Presented below is a list of financial statement accounts and amounts.A. Identify the nature of each account using the letter A for assets, L for liabilities, SE forshareholders' equity, R for revenue, E for expenses, and NA for not applicable.AccountsAmountA, L, SE, R, E or NA1 Salaries expense$ 43,0002 Common stock47,5003 Accounts receivable55,5004 Dividends paid19,0005 Sales revenue267,0006 Inventory51,5007 Wages payable8 Equipment14,000175,0009 Cost of goods sold104,00010 Rent expense19,00011 Income tax expense30,50012 Cash62,50013 Retained earnings56,500B. Calculate net income for the period.C. How much has been earned by the company's operations but not distributed to shareholders?D. What is the total investment by shareholders?E. How much do customers owe the company?

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A. Identify the nature of each account using the letter A for assets, L for liabilities, SE for shareholders' equity, R for revenue, E for expenses, and NA for not applicable. Accounts Amount A, L, SE, R, E or NA 1 Salaries expense $ 43,000 2 Common stock 47,500 3 Accounts receivable 55,500 4 Dividends paid 19,000 5 Sales revenue 267,000 6 Inventory 7 Wages payable 8 Equipment 9 Cost of goods sold 51,500 14,000 175,000 104,000 10 Rent expense 19,000 11 Income tax expense 30,500 12 Cash 62,500 13 Retained earnings 56,500 B. Calculate net income for the period. C. How much has been earned by the company's operations but not distributed to shareholders?

A. Identify the nature of each account using the letter A for assets, L for liabilities, SE for shareholders' equity, R for revenue, E for expenses, and NA for not applicable. Accounts Amount A, L, SE, R, E or NA 1 Salaries expense $ 43,000 2 Common stock 47,500 3 Accounts receivable 55,500 4 Dividends paid 19,000 5 Sales revenue 267,000 6 Inventory 7 Wages payable 8 Equipment 9 Cost of goods sold 51,500 14,000 175,000 104,000 10 Rent expense 19,000 11 Income tax expense 30,500 12 Cash 62,500 13 Retained earnings 56,500 B. Calculate net income for the period. C. How much has been earned by the company's operations but not distributed to shareholders?

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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I need prepare the income statement in accordance with genrally accepted accounting principles. Revenue: services provides to cotumers.......$17,000 investment by stockholders..............5,000 loan from bank.....................................15,000 total $37,000 expenses: Payments to long-term creditors...........................$11,700 expenses required to provide services to cutomers....................................................7,800 purchased of land......................................................16,000 total 35,500 net income $1,500
Subject - account Please help me. Thankyou.
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Meman
The following selected financial data is available for Sneasle Company: Cash $20,000 Accounts receivable 13,400 Equipment 10,650 Prepaid expenses 5,000 Accounts payable 12,300 Unearned revenue 7,500 Long-term notes payable 10,000 Common stock 18,000 Revenue 11,700 Sales tax payable 6,000 Interest expense 4,500 Depreciation expense 1,000 What is the amount of the company's current assets? Group of answer choices $33,400 $47,800 $49,050 $38,400
1
Subject :"-Accounting
J. P. Robard Mfg., Inc. Balance Sheet ($000) Cash $470 Accounts receivable 2,100 Inventories 940 Current assets $3,510 Net fixed assets 4,590 Total assets $8,100 Accounts payable $1,120 Accrued expenses 580 Short-term notes payable 280 Current liabilities $1,980 Long-term debt 2,040 Owners' equity 4,080 Total liabilities and owners' equity $8,100 (Click on the icon in order to copy its contents into a spreadsheet.) J. P. Robard Mfg., Inc. Income Statement ($000) Net sales (all credit) $8,010 Cost of goods sold (3,300) Gross profit $4,710 Operating expenses (includes $500 depreciation) (3,090) Net operating income $1,620 Interest expense (360) Earnings before taxes $1,260 Income taxes (35%) (441) Net income $819