Homework Answers
Solution CDE 9:
a. Withdrawls are found on it - Statement of owner's equity
b. Lists total of all assets - Balance Sheet
c. Statement that is prepared last - Balance sheet
d. Statement listing net income - Income statement
Solution CDE 4:
Total of assets on the balance sheet = Computer equipment + Cash
= $12,000 + $12,000 = $24,000
Add Answer to:
refer income statements
g ) J. Dail, Capital (Deg Accounts Payable h. Preparing Financial Statements CDE9....
please someone help me complete this problem Problem 3.5A Preparing financial statements from T accounts. LO...
please someone help me complete this problem
Problem 3.5A Preparing financial statements from T accounts. LO 3-3, 3-5, 3-6 The accountant for the firm owned by Randy Guttery prepares financial statements at the end of each month. The following transactions for Randy Guttery, Landscape Consultant took place during the month ended June 30, 2019. Transactions: a. Guttery invested $143,000 in cash to start the business. b. Paid $4,300 for the current month's rent. c. Bought office furniture for $15,020 in...
Flow of Accounts into Financial Statements The balances for the accounts that follow appear in the...
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
Below are selected accounts found in the financial statements of Jie Han, Architect. Indicate (a) whether...
Below are selected accounts found in the financial statements of Jie Han, Architect. Indicate (a) whether each of the following items, listed in random order, is an asset, liability, or part of owner's equity; and (b) which financial statement—income statement, statement of owner's equity, or balance sheet—it would be reported on. Account (a) (b) 1. Furniture AssetOwner's EquityLiability ...
Use the following list of accounts for J. Carr's Delivery Service. Cash $11,450 Accounts Payable 4,450...
Use the following list of accounts for J. Carr's Delivery Service. Cash $11,450 Accounts Payable 4,450 Fees Earned 41,500 J. Carr, Capital January 1, 20-- 14,500 J. Carr, Drawing 7,000 Office Supplies 250 Rent Expense 10,000 Accounts Receivable 7,000 Equipment 6,000 Wages Expense 14,000 Repairs Expense 250 Furniture 4,500 Required: 1. Prepare an income statement for the year ended December 31, 20--. J. Carr's Delivery Service Income Statement For the Year Ended December 31, 20-- Revenues: $ Expenses: $ Total...
Preparing Financial Statements You will be preparing the Financial Statement for Bolero Auto Repair Shop. Remember...
Preparing Financial Statements You will be preparing the Financial Statement for Bolero Auto Repair Shop. Remember the order in which financial statements must be prepared and remember to use good form. Bolero Auto Repair Shop has just completed operations for the year ended December 31, 2020. This is the third year of operations for the company. The following data have been assembled for the business: Insurance Expense Service Revenue Utilities Expense Rent Expense Bolero, Capital, Jan. 1, 2020 Cash Owner...
Exercise 3-10 Preparing Financial Statements from a Trial Balance LO P6 Following are the accounts and...
Exercise 3-10 Preparing Financial Statements from a Trial Balance LO P6 Following are the accounts and balances from the adjusted trial balance of Stark Company. Notes payable Prepaid insurance Interest expense Accounts payable Wages payable Cash Wages expense Insurance expense Stark, Capital Services revenue $ 14,000 Accumulated depreciation-Buildings 2,800 Accounts receivable 560 Utilities expense 3,000 Interest payable 700 Unearned revenue 16,000 Supplies expense 7,000 Buildings 2,100 Stark, Withdrawals 42,800 Depreciation expense-Buildings 35,000 Supplies $18,000 4,600 1,600 220 950 260 70,000...
Identification of Accounts E6A. I. Indicate whether each of the following accounts is an asset (A),...
Identification of Accounts E6A. I. Indicate whether each of the following accounts is an asset (A), a liability (L), or a LO3 part of owner's equity (OF) a. Building b Salaries Payable e. Cash f. Accounts Payable g Equipment Accounts Receivable d. Owner's Capital 2. Indicate whether each account that follows would be shown on the income state ment (IS), the statement of owner's equity (OE), or the balance sheet (BS). a. Commissions Earned b. Automobile c Utilities Expense e....
PART 2: FINANCIAL STATEMENTS 20 POINTS Use the following information to prepare 1) an Income Statement,...
PART 2: FINANCIAL STATEMENTS 20 POINTS Use the following information to prepare 1) an Income Statement, 2) a Statement of Owner's Equity, and 3) a Balance Sheet for the month ended April 30, 201x for Tallhouse Company. J. Tallhouse, Capital (beg.) Revenue Expenses Withdrawals Cash Equipment Accounts Receivable Accounts Payable $3,000 1000 700 150 4,000 1,000 150 2,000
Prepare trial balance and financial statements EZT (LO 4) AP A list of accounts and their...
Prepare trial balance and financial statements EZT (LO 4) AP A list of accounts and their balances of O'Neill's Psychological Services, at its year end July 31, 2021, is presented below. Supplies $ 790 Notes Payable $22.960 Unearned Revenue 1,350 Salaries Expense 45,540 Supplies Expense 5,960 T. O'Neill, Drawings 57.980 Cash 6,470 • Equipment 58,900 Accounts Receivable 7,340 T. O'Neill, Capital 64,340 Accounts Payable 9,030 Service Revenue 96,180 Rent Expense 10,880 Instructions a. Prepare a trial balance in financial statement...
PLEASE FIND THE FINANCIAL RATIOS IN BELOW Financial Ratios The financial statements for Jackson Enterprises (income...
PLEASE FIND THE FINANCIAL RATIOS IN BELOW Financial Ratios The financial statements for Jackson Enterprises (income statement, statement of owner’s equity, and balance sheet) are shown. Jackson Enterprises Income Statement For Year Ended December 31, 20-- Revenue from sales: Sales $170,000 Less: Sales returns and allowances 10,000 Net sales $160,000 Cost of goods sold: Merchandise inventory, January 1, 20-- $6,600 Estimated returns inventory, January 1, 20-- 1,400 $8,000 Purchases $92,870 Less: Purchases returns and allowances $1,896 Purchases discounts 1,888...
please someone help me complete this problem
Problem 3.5A Preparing financial statements from T accounts. LO 3-3, 3-5, 3-6 The accountant for the firm owned by Randy Guttery prepares financial statements at the end of each month. The following transactions for Randy Guttery, Landscape Consultant took place during the month ended June 30, 2019. Transactions: a. Guttery invested $143,000 in cash to start the business. b. Paid $4,300 for the current month's rent. c. Bought office furniture for $15,020 in...
Preparing Financial Statements You will be preparing the Financial Statement for Bolero Auto Repair Shop. Remember the order in which financial statements must be prepared and remember to use good form. Bolero Auto Repair Shop has just completed operations for the year ended December 31, 2020. This is the third year of operations for the company. The following data have been assembled for the business: Insurance Expense Service Revenue Utilities Expense Rent Expense Bolero, Capital, Jan. 1, 2020 Cash Owner...
Exercise 3-10 Preparing Financial Statements from a Trial Balance LO P6 Following are the accounts and balances from the adjusted trial balance of Stark Company. Notes payable Prepaid insurance Interest expense Accounts payable Wages payable Cash Wages expense Insurance expense Stark, Capital Services revenue $ 14,000 Accumulated depreciation-Buildings 2,800 Accounts receivable 560 Utilities expense 3,000 Interest payable 700 Unearned revenue 16,000 Supplies expense 7,000 Buildings 2,100 Stark, Withdrawals 42,800 Depreciation expense-Buildings 35,000 Supplies $18,000 4,600 1,600 220 950 260 70,000...
Identification of Accounts E6A. I. Indicate whether each of the following accounts is an asset (A), a liability (L), or a LO3 part of owner's equity (OF) a. Building b Salaries Payable e. Cash f. Accounts Payable g Equipment Accounts Receivable d. Owner's Capital 2. Indicate whether each account that follows would be shown on the income state ment (IS), the statement of owner's equity (OE), or the balance sheet (BS). a. Commissions Earned b. Automobile c Utilities Expense e....
PART 2: FINANCIAL STATEMENTS 20 POINTS Use the following information to prepare 1) an Income Statement, 2) a Statement of Owner's Equity, and 3) a Balance Sheet for the month ended April 30, 201x for Tallhouse Company. J. Tallhouse, Capital (beg.) Revenue Expenses Withdrawals Cash Equipment Accounts Receivable Accounts Payable $3,000 1000 700 150 4,000 1,000 150 2,000
Prepare trial balance and financial statements EZT (LO 4) AP A list of accounts and their balances of O'Neill's Psychological Services, at its year end July 31, 2021, is presented below. Supplies $ 790 Notes Payable $22.960 Unearned Revenue 1,350 Salaries Expense 45,540 Supplies Expense 5,960 T. O'Neill, Drawings 57.980 Cash 6,470 • Equipment 58,900 Accounts Receivable 7,340 T. O'Neill, Capital 64,340 Accounts Payable 9,030 Service Revenue 96,180 Rent Expense 10,880 Instructions a. Prepare a trial balance in financial statement...
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