A. Prepare for the Income Statement (Service) of Cruz Law Firm for the yearended December 31, 2020.P520,0008,500RevenueUtilities ExpenseRent ExpenseSalaries ExpenseAdvertising Expense10,500125,0005,000 B. Prepare for the Income Statement (Merchandising) of Lopez Bakeshop forthe year ended December 31, 2020.RevenueP450,00080,00028,000MaterialsLaborUtilities ExpenseAdvertising ExpenseDepreciation Expense 2,500Rent Expense12,0003,0008,000

Name: A. Prepare for the Income Statement (Service) of Cruz Law Firm for th
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Description: A. Prepare for the Income Statement (Service) of Cruz Law Firm for the yearended December 31, 2020.P520,0008,500RevenueUtilities ExpenseRent ExpenseSalaries ExpenseAdvertising Expense10,500125,0005,000 B. Prepare for the Income Statement (Merchandis

The income statement refers to one of the financial statement of the company that records the…

Business

Finance

A. Prepare for the Income Statement (Service) of Cruz Law Firm for the year ended December 31, 2020. Revenue P520,000 8,500 Utilities Expense Rent Expense Salaries Expense 10,500 125,000 5,000 Advertising Expense

A. Prepare for the Income Statement (Service) of Cruz Law Firm for the year ended December 31, 2020. Revenue P520,000 8,500 Utilities Expense Rent Expense Salaries Expense 10,500 125,000 5,000 Advertising Expense

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Question

A. Prepare for the Income Statement (Service) of Cruz Law Firm for the year
ended December 31, 2020.
P520,000
8,500
Revenue
Utilities Expense
Rent Expense
Salaries Expense
Advertising Expense
10,500
125,000
5,000

B. Prepare for the Income Statement (Merchandising) of Lopez Bakeshop for
the year ended December 31, 2020.
Revenue
P450,000
80,000
28,000
Materials
Labor
Utilities Expense
Advertising Expense
Depreciation Expense 2,500
Rent Expense
12,000
3,000
8,000

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need help preparing an statement table The following information relates to Oriole Co. for the year 2020. Owner’s capital, January 1, 2020 $53,827 Advertising expense $ 2,019 Owner’s drawings during 2020 6,728 Rent expense 11,663 Service revenue 71,321 Utilities expense 3,476 Salaries and wages expense 33,081
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Oriole Company had the following assets and liabilities on the dates indicated. December 31 Total Assets 2021 2022 2023 Net income $496,000 $556,000 $686,000 Oriole began business on January 1, 2021, with an investment of $98,000. From an analysis of the change in owner's equity during the year, compute the net income (or loss) for: (a) 2021, assuming Oriole's drawings were $15,000 for the year. Net loss for 2021 Net income Total Liabilities (b) 2022, assuming Oriole made an additional investment of $50,000 and had no drawings in 2022. for 2022 $209,000 $259,000 $359,000 for 2023 $ (c) 2023, assuming Oriole made an additional investment of $23,000 and had drawings of $27,000 in 2023. $ $

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