a1). Income Statement ;-
Particular | Amount($) | Amount($) |
Service Revenue (A) | 61500 | |
Less : Operating Expenses | ||
Salaries and Wages Expense | 11300 | |
Incurance Expense | 850 | |
Depreciation Expenses | 7000 | |
Supplies Expense | 3400 | |
Rent Expense | 4000 | |
Total Operating Expense (B) | 26550 | (26550) |
Operating Income (A-B) | 34950 | |
Less : Other Expenses | ||
Interest Expense | 150 | (150) |
Net Income | 34800 |
a2) Statement of Retained Earnings :-
Particulars | Amount($) |
Beginning Balance | 3500 |
Add : Net Income | 34800 |
Ending Balance | 38300 |
a3) Unclassified Balance Sheet :-
Amount($) | Amount($) | |
Assets :- | ||
Cash | 11350 | |
Accounts Receivable | 21500 | |
Supplies | 5000 | |
Prepaid Insurance | 2500 | |
Equipment | 60000 | |
Less : Accumulated Depreciation - Equipment | (35000) | 25000 |
Total Assets | 65350 | |
Liabilities and Shareholder's Equity :- | ||
Accounts Payable | 5000 | |
Interest Payable | 150 | |
Note Payable | 5000 | |
Unearned Service Revenue | 5600 | |
Salaries and Wages Payable | 1300 | |
Common Stock | 10000 | |
Retained Earnings | 38300 | |
Total Equity and Liability | 65350 |
b1) Annual Interest = Interest Paid in Current Year - Outstanding Interest
= $150 + $150
= $300
Rate of Interest = Annual Interest amount / amounts of Note Payable
= $300 / $5000
= 0.06 or 6%
b2).
Payment for the current year Expense = Salaries and Wages Expense-Salaries and Wages
Payable Closing Balance
= $11300 - $1300
= $10000
Salary Expense Payment for 2016:-
Payment for the last year expense = actual Payment made in 2017 - Payment for the current
year Expense
= $17500 - $10000
= $7500
ЕЗ 12 L03 4 (Prepare Financial Statements) Santo Design was founded by Thomas Grant in January...
Santo Design was founded by Thomas Grant in January 2011. Presented below is the adjusted trial balance as of December 31, 2020. Santo Design Adjusted Trial Balance December 31, 2020 Dr. Cr. Cash $ 11,350 Accounts Receivable 21,500 Supplies 5,000 Prepaid Insurance 2,500 Equipment 60,000 Accumulated Depreciation—Equipment $ 35,000 Accounts Payable 5,000 Interest Payable 150 Notes Payable 5,000 Unearned Service Revenue 5,600 Salaries and Wages Payable 1,300 Common Stock 10,000 Retained Earnings 3,500 Service Revenue 61,500 Salaries and Wages Expense 11,300 Insurance...
Santo Design was founded by Thomas Grant in January 2011. Presented below is the adjusted trial balance as of December 31, 2020. Santo Design Adjusted Trial Balance December 31, 2020 Dr. Cr. Cash $ 11,350 Accounts Receivable 21,500 Supplies 5,000 Prepaid Insurance 2,500 Equipment 60,000 Accumulated Depreciation—Equipment $ 35,000 Accounts Payable 5,000 Interest Payable 150 Notes Payable 5,000 Unearned Service Revenue 5,600 Salaries and Wages Payable 1,300 Common Stock 10,000 Retained Earnings 3,500 Service Revenue 61,500 Salaries and Wages Expense 11,300 Insurance...
Instructions Using the information in the adjusted trial balance, do the following (a) Prepare an income statement and a retained earnings statement for the 2 months ended December 31, 2017, and a classified statement of financial position at December 31, 2017. The note payable has a stated interest rate of 6%, and the principal and interest are due on November 16, 2019. (b) Mei-ling has decided that her year end will be December 31, 2017. Prepare closing entries as of...
Instructions Using the information in the adjusted trial balance, do the following. (a) Prepare an income statement and a retained earnings statement for the 2 months ended December 31, 2017, and a classified statement of financial position at December 31, 2017. The note payable has a stated interest rate of 6%, and the principal and interest are due on November 16, 2019. (b) Mei-ling has decided that her year-end will be December 31, 2017. Prepare closing entries as of December...
ONLY RED COLORED QUESTIONS
Credit SANTO DESIGN ADJUSTED TRIAL BALANCE DECEMBER 31, 2020 Debit Cash $11,350 Accounts Receivable 21,500 Supplies 5,000 Prepaid Insurance 2,500 Equipment 60,000 Accumulated Depreciation Equipment Accounts Payable Interest Payable Notes Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings Service Revenue Salaries and Wages Expense 11,300 Insurance Expense 850 Interest Expense 150 Depreciation Expense 7,000 Supplies Expenses 3,400 Rent Expense 4,000 $127,050 $35,000 5,000 150 5,000 5,600 1,300 10,000 3,500 61,500 $127,050 Common...
Santo Design was founded by Thomas Grant in January 2011. Presented below is the adjusted trial balance as of December 31, 2020.
GLS Complete worksheet, prepare financial statements, closing entries, and post-closing trial balance (L01 2.4 The adjusted trial balance columns of the worksheet for Alshwer Company are as follows. Dr. Account No. 101 112 126 130 157 ALSHWER COMPANY Worksheet For the Year Ended December 31, 2019 Adjusted Trial Balance Account Titles Cr. Cash 5.300 Accounts Receivable 10.800 Supplies 1,500 Prepaid Insurance 2.000 Equipment 27,000 Accumulated Depreciation Equipment 5,600 Notes Payable 15,000 Accounts Payable 6.100 Salaries and Wages Payable 2,400 Interest...
Select a Section Select a Study Objective STANDARD VIEW GLS Complete worksheet; prepare financial statements, closing entries, and post-closing trial balance. (LO 1, 2, 4) The adjusted trial balance columns of the worksheet for Alshwer Company are as follows. Cr. 5,300 Account No. 101 112 126 130 157 158 ALSHWER COMPANY Worksheet For the Year Ended December 31, 2019 Adjusted Trial Balance Account Titles Dr. Cash Accounts Receivable 10,800 Supplies 1,500 Prepaid Insurance 2,000 Equipment 27,000 Accumulated Depreciation Equipment 5,600...
The adjusted trial balance of Cheyenne Company shows the following data pertaining to sales at the end of its fiscal year, October 31, 2017: Sales Revenue $741,700, Delivery Expense $11,230, Sales Returns and Allowances $23,390, and Sales Discounts $13,020. (a) Prepare the revenues section of the income statement. (b ) Prepare separate closing entries for (1) sales and (2) the contra accounts to sales.
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