Question 1 of 3 - Chp 4 Homework 14th Ed_

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School

Los Medanos College *

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Course

186

Subject

Accounting

Date

Jun 27, 2024

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pdf

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6

Uploaded by HighnessDangerArmadillo8076

View Policies Show Attempt History Current Attempt in Progress (a1) The completed ±nancial statement columns of the spreadsheet for Bray Company are shown as follows: Bray Company Worksheet For the Year Ended December 31, 2022 Income Statement Balance Sheet Account No. Account Titles Dr. Cr. Dr. Cr. 101 Cash 8,800 112 Accounts Receivable 10,800 130 Prepaid Insurance 2,800 157 Equipment 24,000 158 Accumulated Depreciation—Equip. 4,200 201 Accounts Payable 9,000 212 Salaries and Wages Payable 2,400 301 Owner’s Capital 19,500 306 Owner’s Drawings 11,000 400 Service Revenue 60,000 622 Maintenance and Repairs Expense 1,700 711 Depreciation Expense 2,800 722 Insurance Expense 1,800 726 Salaries and Wages Expense 30,000 732 Utilities Expense 1,400 Totals 37,700 60,000 57,400 35,100 Net Income 22,300 22,300 60,000 60,000 57,400 57,400 Your answer is correct. Prepare an income statement. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) BRAY COMPANY Income Statement For the Year Ended December 31, 2022 Revenues Service Revenue $ 60000
(a2) (a3) Expenses Salaries and Wages Expense $ Depreciation Expense Insurance Expense Maintenance and Repairs Expense Utilities Expense Total Expenses Net Income / (Loss) $ eTextbook and Media List of Accounts Attempts: 1 of 10 used Your answer is correct. Prepare an owner’s equity statement. (List items that increase owner's equity ±rst.) BRAY COMPANY Owner’s Equity Statement For the Year Ended December 31, 2022 Owner’s Capital, January 1 $ Add : Net Income / (Loss) Less : Drawings Owner’s Capital, December 31 $ eTextbook and Media List of Accounts Attempts: 2 of 10 used Your answer is correct. Prepare a classi±ed balance sheet. (List Current Assets in order of liquidity.) 30000 2800 1800 1700 1400 37700 22300 19500 22300 41800 11000 30800
(b) BRAY COMPANY Balance Sheet December 31, 2022 Assets Current Assets Cash $ Accounts Receivable Prepaid Insurance Total Current Assets $ Property, Plant and Equipment Equipment Less : Accumulated Depreciation-Equipment Total Assets $ Liabilities and Owner’s Equity Current Liabilities Accounts Payable $ Salaries and Wages Payable Total Current Liabilities $ Owner’s Equity Owner's Capital Total Liabilities and Owner’s Equity $ eTextbook and Media List of Accounts Attempts: 2 of 10 used Your answer is correct. Prepare the closing entries. L. Bray did not make any additional investments during the year. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 Service Revenue Income Summary 8800 10800 2800 22 24000 4200 19 42 9000 2400 11 30 42 60000 60000
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