16: Identify the 2 errors in the following Income Statement. Make sure to clearly explain the errors so I understand your explanation. You will notice the amounts are all marked with XXs. You don't need to worry about the amounts in the statement. Revenues UBER Company Income Statement For the Month Ended 1/31/2021 Rides Earned Cancellation Fee Earned Cash Expenses Total Revenues Wages Expense Accumulated Depreciation Supplies Expense Rent Expense Total Expenses Net Loss XX XX XX XX XX XX XX XX (XXX)

16: Identify the 2 errors in the following Income Statement. Make sure to clearly explain the errors so I understand your explanation. You will notice the amounts are all marked with XXs. You don't need to worry about the amounts in the statement. Revenues UBER Company Income Statement For the Month Ended 1/31/2021 Rides Earned Cancellation Fee Earned Cash Expenses Total Revenues Wages Expense Accumulated Depreciation Supplies Expense Rent Expense Total Expenses Net Loss XX XX XX XX XX XX XX XX (XXX)

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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XI H 5- Preparing an Income statement -Excel 困 FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Sign In -11 -A A Calibri O- A Alignment Number Conditional Format as Cell Cells Editing Paste B Formatting Table Styles Clipboard Font Styles A2 fe (Accounts are in alphabetical order.) E 1 The list below shows select accounts for Reading Readiness Company as of January 31, 20X1. 2 (Accountslare in alphabetical order.) Accounts Payable $4 8,088 6,960 5 Accounts Receivable 13,445 Cash 4,800 Equipment Insurance Expense 1,350 11,800 Operating Expense Other Expenses 3,482 10 6,050 11 Other Revenues 4,800 Rent Expense Salaries Expense 12 6,882 13 17,200 14 Short-term Notes Payable 15,400 15 Test Prep Revenue 9,100 16 Tutoring Revenue 1,046 17 Unearned Revenue 18 19 Required: 20 1. Prepare an Income Statement for the month ended January 31, 20X1. Use cell references 8 of 8 Next Drev
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Question 1: What should an employer use to complete Form W-3? Answer: А. Employee earnings records В. O Payroll registers C. Form 1096 D. O Form W-2s Question 2: How is self-employment income calculated? Answer: А. O Self-employment income = Revenue В. Self-employment income = Revenue + Expenses С. Self-employment income = Revenue - Expenses D. Self-employment income = Expenses Question 3: A flexible spending account is a common type of Answer: А. cafeteria plan В. medical plan С. retirement plan D. mandatory deduction
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Question 4: Us the information below to answer the following questions AR, Net of allowance for uncollectable accounts of 16 and 17 Partial Income statement Revenue COGS Gross Profit SG&A Expense Bad Debt Expense Pre Tax Income Other information Write offs were $9 and $14 in years 1 and 2, respectively There was a recovery of $2 in year 2 Year 1 140 Year 1 1,120 680 440 (350) (12) 78 Year 2 168 Year 2 1,480 720 760 (375) (13) 372 Question 4, Part 1: What entries did the firm make to the allowance for uncollectable accounts in year 1?
Create an (unadjusted) trial balance for this. Need see sample like Solutions need just see sample example ok
lll 7:57… 6 61% Done Your activity: Determine whether the business has made profit, loss or at the business is at break- even. 1. Sherlock Wills Pumping Services has the following data on December 31, 2018: Shop Revenue Other Revenue Permits and licenses Salaries expense Php 150,000.00 100,000.00 8,300.00 36,000.00 13,100.00 25,000.00 Transportation Expense Insurances Utilities Expense Your answer: 32,000.00 On June 30, 2017 Jan Frans Transit Corporation shows the following account balances: 2. Transportation Service Revenue Gasoline and Oil Php 55,000,000.00 12,000,000.00 Repairs and Maintenance Expenses Salaries and Wages Utilities Expense Commission Your answer: 3,200,000.00 10,230,000.00 960,000.00 3,580,000.00 3. The books of Jasper and John Kent (JJK) Security Services showed the following account balances on December 31, 2016: Insurance Expense Other Income Php 1,200,000.00 20,000,000.00 980,000.00 Pag-Ibig Premium PhilHealth Premium 2,500,000.00 92,000,000.00 180,000,000.00…
EB3. LO 7.2Match the special journal you would use to record the following transactions. A. Cash Receipts Journal i. Took out a loan from the bank B. Cash Disbursements Journal ii. Paid employee wages C. Sales Journal iii. Paid income taxes D. Purchases Journal iv. Sold goods with credit terms 1/10, 2/30, n/60 E. General Journal v. Purchased inventory with credit terms n/90 vi. Sold inventory for cash vii. Paid the phone bill viii. Purchased stock for cash ix. Recorded depreciation on the factory equipment x. Returned defective goods purchased on credit to the supplier. The company had not yet paid for them.
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background info: Green checkmark means that entry is correct, red is wrong. There is only supposed to be a total of 19 entries. look at 1 picture with the complete journal and adjust to fit the allowance method to go into the second table with green and red corrections. The first entry....you are removing the account so you have to remove the allowance and related receivable (2 parts) The second entry...you want to record the cash received, the removal of the allowance and related receivable (3 parts) The third entry...recording a credit sales (2 parts) The fourth entry...setting up receivable and the allowance (2 parts) The fifth entry...record collection of a previously recorded credit sale (2 parts) The sixth entry...record collection of a previously recorded credit sale (2 parts) The seventh entry...adjusting the allowance by reducing the allowance and reducing 5 customer receivable accounts (6 parts) 1. Finalize the journal entries shown on the Fan-Tastic Sports Gear Inc. panel…
Determine the amount to be added to Allowance for Doubtful Accounts in each of the following cases and indicate the ending balance in each case. a. Credit balance of $400 in Allowance for Doubtful Accounts just prior to adjustment. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $8,710. Line Item Description Amount Amount added $fill in the blank 1 Ending balance $fill in the blank 2 b. Credit balance of $400 in Allowance for Doubtful Accounts just prior to adjustment. Bad debt expense is estimated at 2% of credit sales, which totaled $973,000 for the year. Line Item Description Amount Amount added $fill in the blank 3 Ending balance $fill in the blank 4