Homework Answers
Solution 1:
| Fighting Okra Cooking Services | ||
| Income Statement | ||
| Particulars | Amount | |
| Service Revenue | $78,000.00 | |
| Expenses: | ||
| Postage Expense | $1,650.00 | |
| Legal fees expense | $2,550.00 | |
| Rent Expense | $10,900.00 | |
| Salaries Expense | $27,000.00 | |
| Supplies Expense | $16,000.00 | |
| Total expeneses | $58,100.00 | |
| Net Income | $19,900.00 | |
Solution 2:
| Fighting Okra Cooking Services | |||
| Statement of Stockholder's Equity | |||
| Particulars | Common stock | Retained Earnings | Total Stockholder's Equity |
| Beginning balance | $350,000.00 | $38,000.00 | $388,000.00 |
| Add: share of common stock issue | $28,000.00 | $28,000.00 | |
| Add: Net Income | $19,900.00 | $19,900.00 | |
| Less: Dividend paid | -$16,000.00 | -$16,000.00 | |
| Ending Balance | $378,000.00 | $41,900.00 | $419,900.00 |
Add Answer to:
On 31, F+ tpx Exercise 1-10 Link the income statement to the statement of stockholders' equity...
On December 31, Fighting Okra Cooking Services reports the following revenues and expenses. On December 31,...
On December 31, Fighting Okra Cooking Services reports the
following revenues and expenses.
On December 31, Fighting Okra Cooking Services reports the following revenues and expenses. $ Service revenue Postage expense Legal fees expense Rent expense Salaries expense Supplies expense 85,000 2,000 2,900 11,600 34,000 19,500 In addition, the balance of common stock at the beginning of the year was $700,000, and the balance of retained earnings was $52,000. During the year, the company issued additional shares of common stock...
On December 31, 2021. Fighting Okra Cooking Services reports the following revenues and expenses $ 714...
On December 31, 2021. Fighting Okra Cooking Services reports the following revenues and expenses $ 714 Doncs $75,000 1. CO 2.400 Service Tevenue Portare expense Legal fest expense Rent expense Salute expense Supplies expense 10.000 26.000 14.500 In addition, the balance of common stock at the beginning of the year was $200,000, and the balance of retained earnings was $32,000. During the year, the company issued additional shares of common stock for $25.000 and paid dividends of $10,000 Required: erences...
On December 31, Fighting Okra Cooking Services reports the following revenues and expenses. Service revenue Postage...
On December 31, Fighting Okra Cooking Services reports the following revenues and expenses. Service revenue Postage expense Legal fees expense Rent expense Salaries expense Supplies expense $ 71,000 1,100 2,100 10,000 19,000 10,000 In addition, the balance of common stock at the beginning of the year was $150,000, and the balance of retained earnings was $26,000. During the year, the company issued additional sharestof common stock for $20,000 and paid dividends of $10,000, Required: 1. Prepare an income statement FIGHTING...
On December 31, 2021, Fighting Okra Cooking Services reports the following revenues and expenses. Service revenue...
On December 31, 2021, Fighting Okra Cooking Services reports the following revenues and expenses. Service revenue Postage expense Legal fees expense $82,000 1,850 2,750 Rent expense Salaries expense Supplies expense 11,300 31,000 18,000 In addition, the balance of common stock at the beginning of the year was $550,000, and the balance of retained earnings was $46,000. During the year, the company issued additional shares of common stock for $32,000 and paid dividends of $24,000. Required: 1. Prepare an income statement....
On December 31, 2021, Fighting Okra Cooking Services reports the following revenues and expenses. Service revenue...
On December 31, 2021, Fighting Okra Cooking Services reports the following revenues and expenses. Service revenue Postage expense Legal fees expense $89,000 2,200 3,100 12,000 38,000 21,500 Rent expense Salaries expense Supplies expense In addition, the balance of common stock at the beginning of the year was $900,000, and the balance of retained earnings was $60,000. During the year, the company issued additional shares of common stock for $39,000 and paid dividends of $38,000. Required: 1. Prepare an income statement....
Saved Help Save & E Chec On December 31, 2021, Fighting Okra Cooking Services reports the...
Saved Help Save & E Chec On December 31, 2021, Fighting Okra Cooking Services reports the following revenues and expenses. Service revenue Postage expense Legal fees expense points $76,000 1,550 2,450 Rent expense Salaries expense Supplies expense 10,700 25,000 15,000 18 02:54:32 brir w In addition, the balance of common stock at the beginning of the year was $250,000, and the balance of retained earnings was $34,000. During the year, the company issued additional shares of common stock for $26,000...
Accounting
On December 31, 2021 fighting okra cooking service reports the following revenues and expenses: Service Revenue 74,000 Postage expense 1400, legal fees 2400, rent Expense 16600, salaries expense 22,000, supplies expense 16000. in addition the balance of common stock at the beginning of the year was 165,000 and the balance of retained earnings was 32000. During the. Year the company issued additional shares of common stock for $26,000 and paid dividends of 16000 prepare an income statement and a statement...
Exercise 1-11A Link the statement of stockholders' equity to the balance sheet (LO1-3) At the beginning...
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Prepare an; income statement, statement of changes in stockholders equity, balance sheet, and statement of cash...
Prepare an;
income statement,
statement of changes in stockholders equity, balance sheet,
and
statement of cash flow for Year One
orvos Google Scholar Cover Stories on Fli... Suggested Sites O Mail-mmontanye1.. ter 3 - Homework i Help The following transactions pertain to Smith Training Company for Year 1: Jan. 30 Established the business when it acquired $45,000 cash from the issue of common stock. Feb. 1 Paid rent for office space for two years, $24,000 cash. Apr. 10 Purchased $3,200...
On December 31, Fighting Okra Cooking Services reports the
following revenues and expenses.
On December 31, Fighting Okra Cooking Services reports the following revenues and expenses. $ Service revenue Postage expense Legal fees expense Rent expense Salaries expense Supplies expense 85,000 2,000 2,900 11,600 34,000 19,500 In addition, the balance of common stock at the beginning of the year was $700,000, and the balance of retained earnings was $52,000. During the year, the company issued additional shares of common stock...
On December 31, 2021. Fighting Okra Cooking Services reports the following revenues and expenses $ 714 Doncs $75,000 1. CO 2.400 Service Tevenue Portare expense Legal fest expense Rent expense Salute expense Supplies expense 10.000 26.000 14.500 In addition, the balance of common stock at the beginning of the year was $200,000, and the balance of retained earnings was $32,000. During the year, the company issued additional shares of common stock for $25.000 and paid dividends of $10,000 Required: erences...
On December 31, Fighting Okra Cooking Services reports the following revenues and expenses. Service revenue Postage expense Legal fees expense Rent expense Salaries expense Supplies expense $ 71,000 1,100 2,100 10,000 19,000 10,000 In addition, the balance of common stock at the beginning of the year was $150,000, and the balance of retained earnings was $26,000. During the year, the company issued additional sharestof common stock for $20,000 and paid dividends of $10,000, Required: 1. Prepare an income statement FIGHTING...
On December 31, 2021, Fighting Okra Cooking Services reports the following revenues and expenses. Service revenue Postage expense Legal fees expense $82,000 1,850 2,750 Rent expense Salaries expense Supplies expense 11,300 31,000 18,000 In addition, the balance of common stock at the beginning of the year was $550,000, and the balance of retained earnings was $46,000. During the year, the company issued additional shares of common stock for $32,000 and paid dividends of $24,000. Required: 1. Prepare an income statement....
On December 31, 2021, Fighting Okra Cooking Services reports the following revenues and expenses. Service revenue Postage expense Legal fees expense $89,000 2,200 3,100 12,000 38,000 21,500 Rent expense Salaries expense Supplies expense In addition, the balance of common stock at the beginning of the year was $900,000, and the balance of retained earnings was $60,000. During the year, the company issued additional shares of common stock for $39,000 and paid dividends of $38,000. Required: 1. Prepare an income statement....
Saved Help Save & E Chec On December 31, 2021, Fighting Okra Cooking Services reports the following revenues and expenses. Service revenue Postage expense Legal fees expense points $76,000 1,550 2,450 Rent expense Salaries expense Supplies expense 10,700 25,000 15,000 18 02:54:32 brir w In addition, the balance of common stock at the beginning of the year was $250,000, and the balance of retained earnings was $34,000. During the year, the company issued additional shares of common stock for $26,000...
Exercise 1-11A Link the statement of stockholders' equity to the balance sheet (LO1-3) At the beginning of 2021, Artichoke Academy reported a balance in common stock of $155,000 and a balance in retained earnings of $55,000. During the year, the company issued additional shares of stock for $45,000, earned net income of $35,000, and paid dividends of $10,500. In addition, the company reported balances for the following assets and liabilities on December 31. Assets Cash Supplies Prepaid rent Land $...
Required: Prepare the income statement, statement of stockholders' equity, and balance s Investments. heet for Gator P1-4B Below are incomplete financial statements for Cyclone, Inc. Understand the format of financial statements and the link among them LO1-3) CYCLONE, INC. Income Statement CYCLONE, INC. Statement of Stockholders' Equity Common Retained Total Revenues Stock Earnings S. Equity Expenses: Salaries $13,000 Issuances of stock Rent Advertising 7,000 Add: Net income 5,000 Less: Dividends ncome(b)Ending balance Beginning balance$14,000 $7,000 $21,000 5,000 $17,000 $8,000 $25,000...
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income statement,
statement of changes in stockholders equity, balance sheet,
and
statement of cash flow for Year One
orvos Google Scholar Cover Stories on Fli... Suggested Sites O Mail-mmontanye1.. ter 3 - Homework i Help The following transactions pertain to Smith Training Company for Year 1: Jan. 30 Established the business when it acquired $45,000 cash from the issue of common stock. Feb. 1 Paid rent for office space for two years, $24,000 cash. Apr. 10 Purchased $3,200...
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