Homework Answers
| Armani Company | |||
| Income Statement | |||
| For the year ended December 31, 2017 | |||
| Revenues | |||
| Consultancy revenues | $ 36,000 | ||
| Rental revenues | 25000 | ||
| (a) | Total revenues | $ 61,000 | |
| Expenses | |||
| Salaries Expense | $ 21,500 | ||
| Rent Expense | $ 13,500 | ||
| Selling and Administrative expense | $ 9,500 | ||
| (b) | Total expense | $ 44,500 | |
| (a) - (b) | Net Income | $ 16,500 | |
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Cash Accounts receivable Supplies Equipment Accounts payable Common stock Retained earnings, Dec. 31, 2016 Retained earnings,...
Cash Accounts receivable Equipment Accounts payable Conmon stock Retained earnings, Dec. 31, 2016 Retained earnings, Dec....
Cash Accounts receivable Equipment Accounts payable Conmon stock Retained earnings, Dec. 31, 2016 Retained earnings, Dec. 31, 2017 Dividends Consulting revenue Rental revenue Salaries expense Rent expense Selling and administrative expenses $11,800 10,880 7,809 6,800 15,909 13,500 5,800 7,800 14,800 36,600 25,680 21,800 13,800 9,800 Required: Prepare a year-end balance sheet for Armani Company Balance Sheet December 31, 2017 Assets Liabilities Cash $ 11,800 Accounts payable $ 15,900 Accounts receivable 10,800 7,800 Total labilities 15,900 Equity stock 13,500 7,800 etained...
6 Cash Accounts receivable Supplies Equipment Accounts payable Common stock Retained earnings, Dec. 31, 2018 Retained...
6 Cash Accounts receivable Supplies Equipment Accounts payable Common stock Retained earnings, Dec. 31, 2018 Retained earnings, Dec. 31, 2019 Dividends Consulting revenue Rental revenue Salaries expense Rent expense Selling and administrative expenses $10,800 9,800 6,800 5,800 12,600 14,800 3,800 5,800 13,800 34,600 23,600 20,800 12,800 8,800 art 3 of 3 Required: Prepare a year-end balance sheet for Armani Company. ARMANI COMPANY Balance Sheet December 31, 2019 Liabilities Assets Total liabilities 0 Equity 0 Total equity 0 Total liabilities and...
Problem 1-3A Preparing an income statement LO P2 As of December 31, 2017, Armani Company's financial...
Problem 1-3A Preparing an income statement LO P2 As of December 31, 2017, Armani Company's financial records show the following items and amounts. Cash Accounts receivable Supplies Equipment Accounts payable Common stock Retained earnings, Dec. 31, 2016 Retained earnings, Dec. 31, 2017 Dividends Consulting revenue Rental revenue Salaries expense Rent expense Selling and administrative expenses $11,800 10,800 7,800 6, 800 15,900 13,500 5,800 7,800 14,800 36,600 25,600 21,800 13,800 9,800 Required: Prepare the 2017 year-end income statement for Armani Company,...
As of December 31, 2017, Armani Company’s financial records show the following items and amounts. As...
As of December 31, 2017, Armani Company’s financial records show
the following items and amounts.
As of December 31, 2017, Armani Company's financial records show the following items and amounts Cash Accounts receivable Supplies Equipment Accounts payable Common stock Retained earnings, Dec. 31, 2016 Retained earnings, Dec. 31, 2017 Dividends Consulting revenue Rental revenue Salaries expense Rent expense Selling and administrative expenses $11,100 10,100 7,100 6,100 9,300 18,000 5,100 7,100 14,100 35,200 24,200 21,100 13,100 9,100 Required: Prepare the 2017...
Cash + Accounts Receivable + Supplies + Equipment Accounts Payable Common Stock Retained Earnings = +...
Cash
+
Accounts
Receivable
+
Supplies
+
Equipment
Accounts
Payable
Common
Stock
Retained
Earnings
=
+
+
Revenues
–
Expenses
–
Dividend
1.
$14,600
$14,600
2.
–1,800
$4,300
$2,500
3.
–750
$750
4.
5,100
$3,500
$8,600
Service Revenue
5.
–1,000
–1,000
6.
–1,900
-$1,900
7.
–700
–$700
Rent Expense
8.
350
–350
9.
–4,000
–4,000
Salaries/Wages Expense
10.
550
–550
Utilities Expense
(a)
Prepare an income statement for August.
Sheridan
Company
Income Statement
Choose the accounting period
August 31, 2019For...
Cash + Accounts Receivable + Supplies + Equipment Accounts Payable Common Stock Retained Earnings = +...
Cash
+
Accounts
Receivable
+
Supplies
+
Equipment
Accounts
Payable
Common
Stock
Retained
Earnings
=
+
+
Revenues
–
Expenses
–
Dividend
1.
$14,600
$14,600
2.
–1,800
$4,300
$2,500
3.
–750
$750
4.
5,100
$3,500
$8,600
Service Revenue
5.
–1,000
–1,000
6.
–1,900
-$1,900
7.
–700
–$700
Rent Expense
8.
350
–350
9.
–4,000
–4,000
Salaries/Wages Expense
10.
550
–550
Utilities Expense
(a)
Prepare an income statement for August.
Sheridan
Company
Income Statement
Choose the accounting period
August 31, 2019For...
As of December 31, 2017 Armani Company's financial records show the following items and amounts. Cash...
As of December 31, 2017 Armani Company's financial records show the following items and amounts. Cash Accounts receivable Supplies Equipment Accounts payable A. Armani, Capital, Dec. 31, 2016 A. Armani, Capital, Dec. 31, 2017 A. Armani, Withdrawals Consulting revenue Rental revenue Salaries expense Rent expense Selling and administrative expenses $10,000 9,000 6,000 5,000 23,000 4,000 7,000 13,000 33,eee 22,000 20,000 12,000 8,000 Note: Early in 2017, the owner invested $1,000 cash in the business. Required: Prepare the 2017 year-end income...
As of December 31, 2017, Armani Company’s financial records show the following items and amounts. Cash...
As of December 31, 2017, Armani Company’s financial records show
the following items and amounts.
Cash
$
11,200
Accounts receivable
10,200
Supplies
7,200
Equipment
6,200
Accounts payable
9,100
Common stock
18,500
Retained earnings, Dec. 31, 2016
5,200
Retained earnings, Dec. 31, 2017
7,200
Dividends
14,200
Consulting revenue
35,400
Rental revenue
24,400
Salaries expense
21,200
Rent expense
13,200
Selling and administrative expenses
9,200
As of December 31, 2017, Armani Company's financial records show the following items and amounts Cash Accounts receivable...
As of December 31, 2017, Armani Company's financial records show the following items and amounts Cash...
As of December 31, 2017, Armani Company's financial records show the following items and amounts Cash Accounts receivable Supplies Equipment Accounts payable A. Armani, Capital, Dec. 31, 2016 A. Armani, Capital, Dec. 31, 2017 A. Armani, Withdrawals Consulting revenue Rental revenue Salaries expense Rent expense Selling and administrative expenses $10, 200 9, 200 6,200 5, 200 23,400 4, 2ΘΘ 7, 4ΘΘ 13, 200 33,400 22,400 20, 2ΘΘ 12,200 8, 200 Required: Prepare a yearend statement of owner's equity for Armani...
Required information As of December 31, 2019, Armani Company's financial records show the following items and...
Required information As of December 31, 2019, Armani Company's financial records show the following items and amounts. Cash Accounts receivable Supplies Equipment Accounts payable Common stock Retained earnings, Dec. 31, 2018 Retained earnings, Dec. 31, 2019 Dividends Consulting revenue Rental revenue Salaries expense Rent expense Selling and administrative expenses $10,800 9,800 6,800 5,800 12,600 14,800 3,800 5,800 13,800 34,600 23,600 20,800 12,800 8,800 Required: Prepare the 2019 year-end income statement for Armani Company. art 1 of 3 ARMANI COMPANY Income...
Cash Accounts receivable Equipment Accounts payable Conmon stock Retained earnings, Dec. 31, 2016 Retained earnings, Dec. 31, 2017 Dividends Consulting revenue Rental revenue Salaries expense Rent expense Selling and administrative expenses $11,800 10,880 7,809 6,800 15,909 13,500 5,800 7,800 14,800 36,600 25,680 21,800 13,800 9,800 Required: Prepare a year-end balance sheet for Armani Company Balance Sheet December 31, 2017 Assets Liabilities Cash $ 11,800 Accounts payable $ 15,900 Accounts receivable 10,800 7,800 Total labilities 15,900 Equity stock 13,500 7,800 etained...
6 Cash Accounts receivable Supplies Equipment Accounts payable Common stock Retained earnings, Dec. 31, 2018 Retained earnings, Dec. 31, 2019 Dividends Consulting revenue Rental revenue Salaries expense Rent expense Selling and administrative expenses $10,800 9,800 6,800 5,800 12,600 14,800 3,800 5,800 13,800 34,600 23,600 20,800 12,800 8,800 art 3 of 3 Required: Prepare a year-end balance sheet for Armani Company. ARMANI COMPANY Balance Sheet December 31, 2019 Liabilities Assets Total liabilities 0 Equity 0 Total equity 0 Total liabilities and...
Problem 1-3A Preparing an income statement LO P2 As of December 31, 2017, Armani Company's financial records show the following items and amounts. Cash Accounts receivable Supplies Equipment Accounts payable Common stock Retained earnings, Dec. 31, 2016 Retained earnings, Dec. 31, 2017 Dividends Consulting revenue Rental revenue Salaries expense Rent expense Selling and administrative expenses $11,800 10,800 7,800 6, 800 15,900 13,500 5,800 7,800 14,800 36,600 25,600 21,800 13,800 9,800 Required: Prepare the 2017 year-end income statement for Armani Company,...
As of December 31, 2017, Armani Company’s financial records show
the following items and amounts.
As of December 31, 2017, Armani Company's financial records show the following items and amounts Cash Accounts receivable Supplies Equipment Accounts payable Common stock Retained earnings, Dec. 31, 2016 Retained earnings, Dec. 31, 2017 Dividends Consulting revenue Rental revenue Salaries expense Rent expense Selling and administrative expenses $11,100 10,100 7,100 6,100 9,300 18,000 5,100 7,100 14,100 35,200 24,200 21,100 13,100 9,100 Required: Prepare the 2017...
Cash
+
Accounts
Receivable
+
Supplies
+
Equipment
Accounts
Payable
Common
Stock
Retained
Earnings
=
+
+
Revenues
–
Expenses
–
Dividend
1.
$14,600
$14,600
2.
–1,800
$4,300
$2,500
3.
–750
$750
4.
5,100
$3,500
$8,600
Service Revenue
5.
–1,000
–1,000
6.
–1,900
-$1,900
7.
–700
–$700
Rent Expense
8.
350
–350
9.
–4,000
–4,000
Salaries/Wages Expense
10.
550
–550
Utilities Expense
(a)
Prepare an income statement for August.
Sheridan
Company
Income Statement
Choose the accounting period
August 31, 2019For...
Cash
+
Accounts
Receivable
+
Supplies
+
Equipment
Accounts
Payable
Common
Stock
Retained
Earnings
=
+
+
Revenues
–
Expenses
–
Dividend
1.
$14,600
$14,600
2.
–1,800
$4,300
$2,500
3.
–750
$750
4.
5,100
$3,500
$8,600
Service Revenue
5.
–1,000
–1,000
6.
–1,900
-$1,900
7.
–700
–$700
Rent Expense
8.
350
–350
9.
–4,000
–4,000
Salaries/Wages Expense
10.
550
–550
Utilities Expense
(a)
Prepare an income statement for August.
Sheridan
Company
Income Statement
Choose the accounting period
August 31, 2019For...
As of December 31, 2017 Armani Company's financial records show the following items and amounts. Cash Accounts receivable Supplies Equipment Accounts payable A. Armani, Capital, Dec. 31, 2016 A. Armani, Capital, Dec. 31, 2017 A. Armani, Withdrawals Consulting revenue Rental revenue Salaries expense Rent expense Selling and administrative expenses $10,000 9,000 6,000 5,000 23,000 4,000 7,000 13,000 33,eee 22,000 20,000 12,000 8,000 Note: Early in 2017, the owner invested $1,000 cash in the business. Required: Prepare the 2017 year-end income...
As of December 31, 2017, Armani Company’s financial records show
the following items and amounts.
Cash
$
11,200
Accounts receivable
10,200
Supplies
7,200
Equipment
6,200
Accounts payable
9,100
Common stock
18,500
Retained earnings, Dec. 31, 2016
5,200
Retained earnings, Dec. 31, 2017
7,200
Dividends
14,200
Consulting revenue
35,400
Rental revenue
24,400
Salaries expense
21,200
Rent expense
13,200
Selling and administrative expenses
9,200
As of December 31, 2017, Armani Company's financial records show the following items and amounts Cash Accounts receivable...
As of December 31, 2017, Armani Company's financial records show the following items and amounts Cash Accounts receivable Supplies Equipment Accounts payable A. Armani, Capital, Dec. 31, 2016 A. Armani, Capital, Dec. 31, 2017 A. Armani, Withdrawals Consulting revenue Rental revenue Salaries expense Rent expense Selling and administrative expenses $10, 200 9, 200 6,200 5, 200 23,400 4, 2ΘΘ 7, 4ΘΘ 13, 200 33,400 22,400 20, 2ΘΘ 12,200 8, 200 Required: Prepare a yearend statement of owner's equity for Armani...
Required information As of December 31, 2019, Armani Company's financial records show the following items and amounts. Cash Accounts receivable Supplies Equipment Accounts payable Common stock Retained earnings, Dec. 31, 2018 Retained earnings, Dec. 31, 2019 Dividends Consulting revenue Rental revenue Salaries expense Rent expense Selling and administrative expenses $10,800 9,800 6,800 5,800 12,600 14,800 3,800 5,800 13,800 34,600 23,600 20,800 12,800 8,800 Required: Prepare the 2019 year-end income statement for Armani Company. art 1 of 3 ARMANI COMPANY Income...
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