Homework Answers
Net income = Revenue - Expenses
Revenue = consulting revenue + rental revenue = 34800+ 23800=58,800
Expenses =Salaries + Rent Expenses + Selling and administrative = 20900+ 12900+ 8900= 42700
Net income= 58800- 42700= 16100
Statement of Retained earnings
| Beginning Retained earnings Dec 31,2018 | 3900 |
| Add: Net income |
16100 |
| Less: Divided paid |
13900 |
| Ending retained earnings Dec 2019 | 6100 |
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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...
Required information As of December 31, 2019, Armani Company's financial records show the following items and amounts. Cash Accounts receivable Supplies Equipment Mccounts payable Common stock Retained earning, Des 31, 2018 Retained earnings, Dec 31, 2019 Dividends Consulting revenue Rental revenue Salarios expense Rent expense Selling and administrative expenses $10.900 9.900 6.900 5,900 12.800 14.900 3.000 5.900 13,900 36.000 23,800 20.900 12.900 8.900 Required: Prepare a year-end balance sheet for Armani Company ARMANI COMPANY Balance Sheet December 31, 2019 Liabilities...
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. 14.10 Cash Accounts receivable Supplies Equipment Accounts payable Common stock Retained earninge, Dec. 31, 2018 Retained earnings, Dec. 31, 2019 Dividends Consulting revenue Rental revenue Salarios expense Rent expense Selling and administrative expensos $10,900 9.900 6,900 5,900 12,800 14,900 3.900 5.900 13,900 34,800 23,800 20,900 12.900 8,900 Required: Prepare the 2019 year-end income statement for Armani Company. ARMANI COMPANY Income Statement For Year...
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. $11,500 10,500 7,500 Cash Accounts receivable Supplies Equipment Accounts payable Common stock 6,500 14,000 15,500 Retained earnings, Dec. 31, 2018 Retained earnings, Dec. 31, 2019 Dividends 4,500 6,500 14,500 36,000 25,000 Consulting revenue Rental revenue Salaries expense Rent expense Selling and administrative expenses 21,500 13,500 9,500 Required: Prepare a year-end statement of retained earnings for Armani Company. ARMANI COMPANY Statement of Retained Earnings...
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...
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 $10,000 9,000 7,000 4,000 11,000 14,000 3,000 5,000 13,000 33,000 22,000 20,000 12,000 8,000 Required: Prepare a year-end balance sheet for Armani Company. ARMANI COMPANY Balance Stat December 31, 2019 Rental...
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 $10,100 9. 100 6, 100 5, 100 11,200 14,100 3, 100 5, 100 13,100 33,200 22, 200 20,100 12,100 8, 100 Required: Prepare the 2019 year-end income statement for Armani Company...
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 $ 10,100 Accounts receivable 9,100 Supplies 6,100 Equipment 5,100 Accounts payable 11,200 A. Armani, Capital, Dec. 31, 2018 16,100 A. Armani, Capital, Dec. 31, 2019 19,200 A. Armani, Withdrawals 13,100 Consulting revenue 33,200 Rental revenue 22,200 Salaries expense 20,100 Rent expense 12,100 Selling and administrative expenses 8,100 Required: Prepare the 2019 year-end income statement for Armani Company.
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 $ 10,100 Accounts receivable 9,100 Supplies 6,100 Equipment 5,100 Accounts payable 11,200 A. Armani, Capital, Dec. 31, 2018 16,100 A. Armani, Capital, Dec. 31, 2019 19,200 A. Armani, Withdrawals 13,100 Consulting revenue 33,200 Rental revenue 22,200 Salaries expense 20,100 Rent expense 12,100 Selling and administrative expenses 8,100 Required: Prepare the 2019 year-end income statement for Armani Company.
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 $ 10,100 Accounts receivable 9,100 Supplies 6,100 Equipment 5,100 Accounts payable 11,200 A. Armani, Capital, Dec. 31, 2018 16,100 A. Armani, Capital, Dec. 31, 2019 19,200 A. Armani, Withdrawals 13,100 Consulting revenue 33,200 Rental revenue 22,200 Salaries expense 20,100 Rent expense 12,100 Selling and administrative expenses 8,100 Required: Prepare a year-end statement of owner’s equity for Armani Company. Note: The owner invested...
a) As of December 31, 2018, Armani Company’s financial records show the following items and amounts....
a) As of December 31, 2018, Armani Company’s financial records show the following items and amounts. Cash $ 11,600 Accounts receivable 10,600 Supplies 7,600 Equipment 6,600 Accounts payable 16,300 Common stock 12,500 Retained earnings, Dec. 31, 2017 5,600 Retained earnings, Dec. 31, 2018 7,600 Dividends 14,600 Consulting revenue 36,200 Rental revenue 25,200 Salaries expense 21,600 Rent expense 13,600 Selling and administrative expenses 9,600 Problem 1-3A Preparing an income statement LO P2 Required: Prepare the 2018 year-end income statement 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 Mccounts payable Common stock Retained earning, Des 31, 2018 Retained earnings, Dec 31, 2019 Dividends Consulting revenue Rental revenue Salarios expense Rent expense Selling and administrative expenses $10.900 9.900 6.900 5,900 12.800 14.900 3.000 5.900 13,900 36.000 23,800 20.900 12.900 8.900 Required: Prepare a year-end balance sheet for Armani Company ARMANI COMPANY Balance Sheet December 31, 2019 Liabilities...
Required information As of December 31, 2019, Armani Company's financial records show the following items and amounts. 14.10 Cash Accounts receivable Supplies Equipment Accounts payable Common stock Retained earninge, Dec. 31, 2018 Retained earnings, Dec. 31, 2019 Dividends Consulting revenue Rental revenue Salarios expense Rent expense Selling and administrative expensos $10,900 9.900 6,900 5,900 12,800 14,900 3.900 5.900 13,900 34,800 23,800 20,900 12.900 8,900 Required: Prepare the 2019 year-end income statement for Armani Company. ARMANI COMPANY Income Statement For Year...
Required information As of December 31, 2019, Armani Company's financial records show the following items and amounts. $11,500 10,500 7,500 Cash Accounts receivable Supplies Equipment Accounts payable Common stock 6,500 14,000 15,500 Retained earnings, Dec. 31, 2018 Retained earnings, Dec. 31, 2019 Dividends 4,500 6,500 14,500 36,000 25,000 Consulting revenue Rental revenue Salaries expense Rent expense Selling and administrative expenses 21,500 13,500 9,500 Required: Prepare a year-end statement of retained earnings for Armani Company. ARMANI COMPANY Statement of Retained Earnings...
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...
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 $10,000 9,000 7,000 4,000 11,000 14,000 3,000 5,000 13,000 33,000 22,000 20,000 12,000 8,000 Required: Prepare a year-end balance sheet for Armani Company. ARMANI COMPANY Balance Stat December 31, 2019 Rental...
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 $10,100 9. 100 6, 100 5, 100 11,200 14,100 3, 100 5, 100 13,100 33,200 22, 200 20,100 12,100 8, 100 Required: Prepare the 2019 year-end income statement for Armani Company...
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