Use the information presented in this worksheet to prepare an income statement, retained earnings statement, and...
Use the information presented in this worksheet to prepare an income statement, retained earnings statement, and balance sheet. Show cell references if possible.
| ESP Corporation | ||||||||||
| Worksheet for year ended December 31, 2018 | ||||||||||
| Trial Balance | Adjustments | Adjusted Trial Balance | Income Statement | Balance Sheet | ||||||
| Cash | 5,900 | $ 5,900 | $ 5,900 | |||||||
| Accounts Receivable | 12,450 | $ 2,800 | $ 15,250 | $ 15,250 | ||||||
| Office Supplies | $ 200 | $ 200 | $ 200 | |||||||
| Prepaid insurance | 2,400 | $ 1,800 | $ 600 | $ 600 | ||||||
| Equipment | 169,000 | $ 169,000 | $ 169,500 | |||||||
| Accumulated Depreciation - Equipment | 21,900 | $ 16,900 | $ 38,800 | $ 38,800 | ||||||
| Accounts Payable | 9,950 | $ 9,950 | $ 9,950 | |||||||
| Interest Payable | $ 450 | $ 450 | $ 450 | |||||||
| Unearned Rent Revenue | 6,400 | $ 4,800 | $ 4,800 | |||||||
| Notes Payable | 30,000 | $ 1,600 | $ 30,000 | $ 30,000 | ||||||
| Common Stock | 40,500 | $ 40,500 | $ 40,500 | |||||||
| Retained Earnings | 24,000 | $ 24,000 | $ 24,000 | |||||||
| Dividends | 4,000 | $ 4,000 | $ 4,000 | |||||||
| Service Revenue | 194,500 | $ 2,800 | $ 197,300 | $ 197,300 | ||||||
| Rent Revenue | 1,600 | $ 1,600 | $ 3,200 | $ 3,200 | ||||||
| Depreciation Expense | $ 16,900 | $ 16,900 | $ 16,900 | |||||||
| Salaries and Wages Expense | 84,700 | $ 84,700 | $ 84,700 | |||||||
| Rent Expense | 30,000 | $ 30,000 | $ 30,000 | |||||||
| Utilities Expense | 13,900 | $ 13,900 | $ 13,900 | |||||||
| Insurance Expense | $ 1,800 | $ 1,800 | $ 1,800 | |||||||
| Supplies Expense | 6,500 | $ 200 | $ 6,300 | $ 6,300 | ||||||
| Interest Expense | $ 450 | $ 450 | $ 450 | |||||||
| 328,850 | 328,850 | $ 23,750 | $ 23,750 | $ 349,000 | $ 349,000 | $ 154,050 | $ 200,500 | $ 194,950 | $ 148,500 | |
| $ 46,450 | $ 46,450 | |||||||||
| $ 200,500 | $ 200,500 | $ 194,950 | $ 194,950 | |||||||
Homework Answers
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Use the information presented in this worksheet to prepare an
income statement, retained earnings statement, and...
ACC2000 ESP Company Computer Assignment Adjusting Entries Background: The Company was formed 2 years ago and...
ACC2000 ESP Company Computer Assignment Adjusting Entries Background: The Company was formed 2 years ago and provides web design services for small businesses. The company has a December 31st year-end. The last time that adjusting entries were made was December 31, 2017. The trial balance for the year-ended December 31, 2018 was prepared. You are the accountant and you have made the following observations that require year-end adjustments. In the space provided, prepare the necessary adjusting journal entries. 1. The...
prepare an income statement, statement of retained earnings, and balance sheet. Sharon Silver, Registered Dietician July...
prepare an income statement, statement of retained earnings,
and balance sheet.
Sharon Silver, Registered Dietician July 31, 2017 Account Titles Balance Dividends $2,300 Unearned Revenues $1,500 Utilities Expense $150 Cash $36,200 Office Supplies $1,800 Rent Expense $500 Accounts Receivable $9,100 Accounts Payable h# $3,300 Retained Earnings (Beginning Balance) $0 Salaries Expense $1,700 Prepaid Insurance $2,000 Equipment $13,000 Notes Payable $30,000 Common Stock $23,150 Service Revenue $8,800
Direction: Prepare an Income statement, retained earnings statements, and balance sheet. Income Tax Expense and Income...
Direction: Prepare an Income statement, retained earnings
statements, and balance sheet.
Income Tax Expense and Income Tax Payable have not yet been
calculated . Assume the company is in a 21% tax bracket and that
the 21% rate applies to all items of income or loss, including any
"weird items ." Merchandise inventory at the beginning of the year
was $ (you will need to analyze the Income Summary account ). For
earnings per share calculations , assume that 600...
Prepare the Statement of Retained Earnings from the Adjusted Trial Balance and Income Statement. Within each...
Prepare the Statement of Retained Earnings from the Adjusted
Trial Balance and Income Statement. Within each section of the
statement, use the drop-down menus to enter the accounts in Chart
of Accounts order and select the account balances.
Prepare the Statement of Retained Earnings from the Adjusted Trial Balance and Income Statement. Within each section of the statement, use the drop-down menus to enter the accounts in Chart of Accounts order and select the account balances. SMART TOUCH LEARNING SMART...
Prepare an Income Statement, Statement of Retained Earnings, and Balance Sheet using the following information. Credit...
Prepare an Income Statement, Statement of Retained Earnings, and
Balance Sheet using the following information.
Credit (CR) Debit (DR) 11,000 Cash 5,000 23,500 4,000 12,000 4,000 2,500 3,800 60,000 32,000 29,500 21,000 Accounts Payable Accounts Receviable Rent Expense Unearned Revenue Depreciation Expense Prepaid Insurance Supplies Expense Equipment Accumulated Depreciation - Equipment Cost of Goods Sold Merchandise Inventory Notes Payable Salary Payable Buildings Interest Payable Sales Revenue Interest Expense Supplies Accumulated Depreciation - Buildings Prepaid Insurance Common Stock Retained Earnings Dividends...
Conduct a multi step income statement, statement of retained earnings, and classified balance sheet for the...
Conduct a multi step income statement, statement of retained
earnings, and classified balance sheet for the following
Adjusted Trial Balance December 31, 2017 DEBIT 8,000 4,005 CREDIT 500 1001 80 22.000 150 4,000 1,800 4001 Cash Accounts Receivable Allowance for Doubtful Accounts Short term Note Receivable Interest Receivable Supplies Inventory Prepaid Expenses Equipment Accumulated Depreciation Copyrights Accounts Payable Interest Payable Unearned Revenue Long Term Note Payable Common Stock Paid-in-Capital In Excess of Par - CS Retained Earnings (1/1/17) Dividends Sales...
I need to help understanding how to put together an income statement, retained earnings statement and...
I need to help understanding how to put together an income
statement, retained earnings statement and the balance sheet based
off of Jones Company Adjusted Trial Balance
Jones Company Adjusted Trial Balance December 31, 2018 122,000 30,000 4,000 24,000 110,000 15,000 75,000 Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle Equipment Accumulated Depreciation Accounts Payable Unearned Revenue Wages Payable Long-Term Notes Payable Common Stock Retained Earnings (1/1/2018) Dividends Service Revenue Repair Expense Delivery Expense Depreciation Expense Rent Expense Insurance Expense...
• Income Statement for the year ending December 31, 2019 • Statement of Retained Earnings for...
• Income Statement for the year ending December 31, 2019
• Statement of Retained Earnings for the year ending December
31, 2019
• Statement of Stockholders Equity for the year ending
December 31, 2019
• Balance Sheet at December 31, 2019
• Statement of Cash Flows for the year ending December 31,
2018
Note: For Earnings per Share (EPS) calculations, use 10,000
shares of common stock as the weighted average number of shares
outstanding.
Credit Debit 64. 200 2000 5,000...
For Questions 41-50, review the below information, prepare an Income Statement, Statement of Retained Earnings, and...
For Questions 41-50, review the below information, prepare an Income Statement, Statement of Retained Earnings, and a Balance Sheet, and answer questions posed. On March 1, 2019, Bern Madeoff organized You Can Trust Me Tax Financial Solutions, Inc., a new firm. On March 31, 2019, the company’s records showed the following items and amounts: Cash $ 10,000 Cash Dividends $ 4,360 Accounts Receivable 6,000 Consulting Fees Earned 15,000 Courier Expense 1,000 Office Supplies 4,250 Rent Expense 2,550 Land 50,000 Salaries...
Above is the question that needs to be answered, I will post useful information below to...
Above is the question that needs to be
answered, I will post useful information below to assist with the
problem.
ADJ: Adjustments that need to be made
T Accounts WITH ADJ
included
ADJ entires made
Summary of everything done
Trial Balance after ADJ
entries as well
(All needed to answer the first question above)
Prepare a classified Balance Sheet at December 31, 2019 for Cut the Green Stuff (the review problem from Chapter 2) 1-Dec Rent expense 1 1,300 Cash...
prepare an income statement, statement of retained earnings,
and balance sheet.
Sharon Silver, Registered Dietician July 31, 2017 Account Titles Balance Dividends $2,300 Unearned Revenues $1,500 Utilities Expense $150 Cash $36,200 Office Supplies $1,800 Rent Expense $500 Accounts Receivable $9,100 Accounts Payable h# $3,300 Retained Earnings (Beginning Balance) $0 Salaries Expense $1,700 Prepaid Insurance $2,000 Equipment $13,000 Notes Payable $30,000 Common Stock $23,150 Service Revenue $8,800
Direction: Prepare an Income statement, retained earnings
statements, and balance sheet.
Income Tax Expense and Income Tax Payable have not yet been
calculated . Assume the company is in a 21% tax bracket and that
the 21% rate applies to all items of income or loss, including any
"weird items ." Merchandise inventory at the beginning of the year
was $ (you will need to analyze the Income Summary account ). For
earnings per share calculations , assume that 600...
Prepare the Statement of Retained Earnings from the Adjusted
Trial Balance and Income Statement. Within each section of the
statement, use the drop-down menus to enter the accounts in Chart
of Accounts order and select the account balances.
Prepare the Statement of Retained Earnings from the Adjusted Trial Balance and Income Statement. Within each section of the statement, use the drop-down menus to enter the accounts in Chart of Accounts order and select the account balances. SMART TOUCH LEARNING SMART...
Prepare an Income Statement, Statement of Retained Earnings, and
Balance Sheet using the following information.
Credit (CR) Debit (DR) 11,000 Cash 5,000 23,500 4,000 12,000 4,000 2,500 3,800 60,000 32,000 29,500 21,000 Accounts Payable Accounts Receviable Rent Expense Unearned Revenue Depreciation Expense Prepaid Insurance Supplies Expense Equipment Accumulated Depreciation - Equipment Cost of Goods Sold Merchandise Inventory Notes Payable Salary Payable Buildings Interest Payable Sales Revenue Interest Expense Supplies Accumulated Depreciation - Buildings Prepaid Insurance Common Stock Retained Earnings Dividends...
Conduct a multi step income statement, statement of retained
earnings, and classified balance sheet for the following
Adjusted Trial Balance December 31, 2017 DEBIT 8,000 4,005 CREDIT 500 1001 80 22.000 150 4,000 1,800 4001 Cash Accounts Receivable Allowance for Doubtful Accounts Short term Note Receivable Interest Receivable Supplies Inventory Prepaid Expenses Equipment Accumulated Depreciation Copyrights Accounts Payable Interest Payable Unearned Revenue Long Term Note Payable Common Stock Paid-in-Capital In Excess of Par - CS Retained Earnings (1/1/17) Dividends Sales...
I need to help understanding how to put together an income
statement, retained earnings statement and the balance sheet based
off of Jones Company Adjusted Trial Balance
Jones Company Adjusted Trial Balance December 31, 2018 122,000 30,000 4,000 24,000 110,000 15,000 75,000 Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle Equipment Accumulated Depreciation Accounts Payable Unearned Revenue Wages Payable Long-Term Notes Payable Common Stock Retained Earnings (1/1/2018) Dividends Service Revenue Repair Expense Delivery Expense Depreciation Expense Rent Expense Insurance Expense...
• Income Statement for the year ending December 31, 2019
• Statement of Retained Earnings for the year ending December
31, 2019
• Statement of Stockholders Equity for the year ending
December 31, 2019
• Balance Sheet at December 31, 2019
• Statement of Cash Flows for the year ending December 31,
2018
Note: For Earnings per Share (EPS) calculations, use 10,000
shares of common stock as the weighted average number of shares
outstanding.
Credit Debit 64. 200 2000 5,000...
Above is the question that needs to be
answered, I will post useful information below to assist with the
problem.
ADJ: Adjustments that need to be made
T Accounts WITH ADJ
included
ADJ entires made
Summary of everything done
Trial Balance after ADJ
entries as well
(All needed to answer the first question above)
Prepare a classified Balance Sheet at December 31, 2019 for Cut the Green Stuff (the review problem from Chapter 2) 1-Dec Rent expense 1 1,300 Cash...
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