Homework Answers
1. Income Statement:
Therefore, net income is $115,700.
2. Retained Earnings Statement:
3. Balance Sheet:
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1,400 cash from custuimeT3 ends of $3,500 were paid to stockholders. the transactions on the accounting...
Balance Sheet Assets Cash Inventory Buildings Total assets $12,000 15,000 40,000 $67,000 Liabilities and Stockholders' Equity...
Balance Sheet Assets Cash Inventory Buildings Total assets $12,000 15,000 40,000 $67,000 Liabilities and Stockholders' Equity iabilities Accounts payable Stockholders' Equity $5,800 Common stock Retained earnings Total liabilities and stockholders' equity $67,000 DONAVAN, INC. Income Statement $84,200 Revenues Cost of goods sold Salaries and wages expense Net Income 10,430 DONAVAN, INC. Retained Earnings Statement $17,000 Beginning retained earnings Add: Net income Less: Dividends Ending retained earnings 4,610 $32,000
The following selected account balances were taken from Monk Company's accounting records during 2022: January 1,...
The following selected account balances were taken from Monk Company's accounting records during 2022: January 1, 2022 December 31, 2022 Utilities payable 13,000 7,000 Common stock 39,000 88,000 Inventory 42,000 34,000 Long-term notes payable 83,000 67,000 Accounts receivable 17,000 69,000 Salaries payable 12,000 18,000 Retained earnings 46,000 65,000 Accounts payable 75,000 21,000 The following selected information was taken from Monk Company's 2022 statement of cash flows: Cash paid to purchase inventory $157,000 Net cash flow - financing activities 11,000 inflow...
Presented here are the accounts of Dog Gone It Daycare for the year ended December 31,...
Presented here are the accounts of Dog Gone It Daycare for the year ended December 31, 2018. (Click the icon to view the accounts.) Requirements 1. Prepare Dog Gone It Daycare's income statement. 2. Prepare the statement of retained earnings. 3. Prepare the balance sheet. Requirement 1. Prepare Dog Gone It Daycare's income statement. (Check your spelling carefully and do not abbreviate. When applicable, use only the account names pro problem statement.) Dog Gone It Daycare Statement of Retained Earnings...
The following items and amounts were taken from Skysong, Inc.'s 2017 income statement and balance sheet...
The following items and amounts were taken from Skysong, Inc.'s 2017 income statement and balance sheet Cash Retained earnings Cost of goods sold Salaries and wages expense Prepaid insurance Inventory Accounts receivable Sales revenue Notes payable Accounts payable Service revenue Interest expense $ 94,300 122,000 438,800 118,800 8,100 64,700 87,400 583,700 6,800 53,200 5,400 1,850 In each case, identify whether the item is an asset, liability, stockholders' equity, revenue, or expense item. Asset Cash Stockholders' Equity Retained earnings Expense Cost...
The following items and amounts were taken from Crane Company's 2022 income statement and balance sheet....
The following items and amounts were taken from Crane Company's 2022 income statement and balance sheet. 6,500 Cash Retained earnings Cost of goods sold Salaries and wages expense Prepaid insurance Inventory $ 84,800 Accounts receivable $ 89,300 122,900 Sales revenue 580,500 437,300 Notes payable 115,700 Accounts payable 52,100 7,800 Service revenue 4,900 65,000 Interest expense 1,860 repare an income statement for Crane Company for the year ended December 31, 2022. CRANE COMPANY Income Statement
Presented here are the accounts of Jesse Daniel Lawn Service for the year ended December 31,...
Presented here are the accounts of Jesse Daniel Lawn Service for the year ended December 31, 2018. The retained earnings account shows the $56,000 balance as of the end of 2017, which is the beginning balance for 2018. Land $6,000 Salaries Expense 63,000 Common Stock 30,000 Cash 3,200 Notes Payable 36,000 Salaries Payable 1,500 Accounts Payable 9,000 Equipment 12,000 Property Tax Expense 3,100 Service Revenue 185,000 Accounts Receivable 1,300 Insurance Expense 2,000 Dividends 30,000 Office Supplies 14,000 Advertising Expense 20,000...
ACTG3000 Project 1 - 35 points 31, 2019. The retained earnings account shows the $51.000 balance...
ACTG3000 Project 1 - 35 points 31, 2019. The retained earnings account shows the $51.000 balance as of the end of 2018, Presented here are the accounts of Jesse Daniel Lawn Service for the year ended December which is the beginning balance for 2019. Land $14,000 Salaries Expense 60,000 Common Stock 27,000 Cash 3,200 Notes Payable 38,000 1,000 Accounts Payable Salaries Payable Equipment 12,000 21.000 Property Tax Expense Accounts Receivable 3,100 Service Revenue 220,000 1,100 Insurance Expense 2,600 Dividends 35,000...
DONAVAN, INC. Balance Sheet Assets Cash Inventory Buildings Total assets $12,000 15,000 40,000 $67,000 Liabilities and...
DONAVAN, INC. Balance Sheet Assets Cash Inventory Buildings Total assets $12,000 15,000 40,000 $67,000 Liabilities and Stockholders' Equity Liabilities Accounts payable Stockholders' Equity $5,800 Common stock Retained earnings Total liabilities and stockholders' equity $67,000 DONAVAN, INC. Income Statement $84,200 Revenues Cost of goods sold Salaries and wages expense 10,430 Net Income DONAVAN, INC. Retained Earnings Statement $17,000 Beginning retained earnings Add: Net income Less: Dividends Ending retained earnings 4,610 $32,000
The accountant for Flagger Corporation prepared the following list of account balances from the company's records...
The accountant for Flagger Corporation prepared the following list of account balances from the company's records for the year ended December 31: US $ US $ Sales Revenue 165,000 Cash 30,000 Accounts Receivable 14,000 Selling Expenses 44,000 Equipment 42,000 Common Stock 17,000 Accounts Payable 12,000 Interest Income 3,000 Salaries Expense 40,000 Cost of Sales 51,000 Inventories 22,000 Prepaid Expenses 2,000 Income Taxes Payable 5,000 Income Tax Expenses 18,000 Notes Payable 20,000 Retained Earnings ??????? Required: Prepare the following Financial Statements:...
Exercise 3-11 The adjusted trial balance of Thomas Cooper Co. as of December 31, 2020, contains...
Exercise 3-11 The adjusted trial balance of Thomas Cooper Co. as of December 31, 2020, contains the following. Credit THOMAS COOPER CO. ADJUSTED TRIAL BALANCE DECEMBER 31, 2020 Debit Cash $20,067 Accounts Receivable 7,515 Prepaid Rent 2,875 Equipment 18,645 Accumulated Depreciation-Equipment Notes Payable Accounts Payable Common Stock Retained Earnings Dividends 3,595 Service Revenue Salaries and Wages Expense 7,435 Rent Expense 2,214 Depreciation Expense 191 Interest Expense 129 Interest Payable $62,666 $5,490 6,295 6,067 20,595 11,905 12,185 129 $62,666 Prepare an...
Balance Sheet Assets Cash Inventory Buildings Total assets $12,000 15,000 40,000 $67,000 Liabilities and Stockholders' Equity iabilities Accounts payable Stockholders' Equity $5,800 Common stock Retained earnings Total liabilities and stockholders' equity $67,000 DONAVAN, INC. Income Statement $84,200 Revenues Cost of goods sold Salaries and wages expense Net Income 10,430 DONAVAN, INC. Retained Earnings Statement $17,000 Beginning retained earnings Add: Net income Less: Dividends Ending retained earnings 4,610 $32,000
Presented here are the accounts of Dog Gone It Daycare for the year ended December 31, 2018. (Click the icon to view the accounts.) Requirements 1. Prepare Dog Gone It Daycare's income statement. 2. Prepare the statement of retained earnings. 3. Prepare the balance sheet. Requirement 1. Prepare Dog Gone It Daycare's income statement. (Check your spelling carefully and do not abbreviate. When applicable, use only the account names pro problem statement.) Dog Gone It Daycare Statement of Retained Earnings...
The following items and amounts were taken from Skysong, Inc.'s 2017 income statement and balance sheet Cash Retained earnings Cost of goods sold Salaries and wages expense Prepaid insurance Inventory Accounts receivable Sales revenue Notes payable Accounts payable Service revenue Interest expense $ 94,300 122,000 438,800 118,800 8,100 64,700 87,400 583,700 6,800 53,200 5,400 1,850 In each case, identify whether the item is an asset, liability, stockholders' equity, revenue, or expense item. Asset Cash Stockholders' Equity Retained earnings Expense Cost...
The following items and amounts were taken from Crane Company's 2022 income statement and balance sheet. 6,500 Cash Retained earnings Cost of goods sold Salaries and wages expense Prepaid insurance Inventory $ 84,800 Accounts receivable $ 89,300 122,900 Sales revenue 580,500 437,300 Notes payable 115,700 Accounts payable 52,100 7,800 Service revenue 4,900 65,000 Interest expense 1,860 repare an income statement for Crane Company for the year ended December 31, 2022. CRANE COMPANY Income Statement
Presented here are the accounts of Jesse Daniel Lawn Service for the year ended December 31, 2018. The retained earnings account shows the $56,000 balance as of the end of 2017, which is the beginning balance for 2018. Land $6,000 Salaries Expense 63,000 Common Stock 30,000 Cash 3,200 Notes Payable 36,000 Salaries Payable 1,500 Accounts Payable 9,000 Equipment 12,000 Property Tax Expense 3,100 Service Revenue 185,000 Accounts Receivable 1,300 Insurance Expense 2,000 Dividends 30,000 Office Supplies 14,000 Advertising Expense 20,000...
ACTG3000 Project 1 - 35 points 31, 2019. The retained earnings account shows the $51.000 balance as of the end of 2018, Presented here are the accounts of Jesse Daniel Lawn Service for the year ended December which is the beginning balance for 2019. Land $14,000 Salaries Expense 60,000 Common Stock 27,000 Cash 3,200 Notes Payable 38,000 1,000 Accounts Payable Salaries Payable Equipment 12,000 21.000 Property Tax Expense Accounts Receivable 3,100 Service Revenue 220,000 1,100 Insurance Expense 2,600 Dividends 35,000...
DONAVAN, INC. Balance Sheet Assets Cash Inventory Buildings Total assets $12,000 15,000 40,000 $67,000 Liabilities and Stockholders' Equity Liabilities Accounts payable Stockholders' Equity $5,800 Common stock Retained earnings Total liabilities and stockholders' equity $67,000 DONAVAN, INC. Income Statement $84,200 Revenues Cost of goods sold Salaries and wages expense 10,430 Net Income DONAVAN, INC. Retained Earnings Statement $17,000 Beginning retained earnings Add: Net income Less: Dividends Ending retained earnings 4,610 $32,000
Exercise 3-11 The adjusted trial balance of Thomas Cooper Co. as of December 31, 2020, contains the following. Credit THOMAS COOPER CO. ADJUSTED TRIAL BALANCE DECEMBER 31, 2020 Debit Cash $20,067 Accounts Receivable 7,515 Prepaid Rent 2,875 Equipment 18,645 Accumulated Depreciation-Equipment Notes Payable Accounts Payable Common Stock Retained Earnings Dividends 3,595 Service Revenue Salaries and Wages Expense 7,435 Rent Expense 2,214 Depreciation Expense 191 Interest Expense 129 Interest Payable $62,666 $5,490 6,295 6,067 20,595 11,905 12,185 129 $62,666 Prepare an...
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