Homework Help is Here – Start Your Trial Now!
Business
Accounting
1. Prepare an income statement for 2021. NICE BITE, Incorporated Income Statement For the Year Ended December 31, 2021 Revenues Service Revenue $ 139,800 Total Revenues 139,800 Expenses Office Expense 14,400 Income Tax Expense 10,200 Interest Expense 29,600 Dividends Utilities Expense 25,200 Salaries and Wages Expense 9,000 Total Expenses 88,400 Net Income $ 51,400

1. Prepare an income statement for 2021. NICE BITE, Incorporated Income Statement For the Year Ended December 31, 2021 Revenues Service Revenue $ 139,800 Total Revenues 139,800 Expenses Office Expense 14,400 Income Tax Expense 10,200 Interest Expense 29,600 Dividends Utilities Expense 25,200 Salaries and Wages Expense 9,000 Total Expenses 88,400 Net Income $ 51,400

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Prepate an income statement for 2021.

! Required information [The following information applies to the questions displayed below.] The following information for the year ended December 31, 2021, was reported by Nice Bite, Incorporated Accounts Payable $ 46,000 Accounts Receivable 23,800 90,400 78,000 152,500 Cash (balance on January 1, 2021) Cash (balance on December 31, 2021) Common Stock Dividends Equipment Income Tax Expense 137,700 10,200 Interest Expense 29,600 Inventory Notes Payable Office Expense 17,300 25,000 14,400 7,100 Prepaid Rent Retained Earnings (beginning) Salaries and Wages Expense 6,800 35,800 Service Revenue 139,800 25,200 9,000 Utilities Expense Salaries and Wages Payable Other cash flow information: $ 22,000 24,500 11,100 53,400 84,400 139,000 Cash from issuing common stock Cash paid to reacquire common stock Cash paid for income taxes Cash paid to purchase long-term assets Cash paid to suppliers and employees Cash received from customers
Transcribed Image Text:! Required information [The following information applies to the questions displayed below.] The following information for the year ended December 31, 2021, was reported by Nice Bite, Incorporated Accounts Payable $ 46,000 Accounts Receivable 23,800 90,400 78,000 152,500 Cash (balance on January 1, 2021) Cash (balance on December 31, 2021) Common Stock Dividends Equipment Income Tax Expense 137,700 10,200 Interest Expense 29,600 Inventory Notes Payable Office Expense 17,300 25,000 14,400 7,100 Prepaid Rent Retained Earnings (beginning) Salaries and Wages Expense 6,800 35,800 Service Revenue 139,800 25,200 9,000 Utilities Expense Salaries and Wages Payable Other cash flow information: $ 22,000 24,500 11,100 53,400 84,400 139,000 Cash from issuing common stock Cash paid to reacquire common stock Cash paid for income taxes Cash paid to purchase long-term assets Cash paid to suppliers and employees Cash received from customers
1. Prepare an income statement for 2021. NICE BITE, Incorporated Income Statement For the Year Ended December 31, 2021 Revenues Service Revenue $ 139,800 Total Revenues 139,800 Expenses Office Expense 14,400 Income Tax Expense 10,200 Interest Expense 29,600 Dividends Utilities Expense 25,200 Salaries and Wages Expense 9,000 Total Expenses 88,400 Net Income $ 51,400
Transcribed Image Text:1. Prepare an income statement for 2021. NICE BITE, Incorporated Income Statement For the Year Ended December 31, 2021 Revenues Service Revenue $ 139,800 Total Revenues 139,800 Expenses Office Expense 14,400 Income Tax Expense 10,200 Interest Expense 29,600 Dividends Utilities Expense 25,200 Salaries and Wages Expense 9,000 Total Expenses 88,400 Net Income $ 51,400
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 1 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS