Homework Answers
Solution:
Lonyear Inc.
Income staement
| Revenues | ||
| Sales revenue | 584,951 | |
| Service revenue | 4,806 | |
| Total revenues (584951 + 4806) | 589,757 | |
| Expenses | ||
| Cost of goods sold | 438,458 | |
| Salaries and wages expense | 115,131 | |
| Interest expense | 1882 | |
| Total expense (438458 + 115131+ 1882) | 555,471 | |
| Net Income | 34,286 |
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prepare an income statement for lonyear Inc for the year ended
Decenmber 31, 2017.
Current Attempt...
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 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...
ESOURCES Expense Interest expense Prepare an come statement for Lanyar Inc. for the year ended December...
ESOURCES Expense Interest expense Prepare an come statement for Lanyar Inc. for the year ended December 31, 2017 Lonyear Inc. Income Statement 고 Click if you were te She work for this strand Typ more to search WileyPLUS Kiel Financial Accounting, TIMER ASSIGNMENT RESOURCES QUIZ Week 2 Chapter 12 sin Post Questions Question 2 The following terms and mounts were taken from Lovin's 2017 income statement and Cash $94.700 Retared aming 123.192 Cost of goods sold 438.45 Salaries and was...
Prepare an income statement and a retained earnings statement for the 2 months ended December 31,...
Prepare an income statement and a retained earnings statement
for the 2 months ended December 31, 2017, The note payable has a
stated interest rate of 6%, and the principal and interest are due
on November 16, 2019.
RUUSU 11al Dalal December 31, 2017 Debit Credit Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation Equipment NT$1,180 875 350 1,210 1,200 NT$ 40 Accounts Payable Salaries and Wages Payable Unearned Service Revenue Notes Payable 300 2,000 Interest Payable 15 800...
create a statement:) Show Attem, Current Attempt in Progress The following items and amounts were taken...
create a statement:)
Show Attem, Current Attempt in Progress The following items and amounts were taken from Sheridan Inc.'s 2022 Statement of income and statement of financial position Cash Retained earnings Salaries expense Office expense Prepaid insurance Inventory Income tax expense $77.960 113,554 403,566 100,489 7,454 59,494 5,416 Accounts receivable Service revenue Income tax payable Accounts payable Rent revenue Interest expense $81,535 538,161 5,799 45,507 4,429 2,195 a) Your answer is correct. In each case, identify whether the item is...
(a2) Prepare a retained earnings statement for Bramble Corp. for the year ended April 30, 2017....
(a2) Prepare a retained earnings statement for Bramble Corp. for the year ended April 30, 2017. (List items that increase retained earnings first.) Bramble Corp. Retained Earnings Statement Problem 2-3A (Part Level Submission) You are provided with the following information for Bramble Corp., effective as of its April 30, 2017, year- end. Accounts payable Accounts receivable Accumulated depreciation-equipment Cash Common stock Cost of goods sold Depreciation expense Dividends Equipment Income tax expense Income taxes payable Insurance expense Interest expense Inventory...
prepare an income statement for the year ending 12/31/19; retained earnings statement for the year ended;...
prepare an income statement for the year ending 12/31/19; retained
earnings statement for the year ended; classified balance sheet
Accounts Payable Accounts Receivable $5000 21,500 35,000 2000 Accumulated Depreciation - Equipment Additional Paid-in-Capital Common Stock Cash Common Stock Depreciation Expense Dividends paid Equipment Insurance Expense Interest Expense Interest payable Notes payable (due 12/31/23) Prepaid Insurance Rent Expense Retained Earnings Salaries and Wages Payable Salaries Expense Service Revenue Supplies Supplies Expense Unearned Service Revenue 11,350 8,000 7000 10,000 60,000 850 150...
Exercise 1-8 (Part Level Submission) The following items and amounts were taken from Metlock, Inc.'s 2017...
Exercise 1-8 (Part Level Submission) The following items and amounts were taken from Metlock, Inc.'s 2017 income statement and balance sheet. $ 85,100 Cash Retained earnings 124,400 Cost of goods sold 435,100 Salaries and wages expense 118,800 7,800 Prepaid insurance Inventory 64,500 Accounts receivable 90,000 Sales revenue 593,100 Notes payable 6,600 Accounts payable 56,700 Service revenue 5,400 Interest expense 1,880 Prepare an income statement for Metlock, Inc. for the year ended December 31, 2017. Metlock, Inc. Income Statement %24
These items are taken from the financial statements of Kingbird, Inc. for 2017. Retained earnings (beginning...
These items are taken from the financial statements of Kingbird, Inc. for 2017. Retained earnings (beginning of year) Utilities expense Equipment Accounts payable Cash Salaries and wages payable Common stock Dividends Service revenue Prepaid insurance Maintenance and repairs expense Depreciation expense Accounts receivable Insurance expense Salaries and wages expense Accumulated depreciation equipment $33,380 2,150 68,380 22,250 14,300 5,510 12,000 12,000 72,730 6,010 1,650 3,140 15,650 2,660 41,730 21,800 Prepare an income statement for the year ended December 31, 2017. Kingbird,...
Prepare a retained earnings statement for the year ended December 31, 2022. (List items that increase...
Prepare a retained earnings statement for the year ended December 31, 2022. (List items that increase retained earnings first.) CULLUMBER COMPANY Retained Earnings Statement $ < $ These items are taken from the financial statements of Cullumber 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...
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 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...
ESOURCES Expense Interest expense Prepare an come statement for Lanyar Inc. for the year ended December 31, 2017 Lonyear Inc. Income Statement 고 Click if you were te She work for this strand Typ more to search WileyPLUS Kiel Financial Accounting, TIMER ASSIGNMENT RESOURCES QUIZ Week 2 Chapter 12 sin Post Questions Question 2 The following terms and mounts were taken from Lovin's 2017 income statement and Cash $94.700 Retared aming 123.192 Cost of goods sold 438.45 Salaries and was...
Prepare an income statement and a retained earnings statement
for the 2 months ended December 31, 2017, The note payable has a
stated interest rate of 6%, and the principal and interest are due
on November 16, 2019.
RUUSU 11al Dalal December 31, 2017 Debit Credit Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation Equipment NT$1,180 875 350 1,210 1,200 NT$ 40 Accounts Payable Salaries and Wages Payable Unearned Service Revenue Notes Payable 300 2,000 Interest Payable 15 800...
create a statement:)
Show Attem, Current Attempt in Progress The following items and amounts were taken from Sheridan Inc.'s 2022 Statement of income and statement of financial position Cash Retained earnings Salaries expense Office expense Prepaid insurance Inventory Income tax expense $77.960 113,554 403,566 100,489 7,454 59,494 5,416 Accounts receivable Service revenue Income tax payable Accounts payable Rent revenue Interest expense $81,535 538,161 5,799 45,507 4,429 2,195 a) Your answer is correct. In each case, identify whether the item is...
(a2) Prepare a retained earnings statement for Bramble Corp. for the year ended April 30, 2017. (List items that increase retained earnings first.) Bramble Corp. Retained Earnings Statement Problem 2-3A (Part Level Submission) You are provided with the following information for Bramble Corp., effective as of its April 30, 2017, year- end. Accounts payable Accounts receivable Accumulated depreciation-equipment Cash Common stock Cost of goods sold Depreciation expense Dividends Equipment Income tax expense Income taxes payable Insurance expense Interest expense Inventory...
prepare an income statement for the year ending 12/31/19; retained
earnings statement for the year ended; classified balance sheet
Accounts Payable Accounts Receivable $5000 21,500 35,000 2000 Accumulated Depreciation - Equipment Additional Paid-in-Capital Common Stock Cash Common Stock Depreciation Expense Dividends paid Equipment Insurance Expense Interest Expense Interest payable Notes payable (due 12/31/23) Prepaid Insurance Rent Expense Retained Earnings Salaries and Wages Payable Salaries Expense Service Revenue Supplies Supplies Expense Unearned Service Revenue 11,350 8,000 7000 10,000 60,000 850 150...
Exercise 1-8 (Part Level Submission) The following items and amounts were taken from Metlock, Inc.'s 2017 income statement and balance sheet. $ 85,100 Cash Retained earnings 124,400 Cost of goods sold 435,100 Salaries and wages expense 118,800 7,800 Prepaid insurance Inventory 64,500 Accounts receivable 90,000 Sales revenue 593,100 Notes payable 6,600 Accounts payable 56,700 Service revenue 5,400 Interest expense 1,880 Prepare an income statement for Metlock, Inc. for the year ended December 31, 2017. Metlock, Inc. Income Statement %24
These items are taken from the financial statements of Kingbird, Inc. for 2017. Retained earnings (beginning of year) Utilities expense Equipment Accounts payable Cash Salaries and wages payable Common stock Dividends Service revenue Prepaid insurance Maintenance and repairs expense Depreciation expense Accounts receivable Insurance expense Salaries and wages expense Accumulated depreciation equipment $33,380 2,150 68,380 22,250 14,300 5,510 12,000 12,000 72,730 6,010 1,650 3,140 15,650 2,660 41,730 21,800 Prepare an income statement for the year ended December 31, 2017. Kingbird,...
Prepare a retained earnings statement for the year ended December 31, 2022. (List items that increase retained earnings first.) CULLUMBER COMPANY Retained Earnings Statement $ < $ These items are taken from the financial statements of Cullumber 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...
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