Homework Answers
| TEAL MOUNTAIN COMPANY | |||
| INCOME STATEMENT | |||
| FOR THE YEAR ENDED DECEMBER 31, 2017 | |||
| Sales revenue | 243,000 | ||
| Cost of goods sold | 121,500 | ||
| Gross profit | 121,500 | ||
| Operating expenses | |||
| Selling expenses | |||
| Delivery expense | 6,000 | ||
| Sales commissions | 16,930 | ||
| Depreciation of sales equipment | 13,400 | 36,330 | |
| Administrative expenses | |||
| Officers’ salaries | 11,100 | ||
| Depreciation of office furniture and equipment | 8,350 | 19,450 | 55,780 |
| Income From Operations | 65,720 | ||
| Other Revenues and Gains | |||
| Rent revenue | 2,300 | ||
| 68,020 | |||
| Other Expenses and Losses | |||
| Interest expense | 3,120 | ||
| Income before Income Tax | 64,900 | ||
| Income tax | 12,600 | ||
| Net Income | 52,300 | ||
| Earning Per Share | 2.38 | ||
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E Ch 4: End-of-Chapter Practice Question 7 of 46 View Policies Current Attempt in Progress The...
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Ch 05: Homework Send to Gradebook < Prev Question 3 View Policies Current Attempt in Progress...
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Question 9 View Policies Current Attempt in Progress These financial statement items are for Sandhill Co....
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Question 4 of 5 View Policies Show Attempt History Current Attempt in Progress These financial statement...
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Question 6 of 7 < - / 1.5 E View Policies Current Attempt in Progress From the ledger balances below, prepare a trial balance for Blossom Company at June 30, 2022. All account balances are normal. Accounts Payable Cash Common Stock Dividends Equipment $ 2,700 5,830 16,730 1,940 13,160 Service Revenue Accounts Receivable Salaries and Wages Expense Rent Expense $8,760 2,600 3.260 1,400 BLOSSOM COMPANY Trial Balance Debit Credit
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Question 7 --/1 View Policies Current Attempt in Progress Marigold Corp., opened an incorporated dental practice on January 1, 2022. During the first month of operations, the following transactions occurred. 1. Performed services for patients who had dental plan insurance. At January 31, $890 of such services was completed but not yet billed to the insurance companies. 2. Utility expenses incurred but not paid prior to January 31 totaled $670. 3. Purchased dental equipment on January 1 for $85,500, paying...
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Question 4 of 10 -/1 E View Policies Current Attempt in Progress At the end of its first year, a tabular summary of transactions for Pina Colada Corp. before adjustments include the following selected account information. Liabilities + Assets Acc Equipment Depr.-Equip. 26,400 0 Stockholders'Equity Com. Exp. Stock + Rev. (Depr.) 0 Div. Bal. Depreciation for the year is estimated to be $3,300. Record the adjustment for depreciation in the tabulat summary and indicate the adjusted balance in each account....
Question 9 View Policies Current Attempt in Progress These financial statement items are for Sandhill Co. at year-end, July 31, 2022 Salaries and wages payable Salaries and wages expense Supplies expense Equipment Accounts payable Service revenue Rent revenue Notes payable (due in 2025) Common stock Cash Accounts receivable Accumulated depreciation-equipment Dividends Depreciation expense Retained earnings (beginning of the year) $4,000 59,000 17,500 15,460 3,700 67,600 10,400 3,000 16,000 36,640 11,100 7,500 4,000 4,000 35,500 Prepare an income statement for the...
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-r Practice Question 47 of 52 -/1 View Policies Current Attempt in Progress Crane Consulting has year-end account balances of Sales Revenue $540,400, Interest Revenue $2,400, Salary and Wages Expense $244,400, Rent Expense $130,000, Administrative Expense $63,300, Income Tax Expense $32,800, and Dividends $35,200. Prepare the year-end closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter o for the...
Question 6 of 7 < - / 1.5 E View Policies Current Attempt in Progress From the ledger balances below, prepare a trial balance for Blossom Company at June 30, 2022. All account balances are normal. Accounts Payable Cash Common Stock Dividends Equipment $ 2,700 5,830 16,730 1,940 13,160 Service Revenue Accounts Receivable Salaries and Wages Expense Rent Expense $8,760 2,600 3.260 1,400 BLOSSOM COMPANY Trial Balance Debit Credit
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