Prepare an Income Statement and a statement of Retained Earnings sheet. Also, calculate profit margin and payout ratio.
Homework Answers
| XYZ COMPANY INCOME STATEMENTS | |||
| PARTICULARS | AMOUNT | PARTICULARS | AMOUNT |
| to supplies | 5100 | service fees earned | 90000 |
| to wages | 29800 | ||
| to rent | 10200 | ||
| to insurance | 4900 | ||
| to advertising | 8000 | ||
| to depreciation-trucks | 4000 | ||
| to depreciation-equipment | 800 | ||
| to net profit | 27200 | ||
| total | 90000 | total | 90000 |
statement of retained earnings
| net profit for the year | 27200 |
| less:dividend declared | -12000 |
| retained earnings | 15200 |
payout ratio=dividend paid/net income=12000/27200=44.12%
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Prepare an Income Statement and a statement of Retained Earnings
sheet. Also, calculate profit margin and...
Please figure out the following: 1. Income Statement. 2. Statement of Retained earnings. 3. Profit Margin...
Please figure out the
following:
1. Income Statement.
2. Statement of Retained earnings.
3. Profit Margin and Payout Ratio.
$ 4,800 5,250 5,300 3,000 30,300 Accounts ts receivable Trucks.... Accumulated S10,000 7,600 2,100 1,200 6.700 10,000 16,050 Accumulated depreciation-Equipment.. 80,500 29,800 Supplies expense Advertising expense... 5,100 8,000 Depreciation expense-Equipment
Prepare a Balance Sheet $ 4.800 5,250 5,300 3,000 30,300 Accounts eceivable Prepaid advertising. .. ....
Prepare a Balance Sheet
$ 4.800 5,250 5,300 3,000 30,300 Accounts eceivable Prepaid advertising. .. . Trucks._.. . $10,000 Equipment . . . . Accumulated depreciation-Equipment... Accounts payable... Uneaned service fees . . 7,600 2,100 6.700 10,000 16,050 Retained eamings Service fees eaned... Rent expense.. 7.500 80,500 29,800 10,200 4,900 8,000
Problem #3 XYZ Company Adjusted Trial Balance Debit Credit Cash $ 19,800 Accounts receivable 5,250 Supplies...
Problem #3 XYZ Company Adjusted Trial Balance Debit Credit Cash $ 19,800 Accounts receivable 5,250 Supplies 5,300 Prepaid Advertising 3,000 Trucks 30,300 Accumulated depreciation - Trucks Equipment 7,600 Accumulated depreciation - Equipment Accounts payable Unearned service fees S 10,000 2,100 1.200 6,700 20,000 16,050 12,000 90,000 29,800 Common Stock Retained carnings Dividends Service fees earned Wages expense Rent expense Insurance expense Supplies expense Advertising expense Depreciation expense - Trucks Depreciation expense - Equipment 10,200 4,900 5,100 8,000 4,000 800 $146,050...
Prepare a detailed Balance Sheet and also calculate the following ratios: A) Current Ratio B) Working...
Prepare a detailed Balance Sheet and also calculate the
following ratios:
A) Current Ratio
B) Working Capital
C) Assets Turnover
D) Fixed Assets Turnover
E) A/R Turnover
F) Debt Ratio
$ 4.800 5,250 5,300 3,000 30,300 Accounts eceivable Prepaid advertising. .. . Trucks._.. . $10,000 Equipment . . . . Accumulated depreciation-Equipment... Accounts payable... Uneaned service fees . . 7,600 2,100 6.700 10,000 16,050 Retained eamings Service fees eaned... Rent expense.. 7.500 80,500 29,800 10,200 4,900 8,000
L06 P3-9B. Closing Entries The adjusted trial balance for Okay Moving Service as of December 3...
L06 P3-9B. Closing Entries The adjusted trial balance for Okay Moving Service as of December 3 l is a oWS Adjusted Trial Balance Debit Credit 5,250 5,300 3,000 30,300 $ 10,000 7,600 2,100 1,200 6,700 10,000 16,050 7,500 80,500 29,800 10,200 4,900 5,100 8,000 4,000 800 Required a. Prepare the closing entries at December 31 directly to Retained Earnings in general journal form b. After the closing entries are posted, calculate the ending balance in the Retained Earnings account. c....
Prepare an Income Statement and a statement of Retained Earnings sheet. Also, calculate profit margin and...
Prepare an Income Statement and a statement of Retained Earnings
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CDE Company Adjusted Trial Balance Debit Credit Cash $ 3,500 Accounts receivable 8,000 Prepaid Insurance 3,600 Equipment 80,000 Accumulated depreciation $ 12,000 Accounts payable 600 Common Stock 35,000 Retained earnings 14,200 Cash Dividends 7,500 Service fees earned 102,200 Miscellaneous Income 4,200 Salaries Expense 42,800 Rent expense 13,000 Insurance expense 1,800 Depreciation expense 8,000 Income Tax expense 8,800 Income Tax Payable 8,800 Totals...
Prepare an income statement and a retained earnings sheet ONLY Ironside security services end of period...
Prepare an income statement and a retained earnings sheet ONLY Ironside security services end of period spread sheet for the year ended april30,2014 cash 18000 accounts receivable 37,200 supplies 7500 prepaid insurance 4,800 building 240,500 accumulated depreciation-building 55,200 accounts payable. 6,000 salaries payable. 1,500 unearned rent. 3,000 capital stock. 35,000 retained earnings. 144,300 dividends 10000 service fees. 480,000 rent revenue. 25,000 salaries expense 336,000 rent expense.62,500 supplies expense 12,000 depreciation expense-building 6,000 utilities expense 4,400 repairs expense 3,200 insurance expense...
Prepare an Income Statement, Statement of Retained Earnings, and Balance Sheet using the following information. Credit...
Prepare an Income Statement, Statement of Retained Earnings, and
Balance Sheet using the following information.
Credit (CR) Debit (DR) 11,000 Cash 5,000 23,500 4,000 12,000 4,000 2,500 3,800 60,000 32,000 29,500 21,000 Accounts Payable Accounts Receviable Rent Expense Unearned Revenue Depreciation Expense Prepaid Insurance Supplies Expense Equipment Accumulated Depreciation - Equipment Cost of Goods Sold Merchandise Inventory Notes Payable Salary Payable Buildings Interest Payable Sales Revenue Interest Expense Supplies Accumulated Depreciation - Buildings Prepaid Insurance Common Stock Retained Earnings Dividends...
prepare an income statement for the year ending 12/31/19; retained earnings statement for the year ended;...
prepare an income statement for the year ending 12/31/19; retained
earnings statement for the year ended; classified balance sheet
Accounts Payable Accounts Receivable $5000 21,500 35,000 2000 Accumulated Depreciation - Equipment Additional Paid-in-Capital Common Stock Cash Common Stock Depreciation Expense Dividends paid Equipment Insurance Expense Interest Expense Interest payable Notes payable (due 12/31/23) Prepaid Insurance Rent Expense Retained Earnings Salaries and Wages Payable Salaries Expense Service Revenue Supplies Supplies Expense Unearned Service Revenue 11,350 8,000 7000 10,000 60,000 850 150...
1. prepare retained earnings statement for the year. 2. prepare a classified balance sheet as of...
1. prepare retained earnings statement for the year.
2. prepare a classified balance sheet as of Nov. 30,
2020.
Problem 3-04 The trial balance of Kingbird Fashion Center contained the following accounts at November 30, the end of the company's fiscal year. Credit KINGBIRD FASHION CENTER TRIAL BALANCE NOVEMBER 30, 2020 Debit Cash $33,600 Accounts Receivable 37,300 Inventory 48,600 Supplies 9,100 Equipment 140,200 Accumulated Depreciation Equipment Notes Payable Accounts Payable Common Stock Retained Earnings Sales Revenue Sales Returns and Allowances...
Please figure out the
following:
1. Income Statement.
2. Statement of Retained earnings.
3. Profit Margin and Payout Ratio.
$ 4,800 5,250 5,300 3,000 30,300 Accounts ts receivable Trucks.... Accumulated S10,000 7,600 2,100 1,200 6.700 10,000 16,050 Accumulated depreciation-Equipment.. 80,500 29,800 Supplies expense Advertising expense... 5,100 8,000 Depreciation expense-Equipment
Prepare a Balance Sheet
$ 4.800 5,250 5,300 3,000 30,300 Accounts eceivable Prepaid advertising. .. . Trucks._.. . $10,000 Equipment . . . . Accumulated depreciation-Equipment... Accounts payable... Uneaned service fees . . 7,600 2,100 6.700 10,000 16,050 Retained eamings Service fees eaned... Rent expense.. 7.500 80,500 29,800 10,200 4,900 8,000
Problem #3 XYZ Company Adjusted Trial Balance Debit Credit Cash $ 19,800 Accounts receivable 5,250 Supplies 5,300 Prepaid Advertising 3,000 Trucks 30,300 Accumulated depreciation - Trucks Equipment 7,600 Accumulated depreciation - Equipment Accounts payable Unearned service fees S 10,000 2,100 1.200 6,700 20,000 16,050 12,000 90,000 29,800 Common Stock Retained carnings Dividends Service fees earned Wages expense Rent expense Insurance expense Supplies expense Advertising expense Depreciation expense - Trucks Depreciation expense - Equipment 10,200 4,900 5,100 8,000 4,000 800 $146,050...
Prepare a detailed Balance Sheet and also calculate the
following ratios:
A) Current Ratio
B) Working Capital
C) Assets Turnover
D) Fixed Assets Turnover
E) A/R Turnover
F) Debt Ratio
$ 4.800 5,250 5,300 3,000 30,300 Accounts eceivable Prepaid advertising. .. . Trucks._.. . $10,000 Equipment . . . . Accumulated depreciation-Equipment... Accounts payable... Uneaned service fees . . 7,600 2,100 6.700 10,000 16,050 Retained eamings Service fees eaned... Rent expense.. 7.500 80,500 29,800 10,200 4,900 8,000
L06 P3-9B. Closing Entries The adjusted trial balance for Okay Moving Service as of December 3 l is a oWS Adjusted Trial Balance Debit Credit 5,250 5,300 3,000 30,300 $ 10,000 7,600 2,100 1,200 6,700 10,000 16,050 7,500 80,500 29,800 10,200 4,900 5,100 8,000 4,000 800 Required a. Prepare the closing entries at December 31 directly to Retained Earnings in general journal form b. After the closing entries are posted, calculate the ending balance in the Retained Earnings account. c....
Prepare an Income Statement and a statement of Retained Earnings
sheet. Also, calculate profit margin and payout ratio.
CDE Company Adjusted Trial Balance Debit Credit Cash $ 3,500 Accounts receivable 8,000 Prepaid Insurance 3,600 Equipment 80,000 Accumulated depreciation $ 12,000 Accounts payable 600 Common Stock 35,000 Retained earnings 14,200 Cash Dividends 7,500 Service fees earned 102,200 Miscellaneous Income 4,200 Salaries Expense 42,800 Rent expense 13,000 Insurance expense 1,800 Depreciation expense 8,000 Income Tax expense 8,800 Income Tax Payable 8,800 Totals...
Prepare an Income Statement, Statement of Retained Earnings, and
Balance Sheet using the following information.
Credit (CR) Debit (DR) 11,000 Cash 5,000 23,500 4,000 12,000 4,000 2,500 3,800 60,000 32,000 29,500 21,000 Accounts Payable Accounts Receviable Rent Expense Unearned Revenue Depreciation Expense Prepaid Insurance Supplies Expense Equipment Accumulated Depreciation - Equipment Cost of Goods Sold Merchandise Inventory Notes Payable Salary Payable Buildings Interest Payable Sales Revenue Interest Expense Supplies Accumulated Depreciation - Buildings Prepaid Insurance Common Stock Retained Earnings Dividends...
prepare an income statement for the year ending 12/31/19; retained
earnings statement for the year ended; classified balance sheet
Accounts Payable Accounts Receivable $5000 21,500 35,000 2000 Accumulated Depreciation - Equipment Additional Paid-in-Capital Common Stock Cash Common Stock Depreciation Expense Dividends paid Equipment Insurance Expense Interest Expense Interest payable Notes payable (due 12/31/23) Prepaid Insurance Rent Expense Retained Earnings Salaries and Wages Payable Salaries Expense Service Revenue Supplies Supplies Expense Unearned Service Revenue 11,350 8,000 7000 10,000 60,000 850 150...
1. prepare retained earnings statement for the year.
2. prepare a classified balance sheet as of Nov. 30,
2020.
Problem 3-04 The trial balance of Kingbird Fashion Center contained the following accounts at November 30, the end of the company's fiscal year. Credit KINGBIRD FASHION CENTER TRIAL BALANCE NOVEMBER 30, 2020 Debit Cash $33,600 Accounts Receivable 37,300 Inventory 48,600 Supplies 9,100 Equipment 140,200 Accumulated Depreciation Equipment Notes Payable Accounts Payable Common Stock Retained Earnings Sales Revenue Sales Returns and Allowances...
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