Help Accounting
Starting business. You are running a business at least for 6 months. It can be a service or merchandising firm. After performing some business operations you need to prepare financial statements. All operations must be recorded according to accounting rules. Limitations and requirements: Capital structure (A = L+E) : 2/3 of your business must be financed by your own or investor’s capital. The rest must be financed with a long-term debt at 12% annual interest rate. You need to have at least 3 examples of long-Term assets. Depreciations must be calculated. Use straight-line method (Cost/estimated useful life) Include some merchandising transactions (cost of goods sold). Try to include the following accounts: Inventory; Supplies; Cash; Prepaid expenses; Accounts payable; Unearned revenue; Equipment Accounts receivable; Selling or administrative expenses; Freight expenses; Utility expense; Rent expense; Wages expense Tax size 12%. Dont forget about interest expense. Prepare Comprehensive Income statement (semi-annual) Statement of Retained Earnings (semi-annual) Classified Balance Sheet (semi-annual)
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I need help with this scenario please: Directions: After the success of the company's first two...
I need help with this scenario please:
Directions:
After the success of the company's first two months, K. Wilson
continues to operate Business Solutions. The December 31, adjusted
trial balance of Business Solutions follows:
Prepare an income statement for the month ended December
31.
Prepare a statement of owner's equity for the month ended
December 31. (Note: The company just began operations on January
1)
Prepare a balance sheet as of December 31.
Record and post the necessary closing entries...
Hi, I need help with problem 1. If possible both the balance sheet and the income...
Hi, I need help with problem 1.
If possible both the balance sheet and the income statement.
BUT I'm mostly struggling with the income statement calculating
income before taxes.
Thank you
CHAPTER 16 HOMEWORK PROBLEMS 16-1 Balance Sheet and Income Statement The Wrangle Company had the following items on its December 31, 20X0, balance sheet and 20X0 incom except for number of shares outstanding Cash and equivalents $ 56,000 Revenues 699,000 Notes payable 45,000 Long-term debt, excluding current portion 199,000...
I need answer for Question no.4 Selected accounts of Daisy's General Merchandising, at July 31, 2020,...
I
need answer for Question no.4
Selected accounts of Daisy's General Merchandising, at July 31, 2020, are listed in alphabetical order below. For simplicity, all operating expenses are summarized in the Selling Expenses account and the General Expenses account. Daisy's General Merchandising uses the periodic inventory system. $102,000 Inventory: July 31, 2019.. Accounts Payable.. $730,000 Accounts Receivable... 117,000 Inventory: July 31, 2020.. 525,000 61,500 Notes Payable, LongTerm.. 500,000 Accumulated Amortization- Equipment.. B. Daisy, Capital.. Purchases.. 863,400 1,361,000 B. Daisy, Withdrawals.....
a) ‘Accounting is the systematic and comprehensive recording of financial transactions pertaining to a business and it a...
a) ‘Accounting is the systematic and comprehensive recording of financial transactions pertaining to a business and it also refers to the process of summarizing, analyzing and reporting these transactions to oversight agencies and tax collection entities.’ Discuss the Significance of Accounting and also explain the Scope of Accounting. b) Prepare an Income statement and Balance sheet of Potus Corporation as at 30.06.19 Particulars Amount($’000) Sales 37,436 Cash 4,895 Cost of Goods sold 26,980 Accounts Payable 7,156 Accounts Receivable 5,714 Selling...
1) Prepare an income statement from the following information. Sales: $600,000 Cost of Goods Sold: $300,000...
1) Prepare an income statement from the following information. Sales: $600,000 Cost of Goods Sold: $300,000 Administrative expenses: $50,000 Depreciation expenses: $10,000 Interest expense: $15,000 Tax rate: 20% 2) Prepare a balance sheet from the following information Cash $110,000 Accounts receivable: $50,000 Accounts payable: $40,000 Notes payable (short term $120,000 Inventories: $70,000 Gross fixed assets: $175,000 Other assets: $15,000 Retained earnings: $15,000 Accumulated depreciation: $20,000 Long term banknote: $105,000 Other long-term debt: $20,000 Common stock $100,000 3) Prepare a statement...
Create financial statements by properly employing prescribed methods in accordance with generally accepted accounting principles: A....
Create financial statements by properly employing prescribed
methods in accordance with generally accepted accounting
principles: A. Step Eight: Prepare the financial statements. Note
that you must use your adjusted trial balance to prepare the income
statement, statement of owner’s equity, and balance sheet. You must
complete these statements in this order, as there are
interdependencies among them.
Adjusting entries Debit Credit Peyton Approved Trial Balance 2018 Unadjusted trial balance Debit Credit 32,236.75 18,500.00 175.65 1,500.00 2,400.00 6,000.00 17,400.00 400.00 250.00...
The following items were taken from the accounting records of a company. Accounts Payable 57,000 Long-term...
The following items were taken from the accounting records of a company. Accounts Payable 57,000 Long-term investments 35,000 Accounts Receivable 32,000 Trademarks 6,000 Building 255,000 Accrued Expenses 9,000 Cash 15,000 Short-term Notes Payable 35,000 Equipment 76,000 Common Stock 1,000 Retained Earnings Interest Income 2,000 Prepaid Expenses 12,000 Inventory 82,000 Sales 123,000 Dividends paid 25,000 Salary Expense 22,000 Cost of Goods Sold 62,000 Prepare a balance sheet. The following items were taken from the accounting records of a company. Accounts Payable...
Part 2: NOTE: This is a DIFFERENT COMPANY. Using the trial balance below, complete the Multi-Step...
Part 2: NOTE: This is a DIFFERENT COMPANY. Using the trial balance below, complete the Multi-Step Income Statement and prepare the Statement of Retained Earnings and Classified Balance sheet on the pages which follow. To get full credit you must include all critical subtotals. CREDIT 670 970 670 2 0 Part 2: Insert Second Trial Balance HERE. Quagmire Company Adjusted Trial Balance December 31, 2017 DEBIT Cash 3,900 Accounts Receivable 3,460 Allowance for Doubtful Accounts Short term Note Receivable 800...
Excel SIM: Merchandising operations and the multi-step income statement 1. Prepare and analyze a merchandiser's multi-step...
Excel SIM: Merchandising operations and the multi-step income statement 1. Prepare and analyze a merchandiser's multi-step income statement. ? X - Sign In FILE HOME Calibri BLU Paste Merchandising operations and the multi-step income statement - Excel INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW 11 AA = E -2 A Alignment Number Conditional Format as Cell Cells Formatting Table Styles Font Styles x for A Clipboard A1 is for the year ended December 31, 20X1. Credits Debits Debits $37,500 28,600...
Part 2: NOTE: This is a DIFFERENT COMPANY Using the trial balance below, complete the Mult-Step...
Part 2: NOTE: This is a DIFFERENT COMPANY Using the trial balance below, complete the Mult-Step Income Statement and prenare the Statement of Retained Earnings and Classified Balance Sheet on the pages which follow. To get full credit you must include an critical subtotals. CREDIT 670 2.970 Part 2: Insert Second Trial Balance HERE. Quagmire Company Adjusted Trial Balance December 31, 2017 DEBIT Cash I 3.900 Accounts Receivable 3.460 Allowance for Doubtful Accounts Short term Note Receivable 800 Interest Receivable...
I need help with this scenario please:
Directions:
After the success of the company's first two months, K. Wilson
continues to operate Business Solutions. The December 31, adjusted
trial balance of Business Solutions follows:
Prepare an income statement for the month ended December
31.
Prepare a statement of owner's equity for the month ended
December 31. (Note: The company just began operations on January
1)
Prepare a balance sheet as of December 31.
Record and post the necessary closing entries...
Hi, I need help with problem 1.
If possible both the balance sheet and the income statement.
BUT I'm mostly struggling with the income statement calculating
income before taxes.
Thank you
CHAPTER 16 HOMEWORK PROBLEMS 16-1 Balance Sheet and Income Statement The Wrangle Company had the following items on its December 31, 20X0, balance sheet and 20X0 incom except for number of shares outstanding Cash and equivalents $ 56,000 Revenues 699,000 Notes payable 45,000 Long-term debt, excluding current portion 199,000...
I
need answer for Question no.4
Selected accounts of Daisy's General Merchandising, at July 31, 2020, are listed in alphabetical order below. For simplicity, all operating expenses are summarized in the Selling Expenses account and the General Expenses account. Daisy's General Merchandising uses the periodic inventory system. $102,000 Inventory: July 31, 2019.. Accounts Payable.. $730,000 Accounts Receivable... 117,000 Inventory: July 31, 2020.. 525,000 61,500 Notes Payable, LongTerm.. 500,000 Accumulated Amortization- Equipment.. B. Daisy, Capital.. Purchases.. 863,400 1,361,000 B. Daisy, Withdrawals.....
1) Prepare an income statement from the following information. Sales: $600,000 Cost of Goods Sold: $300,000 Administrative expenses: $50,000 Depreciation expenses: $10,000 Interest expense: $15,000 Tax rate: 20% 2) Prepare a balance sheet from the following information Cash $110,000 Accounts receivable: $50,000 Accounts payable: $40,000 Notes payable (short term $120,000 Inventories: $70,000 Gross fixed assets: $175,000 Other assets: $15,000 Retained earnings: $15,000 Accumulated depreciation: $20,000 Long term banknote: $105,000 Other long-term debt: $20,000 Common stock $100,000 3) Prepare a statement...
Create financial statements by properly employing prescribed
methods in accordance with generally accepted accounting
principles: A. Step Eight: Prepare the financial statements. Note
that you must use your adjusted trial balance to prepare the income
statement, statement of owner’s equity, and balance sheet. You must
complete these statements in this order, as there are
interdependencies among them.
Adjusting entries Debit Credit Peyton Approved Trial Balance 2018 Unadjusted trial balance Debit Credit 32,236.75 18,500.00 175.65 1,500.00 2,400.00 6,000.00 17,400.00 400.00 250.00...
The following items were taken from the accounting records of a company. Accounts Payable 57,000 Long-term investments 35,000 Accounts Receivable 32,000 Trademarks 6,000 Building 255,000 Accrued Expenses 9,000 Cash 15,000 Short-term Notes Payable 35,000 Equipment 76,000 Common Stock 1,000 Retained Earnings Interest Income 2,000 Prepaid Expenses 12,000 Inventory 82,000 Sales 123,000 Dividends paid 25,000 Salary Expense 22,000 Cost of Goods Sold 62,000 Prepare a balance sheet. The following items were taken from the accounting records of a company. Accounts Payable...
Part 2: NOTE: This is a DIFFERENT COMPANY. Using the trial balance below, complete the Multi-Step Income Statement and prepare the Statement of Retained Earnings and Classified Balance sheet on the pages which follow. To get full credit you must include all critical subtotals. CREDIT 670 970 670 2 0 Part 2: Insert Second Trial Balance HERE. Quagmire Company Adjusted Trial Balance December 31, 2017 DEBIT Cash 3,900 Accounts Receivable 3,460 Allowance for Doubtful Accounts Short term Note Receivable 800...
Excel SIM: Merchandising operations and the multi-step income statement 1. Prepare and analyze a merchandiser's multi-step income statement. ? X - Sign In FILE HOME Calibri BLU Paste Merchandising operations and the multi-step income statement - Excel INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW 11 AA = E -2 A Alignment Number Conditional Format as Cell Cells Formatting Table Styles Font Styles x for A Clipboard A1 is for the year ended December 31, 20X1. Credits Debits Debits $37,500 28,600...
Part 2: NOTE: This is a DIFFERENT COMPANY Using the trial balance below, complete the Mult-Step Income Statement and prenare the Statement of Retained Earnings and Classified Balance Sheet on the pages which follow. To get full credit you must include an critical subtotals. CREDIT 670 2.970 Part 2: Insert Second Trial Balance HERE. Quagmire Company Adjusted Trial Balance December 31, 2017 DEBIT Cash I 3.900 Accounts Receivable 3.460 Allowance for Doubtful Accounts Short term Note Receivable 800 Interest Receivable...
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