Ayayai Equipment Repair began operating in September 2022. It prepares financial statements at the end of each month. On November 1, 2022, a tabular summary includes the following information. Note that Ayayai began the month with $2,400 in Retained Earnings. This balance represents the results of its first two months of business. Assets Liabilities Stockholders' Equity (e1) Prepare an income statement for November 30. Accts. Acc. Depr.- Unearn Accts. Serv. Cash + Rec. Supplies Equip. + Equip. Pay Rev. Sal/Wages Pay. + Com. Retained Stock + Earnings Bal. 2,232 + 2,328 + 896 + 8,000 400 1,840 320 496 + 8,000 + 2,400 Revenues During November, the following summary transactions were completed. Nov. 8 Paid $976 for salaries due employees, of which $480 is for November and $496 is for October salaries payable. 10 Received $1,440 cash from customers in payment of account. 222222 12 Received $2,960 cash for services performed in November. 15 Purchased store equipment on account $2,880. 17 Purchased supplies on account $1,040. 20 Paid creditors $2,000 of accounts payable due. 25 Paid November rent $384. Paid salaries $800. 27 Performed services on account worth $720 and billed customers. eTextbook and Media Ayayai Equipment Repair Income Statement November 30, 2022 Assistance Used 29 Received $600 from customers for services to be performed in the future. Adjustment data: 1 2 3 4. Supplies on hand are valued at $880. Accrued salaries payable are $384. Depreciation for the month is $200. Services were performed to satisfy $400 of unearned service revenue. List of Accounts Save for Later Last saved 1 second ago. Saved work will be auto-submitted on the due date. Auto- submission can take up to 10 minutes. Attempts: 0 of 3 used Submit Answer (e2) The parts of this question must be completed in order. This part will be available when you complete the part above. (e3) 5 The parts of this question must be completed in order. This part will be available when you complete the part above.
Ayayai Equipment Repair began operating in September 2022. It prepares financial statements at the end of each month. On November 1, 2022, a tabular summary includes the following information. Note that Ayayai began the month with $2,400 in Retained Earnings. This balance represents the results of its first two months of business. Assets Liabilities Stockholders' Equity (e1) Prepare an income statement for November 30. Accts. Acc. Depr.- Unearn Accts. Serv. Cash + Rec. Supplies Equip. + Equip. Pay Rev. Sal/Wages Pay. + Com. Retained Stock + Earnings Bal. 2,232 + 2,328 + 896 + 8,000 400 1,840 320 496 + 8,000 + 2,400 Revenues During November, the following summary transactions were completed. Nov. 8 Paid $976 for salaries due employees, of which $480 is for November and $496 is for October salaries payable. 10 Received $1,440 cash from customers in payment of account. 222222 12 Received $2,960 cash for services performed in November. 15 Purchased store equipment on account $2,880. 17 Purchased supplies on account $1,040. 20 Paid creditors $2,000 of accounts payable due. 25 Paid November rent $384. Paid salaries $800. 27 Performed services on account worth $720 and billed customers. eTextbook and Media Ayayai Equipment Repair Income Statement November 30, 2022 Assistance Used 29 Received $600 from customers for services to be performed in the future. Adjustment data: 1 2 3 4. Supplies on hand are valued at $880. Accrued salaries payable are $384. Depreciation for the month is $200. Services were performed to satisfy $400 of unearned service revenue. List of Accounts Save for Later Last saved 1 second ago. Saved work will be auto-submitted on the due date. Auto- submission can take up to 10 minutes. Attempts: 0 of 3 used Submit Answer (e2) The parts of this question must be completed in order. This part will be available when you complete the part above. (e3) 5 The parts of this question must be completed in order. This part will be available when you complete the part above.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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