Homework Answers
1) Income Statement for the period ending December , 2019
| Income Statement of ABC Company for the year ending Dec 2019 | ||
| Particulars | Amount | Amount |
| Sales: | ||
| Inventory A | $21,000 | |
| Inventory B | $30,000 | |
| Inventory C | $50,000 | |
| Total Sales Revenue | $101,000 | |
| Operating Expenses | ||
| Rent | $10,000 | |
| Salary | $40,000 | |
| Insurance | $6,000 | $56,000 |
| Net Operating Income | $45,000 | |
| Other Income | $70,000 | |
| Net Income | $115,000 |
2) Preparation of Owners Equity Statement
| ABC Company Owners Equity statement for the year ended Dec 2019 | |
| Particulars | Amount |
| Beginning Capital | $20,300 |
| Add: Net Income | $115,000 |
| Less: Withdrawal during theyear | ($8,000) |
| Ending Capital, Dec 31, 2019 | $127,300 |
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One month transactions of ABC Company show the following balances. .- Prepare Income statement for the...
One month transactions of Sam Company show the following balances. 1- Prepare Balance Sheet on February...
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prepare an Income statement, statement of owners equity, and balance sheet for the following .. Cash...
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BOOK Calculator Multiple-Step Income Statement and balance sheet The following selected accounts and their current balances...
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Requirements 1. Prepare the income statement for Willard Towing Service for the month ending June 30,...
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Fit-for-Life Foods reports the following income statement accounts for the year ended December 31. Gain on...
Fit-for-Life Foods reports the following income statement
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Attached is the income statement and balance sheet and other info. QUESTION: I need to Prepare...
Attached is the income statement and balance sheet and other
info.
QUESTION:
I need to Prepare a Statement of cash Flows using the
INDIRECT METHOD.?
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Requirements 1. Prepare the income statement for Willard Towing Service for the month ending June 30, 2018. 2. What does the income statement report? TICULO Service Revenue $ 15,500 Expenses: Salaries Expense Rent Expense Total Expenses 2,500 800 Net Income Data Table $ Equipment Office Supplies Notes Payable Rent Expense Cash Dividends 20,900 Service Revenue 1,400 Accounts Receivable 8,000 Accounts Payable 800 Retained Earnings, June 1, 2018 2,100 Salaries Expense 2,000 Common Stock 15,500 8,800 2,000 4,000 2,500 9,000 Print...
Fit-for-Life Foods reports the following income statement
accounts for the year ended December 31.
Gain on sale of equipment Office supplies expense Insurance expense Sales Office salaries expense Rent expense-Selling space Sales staff wages $ 6,240 240 Depreciation expense-Office Uffice copier 750 Sales discounts 1,270 Sales returns and allowances 227,000 TV advertising expense 33, 000 Interest revenue 11, 400 Cost of goods sold 23, 800 Sales commission expense $ 560 15, 700 4,000 3,800 660 91,000 13, 200 Prepare a...
Attached is the income statement and balance sheet and other
info.
QUESTION:
I need to Prepare a Statement of cash Flows using the
INDIRECT METHOD.?
REYNOLDS FOOD COMPANY INCOME STATEMENT 12/31/09 REVENUES S 890,000 COST OF GOODS SOLD 465,000 OPERATING EXPENSES 188,000 DEPRECIATION EXPENSE 33,000 12.000 INTEREST EXPENSE LOSS ON SALE OF EQUIPMENT .000 TAXABLE INCOME 190,000 INCOME TAXES NET INCOME 65,000 S 125,000 1- Equipment costing $41,000 and a book value of $36,000 was sold for $34,000 in cash....
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