Homework Answers
| Sandhil Company | ||
| Income Statement | ||
| For the year ended July 31, 2022 | ||
| Particulars | Amount | Amount |
| Revenue | ||
| Service Revenue (8110+680) | $8,790.00 | |
| Less: Expenses: | ||
| Wages Expense (2350+490) | $2,840.00 | |
| Depreciation Expense | $340.00 | |
| Supplies Expense (940-300) | $640.00 | |
| Utilities Expense | $680.00 | |
| Insurance expenses | $530.00 | |
| Total Expenses | $5,030.00 | |
| Net Income (A-B) | $3,390.00 | |
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Question 3 of 5 -17 III The income statement of Sandhill Co. for the month of...
The income statement of Montee Co. for the month of July shows net income of $1,400...
The income statement of Montee Co. for the month of July shows net income of $1,400 based on Service Revenue $5,500, Salaries and Wages Expense $2,300, Supplies Expense $1,200, and Utilities Expense $600. In reviewing the statement, you discover the following. 1. Insurance expired during July of $400 was omitted. 2. Supplies expense includes $250 of supplies that are still on hand at July 31. 3. Depreciation on equipment of $150 was omitted. 4. Accrued but unpaid salaries and wages...
Exercise 4-13 The income statement of Sheridan Company for the month of July shows net income...
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Exercise 4-13 The income statement of Oriole Company for the month of July shows net income...
Exercise 4-13 The income statement of Oriole Company for the month of July shows net income of $3,820 based on Service Revenue $7,800, Salaries and Wages Expense $2,290, Supplies Expense $920, and Utilities Expense $770. In reviewing the statement, you discover the following: 1. Insurance expired during July of $520 was omitted. 2. Supplies expense includes $290 of supplies that are still on hand at July 31. 3. Depreciation on equipment of $150 was omitted. 4. Accrued but unpaid wages...
The income statement of Oriole Company for the month of July shows net income of $2,100...
The income statement of Oriole Company for the month of July shows net income of $2,100 based on Service Revenue $6,100, Salaries and Wages Expense $2,300, Supplies Expense $1,200, and Utilities Expense $500. In reviewing the statement, you discover the following 1. 2. 3. Insurance expired during July of $500 was omitted. Supplies expense includes $250 of supplies that are still on hand at July 31. Depreciation on equipment of $150 was omitted. Accrued but unpaid salaries and wages at...
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The income statement of Gopitkumar Co. for the month of July shows net income of $1,400 based on Service Revenue $5,500, Salaries and Wages Expense $2,300, Supplies Expense $1,200, and Utities Expense $600. In reviewing the statement, you discover the following. 1. 2. 3. 4. 5. Insurance expered during July of $400 was omitted Supplies expense includes $250 of supplies that are still on hand at July 31. Depreciation on equipment of $150 was omitted. Accrued but unpaid salaries and...
The Income Statement for Karima Pty Ltd for the month of September, 2020 showed profit of...
The Income Statement for Karima Pty Ltd for the month of September, 2020 showed profit of $1,400 based on Services Revenue $5,500, Wages Expense $2,300, Supplies Expense $1,200, and Electricity Expense $600. In reviewing this information you discover: 1. $400 Insurance had expired, and this has not been deducted from the Prepaid Insurance account. 2. Supplies expense included $300 which was actually on hand at 30 September 3. Depreciation on Equipment of $250 was omitted 4. Accrued wages as at...
Question 9 View Policies Current Attempt in Progress These financial statement items are for Sandhill Co....
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...
Problem 1-03A a1-a3 On June 1, 2022, Sandhill Co. was started with an initial investment in...
Problem 1-03A a1-a3 On June 1, 2022, Sandhill Co. was started with an initial investment in the ocompany of $25,500 cash. Here are the assets, labilities, and common stock of the company at June 30, 2022, and the revenues and expenses for the month of June, its first month of operations: $14,000 $5,600 Notes payable Cash 640 4,140 Accounts payable Accounts receivable 1,520 8,500 Service revenue Supplies expense 620 2,456 Maintenance and repairs expense Supplies 280 400 Utilities expense Advertising...
Question 1 of 5 -/5 View Policies Current Attempt in Progress Identify the accounting concept that...
Question 1 of 5 -/5 View Policies Current Attempt in Progress Identify the accounting concept that describes each situation below. Do not use any concept more than once. a b. C Is the rationale for why plant assets are not reported at liquidation value. (Do not use the historical cost principle.) Indicates that personal and business recordkeeping should be separately maintained. Ensures that all relevant financial information is reported. Assumes that the dollar is the "measuring stick" used to report...
Problem 2-02A (Part Level Submission) These items are taken from the financial statements of Sandhill Co....
Problem 2-02A (Part Level Submission) These items are taken from the financial statements of Sandhill Co. 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 $35,530 2,150 62,100 13,960 11,750 6,280 23,000 12,000 3,400 6,600 2,700 71,600 6,780 1,650 3,320 14,150 2,480 40,540 19,250...
The income statement of Montee Co. for the month of July shows net income of $1,400 based on Service Revenue $5,500, Salaries and Wages Expense $2,300, Supplies Expense $1,200, and Utilities Expense $600. In reviewing the statement, you discover the following. 1. Insurance expired during July of $400 was omitted. 2. Supplies expense includes $250 of supplies that are still on hand at July 31. 3. Depreciation on equipment of $150 was omitted. 4. Accrued but unpaid salaries and wages...
Exercise 4-13 The income statement of Oriole Company for the month of July shows net income of $3,820 based on Service Revenue $7,800, Salaries and Wages Expense $2,290, Supplies Expense $920, and Utilities Expense $770. In reviewing the statement, you discover the following: 1. Insurance expired during July of $520 was omitted. 2. Supplies expense includes $290 of supplies that are still on hand at July 31. 3. Depreciation on equipment of $150 was omitted. 4. Accrued but unpaid wages...
The income statement of Oriole Company for the month of July shows net income of $2,100 based on Service Revenue $6,100, Salaries and Wages Expense $2,300, Supplies Expense $1,200, and Utilities Expense $500. In reviewing the statement, you discover the following 1. 2. 3. Insurance expired during July of $500 was omitted. Supplies expense includes $250 of supplies that are still on hand at July 31. Depreciation on equipment of $150 was omitted. Accrued but unpaid salaries and wages at...
The income statement of Gopitkumar Co. for the month of July shows net income of $1,400 based on Service Revenue $5,500, Salaries and Wages Expense $2,300, Supplies Expense $1,200, and Utities Expense $600. In reviewing the statement, you discover the following. 1. 2. 3. 4. 5. Insurance expered during July of $400 was omitted Supplies expense includes $250 of supplies that are still on hand at July 31. Depreciation on equipment of $150 was omitted. Accrued but unpaid salaries and...
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...
Problem 1-03A a1-a3 On June 1, 2022, Sandhill Co. was started with an initial investment in the ocompany of $25,500 cash. Here are the assets, labilities, and common stock of the company at June 30, 2022, and the revenues and expenses for the month of June, its first month of operations: $14,000 $5,600 Notes payable Cash 640 4,140 Accounts payable Accounts receivable 1,520 8,500 Service revenue Supplies expense 620 2,456 Maintenance and repairs expense Supplies 280 400 Utilities expense Advertising...
Question 1 of 5 -/5 View Policies Current Attempt in Progress Identify the accounting concept that describes each situation below. Do not use any concept more than once. a b. C Is the rationale for why plant assets are not reported at liquidation value. (Do not use the historical cost principle.) Indicates that personal and business recordkeeping should be separately maintained. Ensures that all relevant financial information is reported. Assumes that the dollar is the "measuring stick" used to report...
Problem 2-02A (Part Level Submission) These items are taken from the financial statements of Sandhill Co. 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 $35,530 2,150 62,100 13,960 11,750 6,280 23,000 12,000 3,400 6,600 2,700 71,600 6,780 1,650 3,320 14,150 2,480 40,540 19,250...
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