Homework Answers
For Comparitve Balance Sheet items, Adjusted amount = amount of 2020- amount of 2019
Percentage = adjusted amount / amount of 2019 *100
eg,
Assets:
Cash:
Amount=90000-70000=20000
Percentage =20000/70000*100 = 28.57%
For Comparitive Statement of Income,
Adjusted amount = amount in 2020 - amount in 2019
Sales is considered to be 100% and all other items are based on sales figures
Therefore, % in 2020 = amount in 2020/ amount of sales in 2020*100
Same applies for 2019 also. i.e,
% in 2019 = amount in 2019 / sales in 2019*100
Eg, Cost of Goods sold :
Adjustment = 475000-450000=25000
% in 2020 = 475000/850000*100= 55.88%
% in 2019= 450000/790000*100= 56.96%
For items in comparitive statement for retained earnings,
Adjustment amount = amount in 2020 - amount in 2019
Eg, Retained earnings at the beginning of the year:
adjustment = 150000-130000=20000
In my opinion adjustment amounts and % are correct.
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can you pleas check if my adjusted ammounts and percentages
good
We were unable to transcribe...
Use your adjusted trial balance to prepare Single Step Income Statement We were unable to transcribe...
Use your adjusted trial balance to prepare Single Step
Income Statement
We were unable to transcribe this imageSport RUS Worksheet For the period ending 30.6.2019 Adjusting Enteries Date Particulars 30.6.2019 Interest Expense Interest Payable (Interest accrued) Debit in $ Credit in $ 300 300 2800 30.6.2019 Depreciation Expense Accum.Depre - Equip. (To record depreciation) 2800 4300 30.6.2019 Salaries Expense Salaries Payable (Salary accrued) 4300 200 200 30.6.2019 Insurance Expense Prepaid Insurance (Insurance expired) 30.6.2019 Office Supplies Expense Office Supplies (Supplies...
can i please have help with setting up the income statement please thank you We were...
can
i please have help with setting up the income statement please
thank you
We were unable to transcribe this image2020 2019 Liabilities and Stockholders' Equity Current Liabilities: Accounts Payable Notes Payable Salaries Payable Federal Income Taxes Payable Total Current Liabilities S $ $ $ $ 75,000 20,000 40,000 10,000 145,000 $ $ $ $ $ 40,000 60,000 30,000 25,000 155,000 Long Term Liabilities Note Payable Total Liabilities $ $ $ 60,000 205,000 $ $ 37,000 192,000 130,000 Stockholders' Equity:...
Can you check if my answers are good? and answer the comparative Income Statement. Thank you....
Can you check if my answers are good? and
answer the comparative Income Statement. Thank you.
Windsor Corporation is preparing the comparative financial statements for the annual report to its shareholders for fiscal years ended May 31, 2020, and May 31, 2021. The income from operations for the fiscal year ended May 31, 2020, was $1,778,000 and income from continuing operations for the fiscal year ended May 31, 2021, was $2,547,000. In both years, the company incurred a 11% interest...
can you please check if i am correct please thank you Comparative Balance Sheet December 31,...
can
you please check if i am correct please thank you
Comparative Balance Sheet December 31, 2020 and 2019 2020 2019 Assets Current Assets: Cash Accounts Receivable, Net Inventory (sunglasses) Prepaid Insurance Prepaid Rent Total Current Assets S $ $ $ $ $ 90,000 130,000 135,000 25,000 $ $ $ $ $ S 70,000 90,000 80,000 20,000 12,000 272,000 380,000 Property, Plant, and Equipment: Equipment Less: Accumulated Depreciation - Equipment Total Property, Plant, and Equipment Total Assets $ S $...
Use your adjusted trial balance to prepare Single Step
Income Statement
We were unable to transcribe this imageSport RUS Worksheet For the period ending 30.6.2019 Adjusting Enteries Date Particulars 30.6.2019 Interest Expense Interest Payable (Interest accrued) Debit in $ Credit in $ 300 300 2800 30.6.2019 Depreciation Expense Accum.Depre - Equip. (To record depreciation) 2800 4300 30.6.2019 Salaries Expense Salaries Payable (Salary accrued) 4300 200 200 30.6.2019 Insurance Expense Prepaid Insurance (Insurance expired) 30.6.2019 Office Supplies Expense Office Supplies (Supplies...
can
i please have help with setting up the income statement please
thank you
We were unable to transcribe this image2020 2019 Liabilities and Stockholders' Equity Current Liabilities: Accounts Payable Notes Payable Salaries Payable Federal Income Taxes Payable Total Current Liabilities S $ $ $ $ 75,000 20,000 40,000 10,000 145,000 $ $ $ $ $ 40,000 60,000 30,000 25,000 155,000 Long Term Liabilities Note Payable Total Liabilities $ $ $ 60,000 205,000 $ $ 37,000 192,000 130,000 Stockholders' Equity:...
Can you check if my answers are good? and
answer the comparative Income Statement. Thank you.
Windsor Corporation is preparing the comparative financial statements for the annual report to its shareholders for fiscal years ended May 31, 2020, and May 31, 2021. The income from operations for the fiscal year ended May 31, 2020, was $1,778,000 and income from continuing operations for the fiscal year ended May 31, 2021, was $2,547,000. In both years, the company incurred a 11% interest...
can
you please check if i am correct please thank you
Comparative Balance Sheet December 31, 2020 and 2019 2020 2019 Assets Current Assets: Cash Accounts Receivable, Net Inventory (sunglasses) Prepaid Insurance Prepaid Rent Total Current Assets S $ $ $ $ $ 90,000 130,000 135,000 25,000 $ $ $ $ $ S 70,000 90,000 80,000 20,000 12,000 272,000 380,000 Property, Plant, and Equipment: Equipment Less: Accumulated Depreciation - Equipment Total Property, Plant, and Equipment Total Assets $ S $...
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