Homework Help is Here – Start Your Trial Now!
Business
Accounting
(b) What amounts should be shown for each of the following on the income statement for the year? (1) (2) (3) (4) Interest expense Admissions revenue Advertising expense Salaries and wages expense eTextbook and Media List of Accounts $

(b) What amounts should be shown for each of the following on the income statement for the year? (1) (2) (3) (4) Interest expense Admissions revenue Advertising expense Salaries and wages expense eTextbook and Media List of Accounts $

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
Please help me with only part b
please help me with the second part part B. The accounts listed below appeared in the December 31 trial balance of the Kingbird Theater. Equipment Accumulated Depreciation-Equipment Notes Payable Admissions Revenue Advertising Expense Salaries and Wages Expense Interest Expense (1) (2) (3) (4) Your answer is correct. (5) From the account balances listed above and the information given below, prepare the annual adjusting entries necessary on December 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually If no entry is required select "No entry for the account titles and enter O for the amounts List all debit entries before credit entries) No. Account Titles and Explanation Question 2 of 2 (1) (2) The equipment has an estimated life of 16 years and a salvage value of $25.072 at the end of that time. (Use straight line method) (3) The note payable is a 90-day note given to the bank October 20 and bearing interest at 8% (Use 360 days for denominator) (4) A In December, 2.130 coupon admission books were sold at $30 each and recorded as Admissions Revenue. They could be used for admission any time after January 1. Advertising expense paid in advance and included in Advertising Expense $1.142 Salaries and wages accrued but unpaid $4.928 < > Depreciation Expense Acumulated Depreciation Equipment Debit $203,872 Adv Revenue 13.520 Unwand Admission Revenue 57,780 1.400 Prepaid Adver Credit A $62.120 90.000 384.300 Debit 11175 1440 43900 1142 4928 Credit 11176 63900 114 4728 Jan 13 10:44 00
Transcribed Image Text:please help me with the second part part B. The accounts listed below appeared in the December 31 trial balance of the Kingbird Theater. Equipment Accumulated Depreciation-Equipment Notes Payable Admissions Revenue Advertising Expense Salaries and Wages Expense Interest Expense (1) (2) (3) (4) Your answer is correct. (5) From the account balances listed above and the information given below, prepare the annual adjusting entries necessary on December 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually If no entry is required select "No entry for the account titles and enter O for the amounts List all debit entries before credit entries) No. Account Titles and Explanation Question 2 of 2 (1) (2) The equipment has an estimated life of 16 years and a salvage value of $25.072 at the end of that time. (Use straight line method) (3) The note payable is a 90-day note given to the bank October 20 and bearing interest at 8% (Use 360 days for denominator) (4) A In December, 2.130 coupon admission books were sold at $30 each and recorded as Admissions Revenue. They could be used for admission any time after January 1. Advertising expense paid in advance and included in Advertising Expense $1.142 Salaries and wages accrued but unpaid $4.928 < > Depreciation Expense Acumulated Depreciation Equipment Debit $203,872 Adv Revenue 13.520 Unwand Admission Revenue 57,780 1.400 Prepaid Adver Credit A $62.120 90.000 384.300 Debit 11175 1440 43900 1142 4928 Credit 11176 63900 114 4728 Jan 13 10:44 00
(b) What amounts should be shown for each of the following on the income statement for the year? 2 (3) (4) Interest expense Admissions revenue Advertising expense Salaries and wages expense eTextbook and Media List of Accounts $ $ $ 7505
Transcribed Image Text:(b) What amounts should be shown for each of the following on the income statement for the year? 2 (3) (4) Interest expense Admissions revenue Advertising expense Salaries and wages expense eTextbook and Media List of Accounts $ $ $ 7505
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Methods of accounting
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS