Income Statement | ||
Revenue | ||
Service Revenue | $ 75,000 | |
Total Revenues | $ 75,000 | |
Expenses | ||
Salaries expense | $ 15,700 | |
Interest Expense | $ 2,400 | |
Depreciation expense - Building | $ 2,100 | |
Depreciation expense - Equipment | $ 2,200 | |
Insurance Expense | $ 1,200 | |
Supplies Expense | $ 1,200 | |
Total Expenses | $ 24,800 | |
Net Income | $ 50,200 |
Retained Earnings Statement | |
Retained Earnings, January 1, 2018 | $ 13,000 |
Add : Net Income | $ 50,200 |
$ 63,200 | |
Less : Dividend | $ 2,600 |
Retained Earnings, December 31, 2018 | $ 60,600 |
Balance Sheet | ||
Assets | ||
Current Assets | ||
Cash | $ 15,600 | |
Accounts Receivable | $ 49,200 | |
Prepaid Insurance | $ 6,100 | |
Office Supplies | $ 2,600 | |
Total Current Assets | $ 73,500 | |
Property, Plant & Equipment | ||
Building | $ 55,000 | |
Accumulated Depreciation - Building | $ -24,500 | |
Book Value - Building | $ 30,500 | |
Equipment | $ 20,000 | |
Accumulated Depreciation - Equipment | $ -7,000 | |
Book Value - Equipment | $ 13,000 | |
Property, Plant & Equipment | $ 43,500 | |
Total Assets | $ 1,17,000 | |
Liabilities & Stockholder's Equity | ||
Current Liabilities | ||
Accounts Payable | $ 27,600 | |
Interest Payable | $ 2,400 | |
Salaries Payable | $ 3,800 | |
Unearned Revenue | $ 1,200 | |
Total Current Liabilities | $ 35,000 | |
Non Current Liabilities | ||
Notes Payable | $ 2,400 | |
Total Liabilities | $ 37,400 | |
Stockholder's Equity | ||
Common Stock | $ 19,000 | |
Retained Earnings | $ 60,600 | |
Total Stockholder's Equity | $ 79,600 | |
Total Liabilities & Stockholder's Equity | $ 1,17,000 |
Account Titles | Debit | Credit |
Service Revenue | $ 75,000 | |
Income Summary | $ 75,000 | |
(Revenue transferred to temporary account) | ||
Income Summary | $ 24,800 | |
Salaries expense | $ 15,700 | |
Interest Expense | $ 2,400 | |
Depreciation expense - Building | $ 2,100 | |
Depreciation expense - Equipment | $ 2,200 | |
Insurance Expense | $ 1,200 | |
Supplies Expense | $ 1,200 | |
(Expenses transferred to temporary account) | ||
Income Summary | $ 50,200 | |
Retained Earnings | $ 50,200 | |
(Balance of Income Summary a/c i.e. net income transferred to retained earnings) | ||
Retained Earnings | $ 2,600 | |
Dividend | $ 2,600 | |
(TO close dividend account) |
Current Ratio = Current Assets / Current Liabilities
= $73500/35000 = 2.1
OO The walce of Blue S ec Begion System Data Year Ended December 31, 2018 December...
Homework: Chapter 4 Homework Score: 0 of 12 pts P4-30A (similar to) The adjusted trial balance of Blume Irrigation System at December 31, 2018, follows: (Click the icon to view the adjusted trial balance.) Read the requirements Requirement 1. Prepare the company's income statement for the year ended December 31, 2018. (If a box is not us Blume Irrigation System Income Statement Year Ended December 31, 2018 Net Income (Loss) Choose from any list or enter any number in the...
The adjusted trial balance of Bennett Irrigation System at December 31, 2018, follows: Requirement 1. Prepare the company's income statement for the year ended December 31, 2018. (If a box is not used in the statement, leave the box empty; do not select a label or enter a zero. Use a minus sign or parentheses to show a net loss.) Requirement 2. Prepare the company's statement of retained earnings for the year ended December 31, 2018. Enter any increases in...
plete) This Qu Data Table Green Advertising Services Adjusted Trial Balance December 31, 2018 abel o Balance Account Title Cash Accounts Receivable Office Supplies Land Debit Credit $14,000 15,800 6,500 18,400 47,900 Building Accumulated Depreciation-Building Furniture Accumulated Depreciation-- Furniture Accounts Payable Salaries Payable Unearned Revenue Common Stock Retained Farninns s 36,100 19,600 14,100 10,600 7,200 16,000 30,000 31 400 arenth Print Done Data Table Building Accumulated Depreciation-Building Furniture Accumulated Depreciation-Furniture Accounts Payable Salaries Payable Unearned Revenue Common Stock Retained Earnings...
Prepare the Income Statement for the year ending Dec 31,2018. plete) This Qu Data Table Green Advertising Services Adjusted Trial Balance December 31, 2018 abel o Balance Account Title Cash Accounts Receivable Debit Credit $14,000 15,800 6,500 18,400 47,900 Office Supplies Land Building Accumulated Depreciation-Building Furniture Accumulated Depreciation--Furniture Accounts Payable $ 36,100 19,600 14,100 10,600 7,200 16,000 30,000 31 400 Salaries Payable Unearned Revenue Common Stock llRetained Farninns arenth Print Done Data Table Building Accumulated Depreciation-Building Furniture Accumulated Depreciation-Furniture Accounts...
HORNGREN'S ACCOUNTING - 12th Edition P4-36B Requirements 1. Prepare the company's income statement for the year ended December 31, 2018. 2. Prepare the company's statement of owner's equity for the year ended December 31, 2018. Assume that there were no contributions made by the owner during the year. 3. Prepare the company's classified balance sheet in report form at December 31, 2018 4. Journalize the closing entries for Bradley Irrigation System 5. Compute the company's current ratio at December 31,...
The following information applies to the questions displayed below. The December 31, 2018, adjusted trial balance for Fightin' Blue Hens Corporation is presented below. Accounts Cash Accounts Recelvable Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) Common Stock Retained Earnings Service Revenue Salaries Expense Rent Expense Depreciation Expense Interest Expense 148,000 5,800 29,000 380,000 133,000 11,800 0,800 4,800 38,000 280,000 58,000 480,000 380,000 19,000 38,000 4,800 $1,016,400 $1,016,400 We were...
Presented here are the accounts of Golden City Barbershop for the year ended December 31, 2018. (Click the icon to view the accounts.) Requirements Prepare Golden City's Barbershop's income statement Prepare the statement of retained carnings 3. Prepare the balance sheet 2. Golden City Barbershop Income Statement Year Ended December 31, 2018 Revenue $ 192,000 Data Table Service Revenue Expenses Property Tax expenso Rent Expense Salaries Expense Advertising Expense S $ 3,200 11,000 68,000 20,000 2,400 6,900 Common Stock Accounts...
Need help answering the requirements 1-5. A Read an P4-30A Preparing financial statements including a classified balance sheet in report form, preparing closing entries, and using the current ratio to evaluate a company The adjusted trial balance of Boston Irrigation System at December 31, 2018, follow Page view Fit to width + BOSTON IRRIGATION SYSTEM Adjusted Trial Balance December 31, 2018 Balance Account Title Debit Cash Credit 5 11,800 Accounts Receivable 46,000 Office Supplies 29,500 Prepaid Insurance 6,300 Building 63,000...
i Data Table Irvine Inn Company Unadjusted Trial Balance December 31, 2018 Balance Account Title Debit Credit Cash 15,600 Accounts Receivable 13.900 2.600 Prepaid Insurance 1,700 Office Supplies 410.000 Building Print Done $ 370,000 4,300 Accumulated Depreciation-Building Accounts Payable Salaries Payable Unearned Revenue Common Stock 3,200 53,860 1.800 18.200 Dividends Service Revenue Salaries Expense Insurance Expense Depreciation Expense-Building 3.200 En A -- 3,200 53,860 1,800 18,200 Unearned Revenue Common Stock Dividends Service Revenue Salaries Expense Insurance Expense Depreciation Expense–Building Advertising...
The following is the adjusted trial balance of Marie, Inc., at December 31, 2018, the end of the current year. The retained earnings balance was $11,500 at January 1, 2018, the beginning of the current year. Marie, Inc. Adjusted Trial Balance December 31, 2018 Accounts Debit Credit Cash $83,600 Accounts Receivable 29,000 Prepaid Insurance 3,500 Office Supplies 3,200 Building 207,000 Accumulated Depreciation—Building $26,500 Land 47,000 Accounts Payable 25,000 Salaries Payable 5,000 Unearned Revenue 27,000 Mortgage Payable 103,000 Common Stock 16,000...