Below are accounts for Alex Bern Spa, a service business, for the yearended, December 31, 2019. Prepare a single-step Statement ofComprehensive Income with Notes.Depreciation Expense - Building.Depreciation Expense - EquipmentDividends Income.P15,000..5,00015,00010,000Gain on Sale of Equipment.Insurance Expense.Interest Expense - LoanInterest Expense – Mortgage.Interest Income.....2,000Loss on Sale of Furniture.Rent Expense.Rent Income.Salaries ExpenseService Revenue...1,0003,0006,000.5,00085,00030,000155,000454,000Supplies Expense..5,000

Single step statement of comprehensive income shows all incomes and all expenses of the business and…

Answered: Below are accounts for Alex Bern Spa, a…

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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The following information relates to Sunland Company for the year 2022. Retained earnings, January 1, 2022 $46,080 Advertising expense $1,730 Dividends during 2022 4,800 Rent expense 9,980 Service revenue 60,000 Utilities expense 2,980 Salaries and wages expense 26,880 Other comprehensive income (net of tax) 380 After analyzing the data, compute net income. Net income / (loss) $enter net income or loss amount LINK TO TEXT Prepare a comprehensive income statement for the year ending December 31, 2022. Sunland CompanyComprehensive Income Statementchoose the accounting period December 31, 2022For the Month Ended December 31, 2022For the Year Ended December 31, 2022 select a comprehensive income item DividendsExpensesNet Income / (Loss)Retained Earnings, January 1Retained Earnings, January 31SalesTotal…
A comparative balance sheet and income statement is shown for Cruz, Incorporated. CRUZ, INCORPORATED Comparative Balance Sheets At December 31 2021 2020 Assets Cash $ 89,000 $ 22,100 Accounts receivable, net 38,200 46,900 Inventory 80,000 88,000 Prepaid expenses 4,900 4,000 Total current assets 212,100 161,000 Furniture 98,800 113,300 Accumulated depreciation—Furniture (15,300) (8,600) Total assets $ 295,600 $ 265,700 Liabilities and Equity Accounts payable $ 13,900 $ 19,600 Wages payable 8,200 4,600 Income taxes payable 1,400 2,600 Total current liabilities 23,500 26,800 Notes payable (long-term) 28,900 69,000 Total liabilities 52,400 95,800 Equity Common stock, $5 par value 215,000 169,100 Retained earnings 28,200 800 Total liabilities and equity $ 295,600 $ 265,700 CRUZ, INCORPORATED Income Statement For Year Ended December 31, 2021 Sales $ 454,900 Cost of goods sold 292,800 Gross profit 162,100…
The balance sheet and income statement of Cookie & Coffee Creations Inc. for its first year of operations, the year ended October 31, 2021, follows. COOKIE & COFFEE CREATIONS INC.Balance SheetOctober 31, 2021 Assets Current assets Cash $86,219 Accounts receivable 3,250 Inventory 17,897 Prepaid expenses 6,300 $113,666 Property, plant, and equipment Furniture and fixtures $12,500 Accumulated depreciation—furniture and fixtures (1,250 ) 11,250 Computer equipment 4,200 Accumulated depreciation—computer equipment (600 ) 3,600 Kitchen equipment 29,000 Accumulated depreciation—kitchen equipment (2,050 ) 26,950 41,800 Total assets $155,466…
The assets and liabilities of Snub Services as of March 31, 2020, the end of the current year, and its revenues and expenses for the year ended March 31, 2020 are listed below. The Retained Earnings balance was $10,030 at April 1, 2019, the beginning of the current year. Accounts Payable: $1,620 Accounts Receivable: $8,360 Cash: $27,950 Dividends: $13,130 Equipment: $82,770 Fees Earned: $115,430 Net Income: $ Upon completion of its financial statements for the year ended (and as of) March 31, 2020, Snub Services would report the following amounts: Ending Retained Earnings: $ Land: $58,970 Miscellaneous Expense: $1,960 Office Expense: $6,260 Stock: $98,050 Ending Total Liabilities and Equity: $ Supplies: $3,430 Wage Expense: $22,300
The following are the financial statement Quick Ltd. for the year ended 31st December 2020: Quick Ltd. Income statement For year ended 31st December 2020 $”000” Revenue 1276.50 Cost of sales (907.00) 369.50 Distribution costs (62.50) Administrative expenses (132.00) 175.00 Interest received 12.50 Interest paid (37.50) Profit before tax 150.00 Tax (70.00) Profit after tax 80.00 Quick Ltd. Statement of financial position as at 31 December 2020 2019 $”000” $”000d” ASSETS: Non- current assets: Property, plant and equipment 190 152.5 Intangible assets 125 100 Investments 12.5 Current assets: Inventories 75 51 Receivables 195 157.5 Short-term investment 25 Cash in hand 1 0.5 Total assets 611 474 Equity and liabilities: Equity: Share capital 100 75 Share premium 80 75 Revolution reserve 50 45.5 Retained earnings 130 90 Non-current liabilities: Loan 85 25…
The comparative balance sheets of RegalEagle Inc. at the beginning and the end of the year 2020 are as follows. RegalEagle INC.BALANCE SHEETS Dec. 31, 2020 Jan. 1, 2020 Inc./Dec. Assets Cash $ 47,720 $ 15,720 $32,000 Inc. Accounts receivable 95,830 90,110 5,720 Inc. Equipment 43,830 24,110 19,720 Inc. Less: Accumulated Depreciation-Equipment 21,830 11,000 10,830 Inc. Total $165,550 $118,940 Liabilities and Stockholders’ Equity Accounts payable $ 24,830 $ 17,110 7,720 Inc. Common stock 102,720 82,110 20,610 Inc. Retained earnings 38,000 19,720 18,280 Inc. Total $165,550 $118,940 Net income of $48,830 was reported, and dividends of $30,550 were paid in 2020. New equipment was purchased and none was sold.Prepare a statement of…
Following are selected accounts for Best Buy, Inc., for the fiscal year ended February 2, 2019. (a) Indicate whether each account appears on the balance sheet (B) or income statement (I). Best Buy, Inc. ($ millions)Amount Classification Sales $42,879 Answer B I Accumulated depreciation 6,690 Answer B I Depreciation expense 770 Answer B I Retained earnings 2,985 Answer B I Net income 1,464 Answer B I Property, plant & equipment, net 2,510 Answer B I Selling, general and admin expense 8,015 Answer B I Accounts receivable 1,015 AnswerB I Total liabilities 9,595 Answer B I Stockholders' equity 3,306 Answer B I (b) Using the data, compute total assets and total expenses. Total Assets Answer Total Expenses Answer answer complete and correct and in detail with all work
Using the following accounts, prepare a classified balance sheet at the year, December 31, 2020: Accounts Payable, P80,000; Accounts Receivable, P110,000; Accumulated Depreciation – Equipment, P70,000; Cash, P20,000; Owner’s Investment, P100,000; Equipment, P300,000; Franchise, P20,000; Investments (long term), P50,000; Merchandise Inventory, P60,000; Notes Payable (long-term), P40,000; Owner’s Capital, P?; Wages Payable, P10,000. Assume that this is the entity’s first year of operations.
Here is the operating data for Yalis Cleaning, Inc.: After analyzing the transactions, prepare a vertical analysis schedule for the company for 2021 and 2020 using service revenue as the base amount. Round percentages to two decimal places.
Following are the current asset and current liability sections of the balance sheets for Freedom Incorporated at January 31, 2023 and 2022 (in millions): Current Assets Cash Accounts receivable Inventories Total current assets Current Liabilities Note payable Accounts payable Other accrued liabilities Total current liabilities Req A January 31, 2023 $12 8 7 $ 27 Req B and C Working capital Current ratio 4 3 $ 11 January 31, 2022 Required: a. Calculate the working capital and current ratio at each balance sheet date. b. Evaluate the firm's liquidity at each balance sheet date. c. Assume that the firm operated at a loss during the year ended January 31, 2023. How could cash have increased during the year? $ 9 11 11 $ 31 Complete this question by entering your answers in the tabs below. 1 3 01/31/2023 01/31/2022 $8 Calculate the working capital and current ratio at each balance sheet date. Note: Enter "Working capital" in millions of dollars (i.e., 10,000,000 should be entered as 10).…

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