1. 2. 3. The income statement of Wildhorse Co. for the month of July shows net income of $1,720 based on Service Revenue $4,730, Salaries and Wages Expense $1,806, Supplies Expense $774, and Utilities Expense $430. In reviewing the statement, you discover the following: 4. 5. Insurance expired during July of $301 was omitted. Supplies expense includes $172 of supplies that are still on hand at July 31. Depreciation on equipment of $129 was omitted. Accrued but unpaid wages at July 31 of $309 were not included. Services performed but unrecorded totaled $602. Prepare a correct income statement for July 2022. Revenues WILDHORSE CO. Income Statement 20 July 31, 2022 III 1 E

1. 2. 3. The income statement of Wildhorse Co. for the month of July shows net income of $1,720 based on Service Revenue $4,730, Salaries and Wages Expense $1,806, Supplies Expense $774, and Utilities Expense $430. In reviewing the statement, you discover the following: 4. 5. Insurance expired during July of $301 was omitted. Supplies expense includes $172 of supplies that are still on hand at July 31. Depreciation on equipment of $129 was omitted. Accrued but unpaid wages at July 31 of $309 were not included. Services performed but unrecorded totaled $602. Prepare a correct income statement for July 2022. Revenues WILDHORSE CO. Income Statement 20 July 31, 2022 III 1 E

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The income statement of Wildhorse Co. for the month of July shows net income of $1,720 based on Service Revenue $4,730, Salaries and Wages Expense $1,806, Supplies Expense $774, and Utilities Expense $430. In reviewing the statement, you discover the following: 1. Insurance expired during July of $301 was omitted. 2. Supplies expense includes $172 of supplies that are still on hand at July 31. 3. Depreciation on equipment of $129 was omitted. 4. Accrued but unpaid wages at July 31 of $309 were not included. 5. Services performed but unrecorded totaled $602. Prepare a correct income statement for July 2022.
The income statement of Lundeen Co. for the month of July shows net income of $1,400 based on Service Revenue $5,500, Salarics and Wages Expense $2,300, Supplies Expense $1,200, and Utilities Expense $600. In reviewing the statement, you discover the following. 1. 2. 3. Your answer is partially correct. 5. 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. Unpaid salaries and wages at July 31 of $400 were not included. Services performed but unrecorded totaled $650. Prepare a correct income statement for July 2022. Total Revenues # LUNDEEN CO. Income Statement For the Month Ended July 31, 2022 +
The following revenue and expense account balances were taken from the Income Statement columns of the end-of-period spreadsheet for Fraser Services Co. for Dec Depreciation Expense $4,950 Insurance Expense 2,900 Miscellaneous Expense 1,200 Rent Expense 24,000 Service Revenue 92,500 Supplies Expense 3,150 Utilities Expense 5,000 Wages Expense 63,750 Prepare an income statement. Fraser Services Co. Income Statement For the Year Ended December 31 Operating Expenses: Total Operating Expenses
what goes into assets and liabilites in a adjusted trial balance
The supplies account had a balance of $1,257 at the beginning of the year and was debited during the year for $3,286, representing the total of supplies purchased during the year. If $2,560 of supplies are on hand at the end of the year, the supplies expense to be reported on the income statement for the year is $5,846 $1,983 $4,543 $2,560
Dexter, Incorporated, had a cost of goods sold of $67, 882. At the end of the year, the accounts payable balance was $11,989. How long, on average, did it take the company to pay off its suppliers during the year? Note: Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.
Dexter, Incorporated, had a cost of goods sold of $63,382. At the end of the year, the accounts payable balance was $12,889. How long, on average, did it take the company to pay off its suppliers during the year? Note: Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16
Ernst Company experienced the following changes in selected accounts for the current year:· Accrual sales- P6,000,000· Account receivable, January 1- P1,000,000· Account receivable, December 31- P900,000· Advances from customers, January 1- P300,000 · Advances from customers, December 31- P800,000How much was received from customers during the year?
The supplies account had a balance of $1,443 at the beginning of the year and was debited during the year for $3,065, representing the total of supplies purchased during the year. If $2,666 of supplies are on hand at the end of the year, the supplies expense to be reported on the income statement for the year is a.$2,666 b.$1,842 c.$5,731 d.$4,508
Alpesh
The income statement of Norski Co. for the month of July shows net income of $2,000 based on Service Revenue $5,500, Salaries and Wages Expense $2,100, Supplies Expense $900, and Utilities Expense $500. In reviewing the statement, you discover the following: 1. Insurance expired during July of $350 was omitted. 2. Supplies expense includes $200 of supplies that are still on hand at July 31. 3. Depreciation on equipment of $150 was omitted. 4. Accrued but unpaid wages at July 31 of $360 were not indluded. 5. Service performed but unrecorded totaled $700. Prepare a correct income statement for July 2017. NORSKI CO. Income Statement
Selected account balances from the adjusted trial balance for Olinda Corporation as of its calendar year-end December 31 follow. Assume that the company’s income tax rate is 40% for all items. Debit Credit a. Interest revenue $ 14,400 b. Depreciation expense—Equipment $ 34,400 c. Loss on sale of equipment 26,250 d. Accounts payable 44,400 e. Other operating expenses 106,800 f. Accumulated depreciation—Equipment 72,000 g. Gain from settlement of lawsuit 44,400 h. Accumulated depreciation—Buildings 175,300 i. Loss from operating a discontinued segment (pretax) 18,650 j. Gain on insurance recovery of tornado damage 29,520 k. Net sales 1,002,500 l. Depreciation expense—Buildings 52,400 m. Correction of overstatement of prior year’s sales (pretax) 16,400 n. Gain on sale of discontinued segment’s assets (pretax) 36,000 o. Loss from settlement of lawsuit 24,150 p. Income tax expense ? q. Cost of goods sold 486,500…