Activity 2. Prepare income statement using function of expense method withsupporting notes. Accounts selected from the December 31, 2020 trial balance of theCamz Traders are listed below:P 9,630,0004,720,0002,170,0001,430,0001,140,000920,000460,000320,000280,00055,000210,000170,000160,000110,00080,00070,00050,00030,000SalesPurchasesMerchandise Inventory, 1/1/2010Merchandise Inventory, 12/31/2020Salaries Expense-SellingSalaries Expense-GeneralOffice Supplies ExpenseDepreciation Expense-Office EquipmentSales Returns and AllowancesInsurance ExpenseSales DiscountsTransportation OutDepreciation Expense-Store EquipmentPurchase Returns and AllowancesSelling Supplies ExpensePurchases DiscountsTransportation InMiscellaneous Expenses

The income statement, also known as a profit and loss statement, is a financial statement prepared…

Answered: Activity 2. Prepare income statement…

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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Subject- accounting
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Select One Company listed in Muscat securities market Download the income and Balance sheet of that company Calculate the following ratios a. Gross profit ration b.Net Profit ratio C. Current Ratio d. Liquid ratio. Analyze the ratios and give you a report on the same. Give a brief description of the company in your own words.
Using the information provided below from Ben Company prepare two income statements: A normal GAAP Income Statement A CVP Income Statement These Income Statements should be done in good form and in Excel. Include formulas.
! Required information [The following information applies to the questions displayed below.] The following transactions pertain to Smith Training Company for 2016: Established the business when it acquired $53,000 cash from the issue of common stock. Jan. 30 Feb. 1 Paid rent for office space for two years, $16,100 cash. Apr. 10 Purchased $830 of supplies on account. July Received $27,500 cash in advance for services to be provided over the next year. 20 Paid $623 of the accounts payable from April 10. Aug. 15 Billed a customer $9,300 for services provided during August. Sept. 15 Completed a job and received $2,800 cash for services rendered. Oct. 1 Paid employee salaries of $33,000 cash.. 15 Received $9,400 cash from accounts receivable. Nov. 16 Billed customers $34,500 for services rendered on account. Dec. 1 Paid a dividend of $700 cash to the stockholders. 31 Adjusted records to recognize the services provided on the contract of July 1. 31 Recorded $2,050 of accrued salaries as of…
Match each of the five items listed below with one of the following locations: 1. Located on the Income Statement debit column of the worksheet 2. Located on the Income Statement credit column of the worksheet 3. Located on the Balance Sheet debit column of the worksheet 4. Located on the Balance Sheet credit column of the worksheet a. Sales Returns and Allowances b. Accrued Salaries Payable c. Sales d. Merchandise Inventory e. Accounts Receivable a. Sales Returns and Allowance 1. Located on the Income Statement debit column of the worksheet 2. Located on the Income Statement credit column of the worksheet 3. Located on the Balance Sheet debit column of the worksheet 4. Located on the Balance Sheet credit column of the…
A credit records financial informati. A. January 22, purchased, an asset, merchandise inventory on account for $2,800. EA7. Prepare journal entries to record the following transactions. will increase and the other side will- the terms debit and credit representedi- by calculating the difference between ectively. Depending on the acc 1. January 22, purchased, an asset merchandise inventory on account for $2,800. B. February 10, paid creditor for part of January 22 purchase, $1,600 C. July 1, issued common stock for cash, $15,000 D. July 15, purchased supplies, on account, $1,800 E. July 25, billed customer for accounting services provided, $950 BAT. Prepare journal entries to record the following transactions.
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12
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For each of the following, indicate whether the item would be reported on the balance sheet (B/S),reported on the income statement (I/S), or not shown in the financial statements (Not) and whetherit relates to a service company (SC) or merchandising company (MC).Financial Statement Type of CompanyInventorySales RevenueCost of Goods Available for SaleService Revenue

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Activity 2. Prepare income statement using function of expense method with supporting notes. Accounts selected from the December 31, 2020 trial balance of the Camz Traders are listed below: