The completed financial statement columns of the spreadsheet for Cullumber Company are shown as followEnter the balances from the adjusted trial balance and post the closingentries and calculate the balances of the accounts.(Post entries in the order of journal entries presented in the previous part.) Owner's Capital No. 301 Owner's Drawings No. 306Income Summary No. 350 Service Revenue No. 400 Maintenance and Repairs Expense No. 622 The completed financial statement columns of the spreadsheet for Cullumber Company are shown as followAccountNo.101112130157158201212301306400622711722726732CashAccounts ReceivableWorksheetFor the Year Ended December 31, 2022Account TitlesCullumber CompanyPrepaid InsuranceEquipmentAccumulated Depreciation-Equip.Accounts PayableSalaries and Wages PayableOwner's CapitalOwner's DrawingsService RevenueTotalsMaintenance and Repairs ExpenseDepreciation ExpenseInsurance ExpenseSalaries and Wages ExpenseUtilities ExpenseNet IncomeIncome StatementDr.1,6002,9001,70030,4001,40038,00022,50060,500Cr.60,500Balance SheetDr.8,70010,6002,70023,60012,40060,500 58,00060,500 58,000Cr.4,6008,8002,40019,70035,50022,50058,000

Financial statement are a set of ducuments that show your company's financial status at a specific…

Answered: Account Cullumber Company Worksheet For…

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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ect Assignment The preliminary 2024 income statement of Alexian Systems, Incorporated, is presented below: ALEXIAN SYSTEMS, INCORPORATED Income Statement. For the Year Ended December 31, 2024 ($ in millions, except earnings per share) Revenues and gains: Sales revenue Interest revenue Other income Total revenues and gains. Expenses: Cost of goods sold Selling and administrative expense Income tax expense Total expenses Net Income Earnings per share $ 435 6 128 569 247 158 41 446 $123 $ 12.30 Saved Help Additional information: 1. Selling and administrative expense includes $28 million in restructuring costs. 2. Included in other income is $120 million in income from a discontinued operation. This consists of $90 million in operating income and a $30 million gain on disposal. The remaining $8 million is from the gain on sale of investments. 3. Cost of Goods Sold in 2024 includes an increase of $10 million to correct an understatement of Cost of Goods Sold in 2023. The amount is material.…
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7.
F. Based on Baker’s account balances, the amount of Net Income that would be shown on Baker’s Income Statement for December 2017 would be:
WELL8 TECHNICAL INBTITUTE Income statement For Year Ended December 31
The following selected account balances were taken from ABC Company'sgeneral ledgers for 2025:January 1, 2025 December 31, 2025 Accounts payable 49,000 53,000 Cash 35,000 38,000Common stock 46,000 76,000Land 27,000 64,000 Notes payable 45,000 40,000Retained earnings ? 29,000The following information was taken from ABC Company's 2025 incomestatement:Total revenues 500,000Total expenses <430,000>Net income 70,000The following information was taken from ABC Company's 2025 cashflow statement:Net cash flow from operating activities 93,000Net cash flow from investing activities <60,000>Net cash flow from financing activities <30,000>Net change in cash 3,000Calculate the balance in the retained earnings account at January 1, 2025.

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Account Cullumber Company Worksheet For the Year Ended December 31, 2022 Income Statement