3. Prepare a single-step Statement of Comprehensive Income using the following:Revenues – P20,000Rent expense – P3,000Salaries expense – P4,000Utilities expense – P2,000Note: Learners can use any business name and the end of the current year for theheading.4. Prepare a multi-step Statement of Comprehensive Income using the following:• Sales – P20,000Cost of Goods Sold – P10,000• General and administrative expenses - P4,000• Selling expenses – P2,000Note: Learners can use any business name and the end of the current year for theheading.Self-assessment Questions:1. Am I able to understand the purpose of the SCI?2. Can I enumerate the basic elements of the SCI?3. Am I able to prepare the SCI using the single-step method? Multi-step method?

Hi student Since there are multiple questions, we will answer only first question.

Answered: 3. Prepare a single-step Statement of…

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 first two closing entries to the Income Summary account indicate a debit of $53,000 and a credit of $64,000. The third closing entry would be: Multiple Choice debit Capital $11,000; credit Income Summary $11,000 debit Income Summary $11,000; credit Capital $11,000 debit Drawing $11,000; credit Income Summary $11,000 debit Income Summary $11,000; credit Drawing $11,000
Complete a Income statement worksheet using the data provided in the pictures.
s
Accounts Receivable $160,250 Accumulated Depreciation-Building 783,500 Administrative Expenses 524,850 Building 2,563,700 Cash 184,450 Common Stock 306,600 Cost of Goods Sold 3,721,950 Dividends 185,600 Interest Expense 9,550 Inventory 1,005,950 Notes Payable 254,900 Office Supplies 20,800 Retained Earnings 1,324,350 Salaries Payable 8,100 Sales 6,255,450 Selling Expenses 692,550 Store Supplies 89,550
Write & Insert Fields Preview Results Finish The following are extracts from the financial records of COF (Pty) Ltd for the year ended 30 June 2021: Extract from the statement of profit or loss and other comprehensive income for the year ended 30 June 2021 30 June 2021 R Revenue from sale of goods 920 000 Cost of sales Profit on sale of non-current assets Commission income 490 000 31 000 23 000 Audit fees 84 000 Depreciation Interest expense (finance cost) Income tax expense 72 000 20 000 87 000 Profit for the year (after tax) Extract from the statement of financial position as at 30 June 2021 BACHELOR OF COMMERCE YEAR1- ACADEMIC AND ASSESSMENT CALENDAR - DISTANCE + REGENT BUSINESS SCHOOL (RBS) - JANUARY 2021 43 123 000 30 June 2021 30 June 2020 302 000 690 000 292 000 Inventories Trade receivables Trade payables Taxation payable Prepaid expenses Accrued expenses Required: 720 000 400 000 385 000 75 000 60 000 2 000 8 000 84 000 88 000 Prepare only the "Cash generated by operations"…
Use the information from the Adjusted Trial Balance and Financial Statement templates provided in the module under Test 2 information you completed to answer questions 36 - 50. (Also copied below.) For Question 36, how much revenue should be recorded on the Income Statement? Elliptical Consulting Adjusted Trial Balance For the Year Ended June 30, 2019 Account Title Debit Credit Cash 27,000 Accounts Receivable 53,500 Supplies 900 Office Equipment 30,500 Accumulated Depreciation – Office Equipment 6,000 Accounts Payable 3,300 Salaries Payable 375 Jayson Neese, Capital 82,200 Jayson Neese, Drawing 2,000 Fees Earned 60,000 Salary Expense 32,375 Supplies Expense 2,100 Depreciation Expense 1,500 Miscellaneous Expense 2,000 Totals 151,875 151,875 Notice that the accounts are listed in order of the accounting…
Prepare an Income Statement for year ended 30 June.
Selected accounts and related amounts for Druid Hills Co. for the fiscal year ended May 31, 20Y8, are presented in Problem 6-5A. Adjunt problem 6-5A Instructions 1. Prepare a single-step income statement in the format shown in Exhibit 12. 2. Prepare closing entries as of May 31, 20Y8.
Perform a horizontal analysis for Davis Inc. Use 2017 as the base year
Use the information from the Adjusted Trial Balance and Financial Statement templates provided in the module under Test 2 information you completed to answer questions 36 - 50. (Also copied below.) For Question 36, how much revenue should be recorded on the Income Statement? Elliptical Consulting Adjusted Trial Balance For the Year Ended June 30, 2019 Account Title Debit Credit Cash 27,000 Accounts Receivable 53,500 Supplies 900 Office Equipment 30,500 Accumulated Depreciation – Office Equipment 6,000 Accounts Payable 3,300 Salaries Payable 375 Jayson Neese, Capital 82,200 Jayson Neese, Drawing 2,000 Fees Earned 60,000 Salary Expense 32,375 Supplies Expense 2,100 Depreciation Expense 1,500 Miscellaneous Expense 2,000 Totals 151,875 151,875 Notice that the accounts are listed in order of the accounting…
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3. Prepare a single-step Statement of Comprehensive Income using the following: • Revenues – P20,000 • Rent expense - P3,000 Salaries expense – P4,000 Utilities expense – P2,000 Note: Learners can use any business name and the end of the current year for the heading.