Options for last line are (Compliance/incompliance)
Homework Answers
| Income Statement for the year ended 31 july 2018 | ||||||
| Income | ||||||
| Service revenue | 94,100 | |||||
| Expenses | ||||||
| Salaries | 40500 | |||||
| Rent | 11000 | |||||
| Depreciation | 1200 | |||||
| Interest | 3100 | |||||
| Insurance | 3600 | |||||
| Supplies | 2100 | -61500 | ||||
| Income before tax | 32,600 | |||||
| Income tax expense | -6800 | |||||
| Income after Tax | 25,800 | |||||
| Statement of Retained earnings for year ended July 31 2018 | ||||||
| Opening Balance | 2900 | |||||
| Add: Current year Earnings | 25800 | |||||
| 28700 | ||||||
| Statement of balance sheet as on July 31 2018 | ||||||
| Assets | Amount | Liabilities | Amount | |||
| Equipment(36800-4800) | 32000 | |||||
| Prepaid rent | 1400 | Income tax payable | 2200 | |||
| Accounts receivable | 19500 | Note payable | 18200 | |||
| Supplies | 3000 | Accounts payable | 8600 | |||
| Cash | 12400 | Interest payable | 300 | |||
| Dividends | 6000 | Unearned service revenue | 300 | |||
| Shareholder's equity | ||||||
| Common stock | 16000 | |||||
| Retained earnings | 28700 | 44700 | ||||
| 74300 | 74300 | |||||
| Requirement 2 | ||||||
| Debt | 29600 | |||||
| Equity | 44700 | |||||
| Debt equity ratio is equal to | Debt/Equity | |||||
| 29600/44700 | ||||||
| 0.662192 | ||||||
| 66.21% | ||||||
| Company crossed it's target of 0.50 | ||||||
| Company is not in compliance with debt restriction | ||||||
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Options for last line are (Compliance/incompliance)
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Requirement 1. Prepare the company's income statement for the
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(If a box is not used in the statement, leave the box empty;
do not select a label or enter a zero. Use a minus sign or
parentheses to show a net loss.)
Requirement 2. Prepare the company's statement of retained
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Income Statement and Balance Sheet
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The adjusted trial balance of Bennett Irrigation System at
December 31, 2018, follows:
Requirement 1. Prepare the company's income statement for the
year ended December 31, 2018.
(If a box is not used in the statement, leave the box empty;
do not select a label or enter a zero. Use a minus sign or
parentheses to show a net loss.)
Requirement 2. Prepare the company's statement of retained
earnings for the year ended December 31, 2018.
Enter any increases in...
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