Income statement tab: Select the financial statement elements and accounts properly included on the income statement. The balances automatically populate from the trial balance selected. Determine if the company reported a net income or a net loss.
Income statement
For the month ended December 31,2018
Revenue | ||
Photography revenue | 10040 | |
Expense | ||
Salaries expense | 1350 | |
Utilities expense | 2100 | |
Rent expense | 1100 | |
Depreciation expense-Photography equipment | 3720 | |
Photography supplies expense | 1680 | |
Total expense | 9950 | |
Net income | 90 | |
Income statement tab: Select the financial statement elements and accounts properly included on the income statement. The...
Ike Cream is a photographer who has started a new photography business. On December 1, 2018, Ike decided to incorporate under the name Berkey Photography. Ike has hired you to provide accounting services for the company. Read the instructions at the top of each tab. Prepare the required journal entries for the month of December, the necessary adjusting entries and closing entries as of December 31, and a complete set of financial statements, to include all proper labels. Show less...
Question 3 Wise Photography reported net income of $103,500 for 2020. Included in the income statement were depreciation expense of $3,700 amortization expense of $3,500, and again on disposal of plant assets of $3,800. Wise's comparative balance sheets show the following balances 12/31/19 12/31/20 Accounts receivable $27,200 $21,500 Accounts payable 6,200 9,600 Calculate net cash provided by operating activities for Wise Photography, (Show amounts that decrease cash flow with either a sign .g. -15,000 or in parenthesis a. (15,000).) Wise...
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Green Initiatives began operations on October 1, 2019. The November 30, 2019 unadjusted trial balance is included on the trial balance tab. Record the following transactions and events for December, 2019. Dec. 2 Paid $1,090 cash to Southview Mall for Green Initiatives' share of mall advertising costs.Dec. 3 Paid $540 cash for minor repairs to the company's computer.Dec. 4 Received $7,000 cash from Jackson Engineering Co. for the receivable from November.Dec. 10 Paid cash to Michael Green for six...
The unadjusted trial balance of Epicenter Laundry is included on end-of-year spreadsheet for the fiscal year that ended June 30,2019 The data needed to determine year end adjustments are as follows: a. Laundry supplies on hand at June 30, 2019 $3,600. b. Insurance premiums expired at June 30, 2019 $5,700. c. Depreciation of laundry equipment during the year $6,500. d. Wages accrued but not paid ay June 30 $ 1,100. Instructions: 1. Complete the end-of-year spreadsheet for Epicenter Laundry. 2....
Flow of Accounts into Financial Statements The balances for the accounts that follow appear in the Adjusted Trial Balance columns of the end-of-period spreadsheet. Indicate whether each account would flow into the income statement, statement of owner's equity, or balance sheet. 1. Accounts Payable 2. Depreciation Expense 3. Nat Hager, Capital (beginning of period) 4. Office Equipment 5. Rent Revenue 6. Supplies Expense 7. Unearned Rent 8. Wages Payable
Prepare the Income Statement, the Statement of Stockholders Equity, the Classified Balance Sheet, and the Closing Entries using the adjusted trial balance for Stockton Company. Paragraph Styles Problem Two Prepare the Income Statement, the Statement of Stockholders' Equity, the Classified Balance Sheet, and the Closing Entries using the adjusted trial balance for Stockton Company. Stockton Company Adjusted Trial Balance For the Year ended December 31, 2018 $ 5,030 2,100 700 10,000 13,700 Cash Accounts Receivable Prepaid Expenses Land Equipment Accumulated...
The fiscal year-end unadjusted trial balance for Nelson Company is found on the trial balance tab. Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Nelson Company uses a perpetual inventory system. Descriptions of items that require adjusting entries on January 31, 2018, follow. Store supplies still available at fiscal year-end amount to $1,750. Expired insurance, an administrative expense, for the fiscal year is $1,400. Depreciation expense on store equipment, a selling expense,...
Cash Accounts receivable Prepaid insurance Supplies inventory Trial balance Financial Statements Statement of Income Balance Sheet Statement of Cash Flows Trial balance Debits Credits Adjusting entries Debits Credits Adjusted trial balance Debits _ Credits _ Revenue Assets Cash Accounts receivable Prepaid insurance Supplies inventory Computer equipment Accumulated depreciation Total assets Net income + Depreciation - Accounts receivable - Prepaid insurance - Supplies + Accounts payable Cash from operations Computer equipment Accounts payable Notes payable Common stock Accounts Cash Accounts receivable...
Karla Tanner opened a web consulting business called Linkworks and recorded the following transactions in its first month of operations. Apr. 1 Tanner invests $80,000 cash along with office equipment valued at $26,000 in the company in exchange for common stock. Apr. 2 The company prepaid $9,000 cash for twelve months’ rent for office space. The company's policy is record prepaid expenses in balance sheet accounts. Apr. 3 The company made credit purchases for $8,000 in office equipment and $3,600...