) Statement of Retained Earnings Accounts payable Accounts receivable Accumulated depreciation - building Accumulated depreciation- store equipment 4,400 31,250 252,600 25,500 Allowance for bad debts 4,020 Amortization expense 725 Bad debt expense 3,600 Bank overdraft 2,500 130,000 Bonds payable Building Cash 348,000 36,780 Cash surrender value...
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Prepare a properly classified balance sheet as of February 28, 2022. (List Current Assets in order of liquidity.) WINDSOR CLEANING SERVICES INC. Balance Sheet Assets Liabilities and Stockholders' Equity WINDSOR CLEANING SERVICES INC. Retained Earnings Statement For the Month Ending February 28, 2022 Retained Earnings, 2/1/17 Add Net Income / (Loss) Less 4 Dividends Retained Earnings, 2/28/17 - WINDSOR CLEANING SERVICES INC. Income Statement For the Month Ending February 28, 20229 14312 Service Revenue...
Post the Closing Entries.
*Note: Only missing one that I cannot figure out.
MARIN CLEANING SERVICES INC. Trial Balance 2/28/22 Debit Credit 7,744 $ Cash $ Accounts Receivable 7,240 310 Supplies 1,280 Prepaid Insurance Prepaid Expenses 170 Allowance for Doubtful AcCounts 217 Equipment 3,760 Accumulated Depreciation-Equipment 70 Accounts Payable 530 6,240 Notes Payable Salaries and Wages Payable 1,480 Interest Payable 31 Income Taxes Payable 616 324 JUnearned Service Revenue Unearned Service Revenue 324 Common Stock 5,850 Paid-in Capital in Excess...
Using Be Prepared, Inc.'s adjusted trial balance and prior period's balance sheet, prepare the following Financial Reports: Credits Debits 423,615.00 $ 25,000.00 in your 540.00 3 • Multi-Step Income Statement for the month of January 2021 (see page textbook for guidance). • Statement of Retained Earnings for the month of January 2021 (see page in your textbook for guidance). Note: There are no prior period adjustments and all dividends declared and paid are cash dividends in the amount of $25,000....
Prepare A multi-step income statement as of Feb. 22, 2018
IENT RESOURCES Trial Balance 2/28/22 Credit rehensive nting Cyde 11-02 (Part Submission Score Results by Study. Accounts Receivable Supplies Prepaid Insurance Prepaid Expenses Allowance for Doubtful Accounts Equipment Accumulated Depreciation-Equipment IR Accounts Payable able 2 Notes Payable 8800 Salaries and Wages Payable Interest Payable 44 Income Taxes Payable 854 TUnearned Service Revenue 459 Common Stock Paid-in Capital in Excess of Par Value-Common Sto TCash Dividends Treasury Stock Service Revenue Tutilities...
Goal: Practice creating a multi-step income statement in good form. Information: Management would like you to create Terry's financial statements, beginning with the income statement. In addition to creating the financial statements, Terry's management has asked you to calculate the following financial ratios: • Profit Margin (NI / Net Sales) • Earnings per Share (NI / Common Shares Outstanding) Assignment: 1. Create a multi-step income statement in good form for Terry Co. for Year 2. The following information can be...
Which ones are on the Income statement or Balance Sheet Cash Petty Cash Accounts Receivable Allowance for Doubtful Accounts Notes Receivable Interest Receivable Inventory Supplies Inventory Prepaid Insurance Prepaid Rent Debt Investments Equity Investments Land Buildings Accum. Depr. - Buildings Equipment Accum. Depr. - Equipment Notes Payable Accounts Payable Salaries and Wages Payable Interest Payable Dividends Payable Long-term Notes Payable Common Stock Retained Earnings Dividends Income Summary Sales Revenue Sales Returns and Allowances Sales Discounts Cost of Goods Sold Advertising...
Using the account titles listed below, create these financial statements for EXAMPLE COMPANY for the year ended December 31, XXXX: income statement, statement of retained earnings, and balance sheet. Please prepare your answers in a spreadsheet that you create, using proper spreadsheet techniques. You don't need to add numbers. Account Title Account Payable Account Receivable Accumulated Depreciation - Building Accumulated Depreciation - Office Equipment Accumulated Depreciation - Store Fixtures Administration Salaries Expense Advertising expense Allowance for Doubtful Accounts Beginning Retained...
Label as financing, operating, investing activities. Cash Investment Securities--AFS Accrured Interest Receivable Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory Prepaid Insurance Store Supplies Land Building Accumulated Depreciation: Building Office & Store Equipment Accumulated Depreciation: Office & Store Equipment Delivery Trucks Accumulated Depreciation: Delivery Trucks Accounts Payable FICA Taxes Payable Withholding Taxes Payable Unemployment Taxes Payable Union Dues Payable Salaries & Wages Payable Accrued Utilities Payable Income taxes payable Mortgage Payable Accrued Interest Payable Common Stock PIC in Excess of...
Using Be Prepared, Inc.’s adjusted trial balance and prior
period’s balance sheet, prepare the following Financial Reports:
Multi-Step Income Statement for the month of January 2021 Statement
of Retained Earnings for the month of January 2021 Note: There are
no prior period adjustments and all dividends declared and paid are
cash dividends in the amount of $25,000.
W Download Share Accounting Il Practice Set 2020 ACC 112-4W1 Spring (1).docx File Edit Format Tools Help o na 5 Q a Normal...