Homework Answers
Ans: Income Statement
| Particulars | Amount($) |
| Revenue | |
| Service Revenue | 538,161 |
| Rent Revenue | 4,429 |
| Total | 542,590 |
| Expense | |
| Salaries Expense | 403,566 |
| Office Expense | 100,489 |
| Income Tax expense | 5,799 |
| Interest Expense | 2,195 |
| Total | 512,049 |
| Net Income{Revenue-Expense} | 30,541 |
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Show Attem, Current Attempt in Progress The following items and amounts were taken...
In Accountant The following items and amounts were taken from Cullumber Company's 2022 income statement and...
In Accountant
The following items and amounts were taken from Cullumber Company's 2022 income statement and balance sheet. Cash Retained earnings Cost of goods sold Salaries and wages expense Prepaid insurance Inventory $ 86,400 Accounts receivable $ 90,400 121,700 Sales revenue 586,000 436,500 Notes payable 6,400 117,700 Accounts payable 55,000 8,100 Service revenue 4,500 64,300 Interest expense 1,700 (a) In each case, identify whether the item is an asset, liability, stockholders' equity, revenue, or expense item. Cash Retained earnings Cost...
The following items and amounts were taken from Skysong, Inc.'s 2017 income statement and balance sheet...
The following items and amounts were taken from Skysong, Inc.'s 2017 income statement and balance sheet Cash Retained earnings Cost of goods sold Salaries and wages expense Prepaid insurance Inventory Accounts receivable Sales revenue Notes payable Accounts payable Service revenue Interest expense $ 94,300 122,000 438,800 118,800 8,100 64,700 87,400 583,700 6,800 53,200 5,400 1,850 In each case, identify whether the item is an asset, liability, stockholders' equity, revenue, or expense item. Asset Cash Stockholders' Equity Retained earnings Expense Cost...
The following items and amounts were taken from Sheridan Company's 2022 income statement and balance sheet,...
The following items and amounts were taken from Sheridan Company's 2022 income statement and balance sheet, the end of its first year of operations. Interest expense Interest payable Notes payable Sales revenue Cash Salaries and wages expense $2,900 Equipment, net $ 56,800 650 Depreciation expense 3,200 12,000 Supplies 4,000 49,600 Common stock 26,750 3,900 Retained earnings 17,400 Supplies expense 800 (a) ✓ Your answer is correct. In each case, identify whether the item is an asset, liability, stockholders' equity, revenue,...
Identify financial statement components and prepare income statement. E1-8 The following items and amounts were taken...
Identify financial statement components and prepare income statement. E1-8 The following items and amounts were taken from Lonyear Inc.'s 2017 income statement and balance sheet Cash Accounts LO 3), C Retained earnings Cost of goods sold Salaries and wages 84,700 receivable 123,192 438,458 115,131 88,419 Sales revenue 584,951 6,499 49,384 Notes payable Accounts expense payable Prepaid insurance 7,818 Service revenue4,806 Inventory 64,618 Interest expense 1,882 Instructions (a) In each, case, identify on the blank line whether the item is an...
The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet,...
The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet, the end of its first year of operations. $2.000 Equipment, net $ 54.000 Interest expense Interest payable 500 Depreciation expense 3,000 11.000 Supplies Notes payable 4,000 44,000 Common stock 25,600 Sales revenue 2.400 Retained earnings Cash Salaries and wages expense 700 15.000 Supplies expense In each case, identify whether the item is an asset, liability, stockholders' equity, revenue, or expense item. Expense Interest expense...
The following items and amounts were taken from Crane Company's 2022 income statement and balance sheet....
The following items and amounts were taken from Crane Company's 2022 income statement and balance sheet. 6,500 Cash Retained earnings Cost of goods sold Salaries and wages expense Prepaid insurance Inventory $ 84,800 Accounts receivable $ 89,300 122,900 Sales revenue 580,500 437,300 Notes payable 115,700 Accounts payable 52,100 7,800 Service revenue 4,900 65,000 Interest expense 1,860 repare an income statement for Crane Company for the year ended December 31, 2022. CRANE COMPANY Income Statement
The following items and amounts were taken from Oriole Company's 2022 income statement and balance sheet,...
The following items and amounts were taken from Oriole Company's 2022 income statement and balance sheet, the end of its first year of operations. $ 54,900 $ 2,500 Equipment, net Interest expense 800 Depreciation expense Interest payable 3,900 Notes payable 11,000 Supplies 4,700 Sales revenue 52,500 Common stock 21,200 Cash 3,600 Retained earnings Salaries and wages expense 15,000 Supplies expense 900 (a) In each case, identify whether the item is an asset, liability, stockholders' equity, revenue, or expense item. Interest...
Question 47 40 pts PROBLEM 2(40 Points The following items are listed alphabetically. Use the bolded...
Question 47 40 pts PROBLEM 2(40 Points The following items are listed alphabetically. Use the bolded abbreviations for your answers. Use Column 1 to indicate whether the item is found on the Balance Sheet (BS) or Income Statement (IS) For Balance Sheet items, use Column 2 to indicate the following: CA Current Asset, NCA Non Current Asset, PPE- Property, Plant & Equipment, IA-Intangible Asset CL Current Liability, NCL-Non Current Liability, or SE- Stockholders' Equity. Use Column 3 to indicate whether...
Question 8 View Policies Current Attempt in Progress These items are taken from the financial statements...
Question 8 View Policies Current Attempt in Progress These items are taken from the financial statements of Sheridan Company at December 31, 2022. $120.612 14,364 3,648 13,498 93,936 69,768 889 Buildings Accounts receivable Prepaid insurance Cash Equipment Land Insurance expense Depreciation expense Interest expense Common stock Retained earnings (January 1, 2022) Accumulated depreciation-buildings Accounts payable Notes payable Accumulated depreciation equipment Interest payable Service revenue 6,042 2.964 68,400 45,600 51,984 10,830 106,704 21,341 4,104 16,758 Prepare a classified balance sheet. Assume...
Question 6 of 6 Current Attempt in Progress These items are taken from the financial statements...
Question 6 of 6 Current Attempt in Progress These items are taken from the financial statements of Pharoah Company for 2022. Retained earnings (beginning of year) Utilities expense Equipment Accounts payable Cash Salaries and wages payable Common stock Dividends Supplies Debt investment (long-term) Trademarks Service revenue Prepaid insurance Maintenance and repairs expense Depreciation expense Accounts receivable Insurance expense Salaries and wages expense Accumulated depreciation equipment $35,820 2,130 65,600 17,050 14,180 5,120 22,500 12,000 3,900 5.800 2,100 69,700 5,620 1,670 3,220...
In Accountant
The following items and amounts were taken from Cullumber Company's 2022 income statement and balance sheet. Cash Retained earnings Cost of goods sold Salaries and wages expense Prepaid insurance Inventory $ 86,400 Accounts receivable $ 90,400 121,700 Sales revenue 586,000 436,500 Notes payable 6,400 117,700 Accounts payable 55,000 8,100 Service revenue 4,500 64,300 Interest expense 1,700 (a) In each case, identify whether the item is an asset, liability, stockholders' equity, revenue, or expense item. Cash Retained earnings Cost...
The following items and amounts were taken from Skysong, Inc.'s 2017 income statement and balance sheet Cash Retained earnings Cost of goods sold Salaries and wages expense Prepaid insurance Inventory Accounts receivable Sales revenue Notes payable Accounts payable Service revenue Interest expense $ 94,300 122,000 438,800 118,800 8,100 64,700 87,400 583,700 6,800 53,200 5,400 1,850 In each case, identify whether the item is an asset, liability, stockholders' equity, revenue, or expense item. Asset Cash Stockholders' Equity Retained earnings Expense Cost...
The following items and amounts were taken from Sheridan Company's 2022 income statement and balance sheet, the end of its first year of operations. Interest expense Interest payable Notes payable Sales revenue Cash Salaries and wages expense $2,900 Equipment, net $ 56,800 650 Depreciation expense 3,200 12,000 Supplies 4,000 49,600 Common stock 26,750 3,900 Retained earnings 17,400 Supplies expense 800 (a) ✓ Your answer is correct. In each case, identify whether the item is an asset, liability, stockholders' equity, revenue,...
Identify financial statement components and prepare income statement. E1-8 The following items and amounts were taken from Lonyear Inc.'s 2017 income statement and balance sheet Cash Accounts LO 3), C Retained earnings Cost of goods sold Salaries and wages 84,700 receivable 123,192 438,458 115,131 88,419 Sales revenue 584,951 6,499 49,384 Notes payable Accounts expense payable Prepaid insurance 7,818 Service revenue4,806 Inventory 64,618 Interest expense 1,882 Instructions (a) In each, case, identify on the blank line whether the item is an...
The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet, the end of its first year of operations. $2.000 Equipment, net $ 54.000 Interest expense Interest payable 500 Depreciation expense 3,000 11.000 Supplies Notes payable 4,000 44,000 Common stock 25,600 Sales revenue 2.400 Retained earnings Cash Salaries and wages expense 700 15.000 Supplies expense In each case, identify whether the item is an asset, liability, stockholders' equity, revenue, or expense item. Expense Interest expense...
The following items and amounts were taken from Crane Company's 2022 income statement and balance sheet. 6,500 Cash Retained earnings Cost of goods sold Salaries and wages expense Prepaid insurance Inventory $ 84,800 Accounts receivable $ 89,300 122,900 Sales revenue 580,500 437,300 Notes payable 115,700 Accounts payable 52,100 7,800 Service revenue 4,900 65,000 Interest expense 1,860 repare an income statement for Crane Company for the year ended December 31, 2022. CRANE COMPANY Income Statement
The following items and amounts were taken from Oriole Company's 2022 income statement and balance sheet, the end of its first year of operations. $ 54,900 $ 2,500 Equipment, net Interest expense 800 Depreciation expense Interest payable 3,900 Notes payable 11,000 Supplies 4,700 Sales revenue 52,500 Common stock 21,200 Cash 3,600 Retained earnings Salaries and wages expense 15,000 Supplies expense 900 (a) In each case, identify whether the item is an asset, liability, stockholders' equity, revenue, or expense item. Interest...
Question 47 40 pts PROBLEM 2(40 Points The following items are listed alphabetically. Use the bolded abbreviations for your answers. Use Column 1 to indicate whether the item is found on the Balance Sheet (BS) or Income Statement (IS) For Balance Sheet items, use Column 2 to indicate the following: CA Current Asset, NCA Non Current Asset, PPE- Property, Plant & Equipment, IA-Intangible Asset CL Current Liability, NCL-Non Current Liability, or SE- Stockholders' Equity. Use Column 3 to indicate whether...
Question 8 View Policies Current Attempt in Progress These items are taken from the financial statements of Sheridan Company at December 31, 2022. $120.612 14,364 3,648 13,498 93,936 69,768 889 Buildings Accounts receivable Prepaid insurance Cash Equipment Land Insurance expense Depreciation expense Interest expense Common stock Retained earnings (January 1, 2022) Accumulated depreciation-buildings Accounts payable Notes payable Accumulated depreciation equipment Interest payable Service revenue 6,042 2.964 68,400 45,600 51,984 10,830 106,704 21,341 4,104 16,758 Prepare a classified balance sheet. Assume...
Question 6 of 6 Current Attempt in Progress These items are taken from the financial statements of Pharoah Company for 2022. Retained earnings (beginning of year) Utilities expense Equipment Accounts payable Cash Salaries and wages payable Common stock Dividends Supplies Debt investment (long-term) Trademarks Service revenue Prepaid insurance Maintenance and repairs expense Depreciation expense Accounts receivable Insurance expense Salaries and wages expense Accumulated depreciation equipment $35,820 2,130 65,600 17,050 14,180 5,120 22,500 12,000 3,900 5.800 2,100 69,700 5,620 1,670 3,220...
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