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Let's Review On December 31, Wortham Services reports the following year-end amounts. Assets:Cash $11,000 Revenues: Service...
On December 31, Fighting Okra Cooking Services reports the following revenues and expenses. Service revenue Postage...
On December 31, Fighting Okra Cooking Services reports the following revenues and expenses. Service revenue Postage expense Legal fees expense Rent expense Salaries expense Supplies expense $ 71,000 1,100 2,100 10,000 19,000 10,000 In addition, the balance of common stock at the beginning of the year was $150,000, and the balance of retained earnings was $26,000. During the year, the company issued additional sharestof common stock for $20,000 and paid dividends of $10,000, Required: 1. Prepare an income statement FIGHTING...
On December 31, 2021, Fighting Okra Cooking Services reports the following revenues and expenses. Service revenue...
On December 31, 2021, Fighting Okra Cooking Services reports the following revenues and expenses. Service revenue Postage expense Legal fees expense $82,000 1,850 2,750 Rent expense Salaries expense Supplies expense 11,300 31,000 18,000 In addition, the balance of common stock at the beginning of the year was $550,000, and the balance of retained earnings was $46,000. During the year, the company issued additional shares of common stock for $32,000 and paid dividends of $24,000. Required: 1. Prepare an income statement....
On December 31, Fighting Okra Cooking Services reports the following revenues and expenses. On December 31,...
On December 31, Fighting Okra Cooking Services reports the
following revenues and expenses.
On December 31, Fighting Okra Cooking Services reports the following revenues and expenses. $ Service revenue Postage expense Legal fees expense Rent expense Salaries expense Supplies expense 85,000 2,000 2,900 11,600 34,000 19,500 In addition, the balance of common stock at the beginning of the year was $700,000, and the balance of retained earnings was $52,000. During the year, the company issued additional shares of common stock...
On December 31, 2021, Fighting Okra Cooking Services reports the following revenues and expenses. Service revenue...
On December 31, 2021, Fighting Okra Cooking Services reports the following revenues and expenses. Service revenue Postage expense Legal fees expense $89,000 2,200 3,100 12,000 38,000 21,500 Rent expense Salaries expense Supplies expense In addition, the balance of common stock at the beginning of the year was $900,000, and the balance of retained earnings was $60,000. During the year, the company issued additional shares of common stock for $39,000 and paid dividends of $38,000. Required: 1. Prepare an income statement....
Following is a list of account balances of Lincoln Lawn Services as of December 31, after...
Following is a list of account balances of Lincoln Lawn Services as of December 31, after the first year of operations. Accounts Receivable $6,000 Accounts Payable $5,000 Salaries Expense $7,000 Repairs Expense $900 Truck $11,000 Equipment $12,000 Notes Payable $26,100 Cash $20,000 Supplies Expense $200 Service Revenue $32,000 Gasoline Expense $7,200 Salaries Payable $1,200 Calculate the net income. A. $49,000 B. $31,100 C. $16,700 D. $17,900
On December 31, 2021. Fighting Okra Cooking Services reports the following revenues and expenses $ 714...
On December 31, 2021. Fighting Okra Cooking Services reports the following revenues and expenses $ 714 Doncs $75,000 1. CO 2.400 Service Tevenue Portare expense Legal fest expense Rent expense Salute expense Supplies expense 10.000 26.000 14.500 In addition, the balance of common stock at the beginning of the year was $200,000, and the balance of retained earnings was $32,000. During the year, the company issued additional shares of common stock for $25.000 and paid dividends of $10,000 Required: erences...
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Balance Sheet Adjusted Trial Balance Income...
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Balance Sheet Adjusted Trial Balance Income Statement Credit Debit Credit Credit Debit Debit Account Title 16,000 16,000 Cash 6,000 6,000 Accounts Receivable 2,000 2,000 Supplies 19,000 19,000 Equipment 6,000 6,000 Accumulated Depr. 10,000 10,000 Accounts Payable 2,000 2,000 Wages Payable 5,000 5,000 Common Stock 9,197 Retained Earnings 9,197 1,000 Dividends 1,000 44,064 Fees Earned 44,064 Wages Expenser 20,140 20,140 Rent Expense 6,374 6,374 Depreciation Expense 5,747 5,747 32,197 76,261 44,064...
End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Balance Income Statement Balance Sheet Account...
End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Balance Income Statement Balance Sheet Account Title Debit Credit Debit Credit Debit Credit Cash 16,000 16,000 Accounts Receivable 6,000 6,000 Supplies 2,000 2,000 Equipment 19,000 19,000 Accumulated Depr. 6,000 6,000 Accounts Payable 10,000 10,000 Wages Payable 2,000 2,000 Common Stock 5,000 5,000 Retained Earnings 8,613 8,613 Dividends 1,000 1,000 Fees Earned 43,425 43,425 Wages Expense 19,913 19,913 Rent Expense 6,820 6,820 Depreciation Expense 4,305 4,305 Totals 75,038 75,038 31,038 43,425...
The following are account balances for Sam Olin Co. for the year ended December 31, 2018:...
The following are account balances for Sam Olin Co. for the year ended December 31, 2018: Fees earned $168,000 Cash $30,000 14,000 Selling expenses Accounts receivable 44,000 42,000 Sam, capital Equipment 36,000 Accounts payable 12,000 Interest Payable 3,000 Salaries & wages expense 40,000 Rent expense 51,000 Income taxes payable 5,000 Supplies 2,000 Notes payable Income taxes expense 20,000 18,000 Prepare an income statement for Sam Olin Co. For the Year Ended December 31, 2018. (Don
Squirrel Tree Services reports the following amounts on December 31. Assets Cash Supplies Prepaid insurance Liabilities...
Squirrel Tree Services reports the following amounts on December 31. Assets Cash Supplies Prepaid insurance Liabilities and Stockholders' Equity $ 9,200 Accounts payable $ 14,200 3,300 Salaries payable 5,000 35,000 5,000 Notes payable 40,000 87,000 Common stock Retained earnings 10,300 Building In addition, the company reported the following cash flows. Cash Inflows Customers Borrow from the bank (note) Sale of investments Cash Outflows $90,000 Employee salaries 35,000 Supplies 32,500 Dividends Purchase building $ 37,000 19,000 14,000 92,000 Required: 1. Prepare...
On December 31, Fighting Okra Cooking Services reports the following revenues and expenses. Service revenue Postage expense Legal fees expense Rent expense Salaries expense Supplies expense $ 71,000 1,100 2,100 10,000 19,000 10,000 In addition, the balance of common stock at the beginning of the year was $150,000, and the balance of retained earnings was $26,000. During the year, the company issued additional sharestof common stock for $20,000 and paid dividends of $10,000, Required: 1. Prepare an income statement FIGHTING...
On December 31, 2021, Fighting Okra Cooking Services reports the following revenues and expenses. Service revenue Postage expense Legal fees expense $82,000 1,850 2,750 Rent expense Salaries expense Supplies expense 11,300 31,000 18,000 In addition, the balance of common stock at the beginning of the year was $550,000, and the balance of retained earnings was $46,000. During the year, the company issued additional shares of common stock for $32,000 and paid dividends of $24,000. Required: 1. Prepare an income statement....
On December 31, Fighting Okra Cooking Services reports the
following revenues and expenses.
On December 31, Fighting Okra Cooking Services reports the following revenues and expenses. $ Service revenue Postage expense Legal fees expense Rent expense Salaries expense Supplies expense 85,000 2,000 2,900 11,600 34,000 19,500 In addition, the balance of common stock at the beginning of the year was $700,000, and the balance of retained earnings was $52,000. During the year, the company issued additional shares of common stock...
On December 31, 2021, Fighting Okra Cooking Services reports the following revenues and expenses. Service revenue Postage expense Legal fees expense $89,000 2,200 3,100 12,000 38,000 21,500 Rent expense Salaries expense Supplies expense In addition, the balance of common stock at the beginning of the year was $900,000, and the balance of retained earnings was $60,000. During the year, the company issued additional shares of common stock for $39,000 and paid dividends of $38,000. Required: 1. Prepare an income statement....
On December 31, 2021. Fighting Okra Cooking Services reports the following revenues and expenses $ 714 Doncs $75,000 1. CO 2.400 Service Tevenue Portare expense Legal fest expense Rent expense Salute expense Supplies expense 10.000 26.000 14.500 In addition, the balance of common stock at the beginning of the year was $200,000, and the balance of retained earnings was $32,000. During the year, the company issued additional shares of common stock for $25.000 and paid dividends of $10,000 Required: erences...
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Balance Sheet Adjusted Trial Balance Income Statement Credit Debit Credit Credit Debit Debit Account Title 16,000 16,000 Cash 6,000 6,000 Accounts Receivable 2,000 2,000 Supplies 19,000 19,000 Equipment 6,000 6,000 Accumulated Depr. 10,000 10,000 Accounts Payable 2,000 2,000 Wages Payable 5,000 5,000 Common Stock 9,197 Retained Earnings 9,197 1,000 Dividends 1,000 44,064 Fees Earned 44,064 Wages Expenser 20,140 20,140 Rent Expense 6,374 6,374 Depreciation Expense 5,747 5,747 32,197 76,261 44,064...
The following are account balances for Sam Olin Co. for the year ended December 31, 2018: Fees earned $168,000 Cash $30,000 14,000 Selling expenses Accounts receivable 44,000 42,000 Sam, capital Equipment 36,000 Accounts payable 12,000 Interest Payable 3,000 Salaries & wages expense 40,000 Rent expense 51,000 Income taxes payable 5,000 Supplies 2,000 Notes payable Income taxes expense 20,000 18,000 Prepare an income statement for Sam Olin Co. For the Year Ended December 31, 2018. (Don
Squirrel Tree Services reports the following amounts on December 31. Assets Cash Supplies Prepaid insurance Liabilities and Stockholders' Equity $ 9,200 Accounts payable $ 14,200 3,300 Salaries payable 5,000 35,000 5,000 Notes payable 40,000 87,000 Common stock Retained earnings 10,300 Building In addition, the company reported the following cash flows. Cash Inflows Customers Borrow from the bank (note) Sale of investments Cash Outflows $90,000 Employee salaries 35,000 Supplies 32,500 Dividends Purchase building $ 37,000 19,000 14,000 92,000 Required: 1. Prepare...
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