Bergeron, Inc's, trial balance follows: Compute these amounts for the businesses: Total assets Total liabilities Net income or net loss during October
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Bergeron, Inc's,
Compute these amounts for the businesses:
- Total assets
- Total liabilities
- Net income or net loss during October
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- The revenues and expenses of Up - in - the - Air Travel Service for the year ended April 30, 20Y7, follow: Fees earned $1,870,000 Office expense 343,000 Miscellaneous expense 21, 000 Wages expense 1, 115,000 Prepare an income statement for the year ended April 30, 20Y7. Be sure to complete the statement heading. Refer to the lists of Accounts in the information given, Labels, and Amount Descriptions for the exact wording of the answer choices for text entries. Enter amounts as positive numbers unless the amount is a calculation that results in a negative amount. For example: Net loss should be negative. Expenses should be positive.Selected data taken from the accounting records of Laser Inc. for the current year ended December 31 are as follows: Accrued operating expenses Accounts payable (merchandise creditors) Inventories Prepaid expenses Balance December 31 b. Cash payments for operating expenses. $5,590 41,730 77,350 3,250 Balance January 1 $6,110 46,020 84,110 3,900 IDES R My account | Roku... 2019 RENTALS SCR During the current year, the cost of goods sold was $448,500, and the operating expenses other than depreciation were $78,000. The direct method is used for presenting the cash flows from (used for) operating activities on the statement of cash flows. Determine the amount reported on the statement of cash flows for: a. Cash payments for merchandise.The following were selected from among the transactions completed by Caldemeyer Co. during the current year. Caldemeyer sells and installs home and business security systems. Required: Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles. Assume a 360-day year. Assume this is a year in which February has 28 days.
- The transactions of Spade Company appear below. A. K. Spade, owner, invested $17,000 cash in the company in exchange for common stock. B. The company purchased supplies for $493 cash. C. The company purchased $ 9,401 of equipment on credit. D. The company received $2,006 cash for services provided to a customer. E. The company paid $9, 401 cash to settle the payable for the equipment purchased in transaction c. F. The company billed a customer $3,604 for services provided. G. The company paid $530 cash for the monthly rent. H. The company collected $1,514 cash as partial payment for the account receivable created in transaction f. I. The company paid a $900 cash dividend to the owner (sole shareholder). *fill out chart* HINT: Accounts must be listed in financial statement order: Assets first, followed by liabilities, equity, revenues, and expenses.a) Prepare an income statement for the year ended 31 December 2021 for Axos Enterprise. (b) Prepare a balance sheet as at 31 December 2021 for Axos Enterprise.How will affect in Accounting equation the paid salaries for the month.
- The following revenue and expense account balances were taken from the Income Statement columns of the end-of-period spreadsheet for Fraser Services Co. for Dec Depreciation Expense $4,950 Insurance Expense 2,900 Miscellaneous Expense 1,200 Rent Expense 24,000 Service Revenue 92,500 Supplies Expense 3,150 Utilities Expense 5,000 Wages Expense 63,750 Prepare an income statement. Fraser Services Co. Income Statement For the Year Ended December 31 Operating Expenses: Total Operating ExpensesThe following revenue transactions occurred during November: Nov. 3. Issued Invoice No. 73 to Darcy Co. for services provided on account, $436. 12. Issued Invoice No. 74 to Garrison Enterprises for services provided on account, $153. 28. Issued Invoice No. 75 to Kingston Inc. for services provided on account, $703. Record these three transactions in the following revenue journal. REVENUE JOURNAL DATE Invoice No. Account Debited Post. Ref. Accounts Rec. Dr.Fees Earned Cr. Nov. 3 fill in the blank 1 fill in the blank 3 Nov. 12 fill in the blank 4 fill in the blank 6 Nov. 28 fill in the blank 7 fill in the blank 9Under accrual basis accounting, expenses are recognized when incurred, which means the activity giving rise to the expense has occurred. Required: Assume the following transactions occurred in January. For each of the transactions, if an expense is to be recognized in January, indicate the amount. a b. At the beginning of January, Turnboldt Construction Company pays $4,650 in rent for February to April C d. e Transaction Gateway pays its computer service technicians $91,000 in salary for work done in January. Answer from Gateway's standpoint f Assume that McGraw-Hill Education-publisher of this textbook-uses $1,050 worth of electricity and natural gas in January for which it has not yet been billed. Pooler Company receives and pays in January a $1,550 invoice from a consulting firm for services received in January The campus bookstore receives consulting services at a cost of $5,100. The terms indicate that payment is due within thirty days of the consultation. Schergevitch…
- 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.Selected accounts from Lue Company's adjusted trial balance for the year ended December 31 follow. Prepare a classified balance sheet. Total equity Equipment Salaries payable Accounts receivable Cash Current portion of long-term debt Notes payable (due in 6 years) LUE COMPANY Balance Sheet December 31 Assets $ 31,500 Employee federal income taxes payable 41,500 Federal unemployment taxes payable 35,500 FICA-Medicare taxes payable 8,300 55,100 5,500 10,000 FICA-Social Security taxes payable Employee medical insurance payable State unemployment taxes payable Sales tax payable (due in 2 weeks) $ 10,300 210 560 4, 200 3,500 3,200 430
