Homework Answers
| Barry's Automative Shop | ||
| Income statement | ||
| Dec 31 | ||
| Service Revenue | 125000 | |
| Expenses: | ||
| Utilities Exp. | 5000 | |
| Gas Exp. | 7200 | |
| Rent Exp. | 18000 | |
| Supplies Exp. | 3425 | |
| Wages Exp. | 22000 | |
| Total Expenses | 55625 | |
| Net Income | 69375 |
| Barry's Automative Shop | |
| Owner's Equity | |
| Dec 31 | |
| Beginning Capital | 0 |
| Add: Addition | 38525 |
| Add: Net Income | 69375 |
| Less: Withdrawls | 36000 |
| Retained Earnings Closing Balance | 71900 |
| Barry's Automative Shop | ||
| Balance Sheet | ||
| Dec 31 | ||
| Assets | ||
| Cash | 12500 | |
| Accounts Receivables | 1500 | |
| Office Supplies | 500 | |
| Service Truck | 33000 | |
| Repair Shop Equipment | 27000 | |
| Total | 74500 | |
| Liabilities | ||
| Accounts Payable | 2600 | |
| Equity | ||
| Retained Earnings | 71900 | |
| Total | 74500 |
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3. Based on the following trial balance for Barry's Automotive Shop, prepare an income statement, statement...
Based on the following trial balance for RJ Dio Metal Shop, prepare an income statement and...
Based on the following trial balance for RJ Dio Metal Shop, prepare an income statement and a statement of owner's equity for the year ended December 31, 2019 and a classified balance sheet at December 31, 2019. Ru Dio made no investments in 2019. Use the designated space in the Solution Packet (30 points). 25,000 21,000 8,000 6,000 75,000 30,000 200,000 RJ Dio Metal Shop Adjusted Trial Balance December 31, 2019 Cash Accounts Receivable Prepaid Expense Supplies Equipment Accumulated Depreciation...
II. Income Statement Information Based on the following trial balance for Sally's Salon, Inc., prepare an...
II. Income Statement Information Based on the following trial balance for Sally's Salon, Inc., prepare an income statemen Sally's Salon, Inc. Trial Balance December 31 $7,500 475 2,500 17,000 $745 1,000 21,155 Cash Accounts receivable Beauty supplies Beauty shop equipment Accounts payable Common stock Retained earnings Dividends Revenue earned Beauty supplies expense Rent expense Wages expense Totals 36,000 72,000 3,425 6,000 22,000 $94,900 $94,900
Q3- . Based on the following trial balance for XYZ company, prepare the income statement (2...
Q3- . Based on the following trial balance for XYZ company, prepare the income statement (2 Marks). XYZ Partial Trial Balance December 31 Dividends 36,000 Revenue earned 72,000 Supplies expense 3,425 Rent expense 6,000 Wages expense 22,000
1. Use the information in the adjusted trial balance below to prepare (a) the income statement...
1. Use the information in the adjusted trial balance below to prepare (a) the income statement (IS tab) for the year ended December 31; (b) the statement of owner's eqity (SOE tab) for the year ended December 31 [Note: Crowder capital at December 31 of the prior year was $255,000]; and (c) the balance sheet (BS tab) as of December 31. 2. Compute the profit margin for the year (profit margin tab) (use total revenues as the denominator). The adjusted...
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...
Use the following Adjusted Trial Balance to create an Income Statement, Statement of Owner's Equity and...
Use the following Adjusted Trial Balance to create an Income Statement, Statement of Owner's Equity and a classified Balance Sheet. Please use proper terminology, such as Current Assets, Current Liabilities, Total Assets, Total Liabilities and "Total Liabilities and Owner's Equity". Feel free to use extra paper for your answer. Accumulated Depreciation - Bldg. 5,000 Accounts Payable 4,000 Accounts Receivable 20,000 Building 35,000 Cash 1,000 Cost of Goods Sold 27,000 Depreciation expense -bldg 3,000 Not included in Cost of Goods Sold...
prepare a post closing trial balance Question 2 Cullumber Company had the following adjusted trial balance....
prepare a post closing trial balance
Question 2 Cullumber Company had the following adjusted trial balance. Cullumber Company Adjusted Trial Balance For the Month Ended June 30, 2020 Adjusted Trial Balance Account Titles Debit Credit Cash $3,570 Accounts Receivable 3,950 Supplies 600 Accounts Payable $1,500 Unearned Service Revenue Owner's Capital 4,710 Owner's Drawings Service Revenue 5,600 Salaries and Wages Expense Miscellaneous Expense Supplies Expense Salaries and Wages Payable 520 $12,500 O DO 170 N O $ U J.UU ) Prepare...
Using the Adjusted Trial Balance, complete the Income Statement, Statement of Owner's Equity, and Balance Sheet....
Using the Adjusted Trial Balance, complete the Income Statement, Statement of Owner's Equity, and Balance Sheet. Enter any decreases with a minus sign or parentheses SMART TOUCH LEARNING Adjusted Trial Balance December 31, 2016 Balance Account Title Debit Credit Cash 19,200 Accounts Receivable 10,600 Office Supplies 200 Expenses: Prepaid Rent 12,800 Furniture 22,500 7.700 Accounts Payable Salaries Payable Interest Payable 2,500 600 300 Total Expenses Unearned Revenue 6,400 9,000 25,400 Net Income Notes Payable Bright, Capital Bright, Withdrawals 32,700 Service...
points) Below is the adjusted trial balance for Baba Repair Service. Please prepare the income statement...
points) Below is the adjusted trial balance for Baba Repair Service. Please prepare the income statement for the December 31, 2012. Baba Repair Service Adjusted Trial Balance December 31, 2012 Debit Credit $1,600 2,400 800 200 14,000 Accounts Cash Accounts receivable Prepaid rent Supplies Building Accumulated depreciation Accounts payable Salary payable Unearned revenue D. Baba, capital D. Baba, drawing Service revenue Salary expense Rent expense Depreciation expense Supplies expense Total $2,000 4,200 1,000 800 6,000 1,000 50,000 121.000 114,000 8.500...
Preparation of financial statements Using the Adjusted Trial Balance shown below, prepare the company’s: (a) ...
Preparation of financial statements Using the Adjusted Trial Balance shown below, prepare the company’s: (a) Income Statement (b) Statement of Retained Earnings (c) Balance Sheet by completing the tables provided on the following pages. Repair Shop Adjusted Trial Balance Dec. 31, 2016 Debit Credit Cash $ 30,000 Supplies 2,000 Accounts Receivable 70,000 Equipment 30,000 Accumulated Depreciation on Equipment $ 10,000 Accounts Payable 20,000 Notes Payable 5,000 Income Taxes Payable 20,000 Capital Stock 30,000 Retained Earnings (as of Jan 1, 2016)...
Based on the following trial balance for RJ Dio Metal Shop, prepare an income statement and a statement of owner's equity for the year ended December 31, 2019 and a classified balance sheet at December 31, 2019. Ru Dio made no investments in 2019. Use the designated space in the Solution Packet (30 points). 25,000 21,000 8,000 6,000 75,000 30,000 200,000 RJ Dio Metal Shop Adjusted Trial Balance December 31, 2019 Cash Accounts Receivable Prepaid Expense Supplies Equipment Accumulated Depreciation...
II. Income Statement Information Based on the following trial balance for Sally's Salon, Inc., prepare an income statemen Sally's Salon, Inc. Trial Balance December 31 $7,500 475 2,500 17,000 $745 1,000 21,155 Cash Accounts receivable Beauty supplies Beauty shop equipment Accounts payable Common stock Retained earnings Dividends Revenue earned Beauty supplies expense Rent expense Wages expense Totals 36,000 72,000 3,425 6,000 22,000 $94,900 $94,900
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...
Use the following Adjusted Trial Balance to create an Income Statement, Statement of Owner's Equity and a classified Balance Sheet. Please use proper terminology, such as Current Assets, Current Liabilities, Total Assets, Total Liabilities and "Total Liabilities and Owner's Equity". Feel free to use extra paper for your answer. Accumulated Depreciation - Bldg. 5,000 Accounts Payable 4,000 Accounts Receivable 20,000 Building 35,000 Cash 1,000 Cost of Goods Sold 27,000 Depreciation expense -bldg 3,000 Not included in Cost of Goods Sold...
prepare a post closing trial balance
Question 2 Cullumber Company had the following adjusted trial balance. Cullumber Company Adjusted Trial Balance For the Month Ended June 30, 2020 Adjusted Trial Balance Account Titles Debit Credit Cash $3,570 Accounts Receivable 3,950 Supplies 600 Accounts Payable $1,500 Unearned Service Revenue Owner's Capital 4,710 Owner's Drawings Service Revenue 5,600 Salaries and Wages Expense Miscellaneous Expense Supplies Expense Salaries and Wages Payable 520 $12,500 O DO 170 N O $ U J.UU ) Prepare...
Using the Adjusted Trial Balance, complete the Income Statement, Statement of Owner's Equity, and Balance Sheet. Enter any decreases with a minus sign or parentheses SMART TOUCH LEARNING Adjusted Trial Balance December 31, 2016 Balance Account Title Debit Credit Cash 19,200 Accounts Receivable 10,600 Office Supplies 200 Expenses: Prepaid Rent 12,800 Furniture 22,500 7.700 Accounts Payable Salaries Payable Interest Payable 2,500 600 300 Total Expenses Unearned Revenue 6,400 9,000 25,400 Net Income Notes Payable Bright, Capital Bright, Withdrawals 32,700 Service...
points) Below is the adjusted trial balance for Baba Repair Service. Please prepare the income statement for the December 31, 2012. Baba Repair Service Adjusted Trial Balance December 31, 2012 Debit Credit $1,600 2,400 800 200 14,000 Accounts Cash Accounts receivable Prepaid rent Supplies Building Accumulated depreciation Accounts payable Salary payable Unearned revenue D. Baba, capital D. Baba, drawing Service revenue Salary expense Rent expense Depreciation expense Supplies expense Total $2,000 4,200 1,000 800 6,000 1,000 50,000 121.000 114,000 8.500...
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