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ble 28,400 Insuran reciation-equipment 5,600 Prepaid 18,200 Rent ex 6,580 Retaine ense 4,600 Salaries ed 1,900 Salaries 22,800 Supplies

ble 28,400 Insuran reciation-equipment 5,600 Prepaid 18,200 Rent ex 6,580 Retaine ense 4,600 Salaries ed 1,900 Salaries 22,800 Supplies

FINANCIAL ACCOUNTING
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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Current Attempt in Progress The Bonita Corporation reports the following adjusted account balances, shown in alphabetical order, at the end of its fiscal year, February 28, 2021: Accounts payable 12,600 Income tax payable 4.500 Accounts receivable 28,400 Insurance expense 3,500 Accumulated depreciation-equipment 5,600 Prepaid insurance 2,600 Cash 18,200 Rent expense 5,900 Common shares 6,580 Retained earnings 20,220 Depreciation expense 4,600 Salaries expense 45,050 Dividends declared 1,900 Salaries payable 3,450 Equipment 22,800 Supplies 300 Fees earned 91,700 Supplies expense 4,100 Income tax expense 4,800 Utilities expense 2,500 During the year ended February 28, 2021, common shares were issued for $5,000. (a) Prepare a statement of income for the year. PONITA CODD ODATI ON
Transcribed Image Text:Current Attempt in Progress The Bonita Corporation reports the following adjusted account balances, shown in alphabetical order, at the end of its fiscal year, February 28, 2021: Accounts payable 12,600 Income tax payable 4.500 Accounts receivable 28,400 Insurance expense 3,500 Accumulated depreciation-equipment 5,600 Prepaid insurance 2,600 Cash 18,200 Rent expense 5,900 Common shares 6,580 Retained earnings 20,220 Depreciation expense 4,600 Salaries expense 45,050 Dividends declared 1,900 Salaries payable 3,450 Equipment 22,800 Supplies 300 Fees earned 91,700 Supplies expense 4,100 Income tax expense 4,800 Utilities expense 2,500 During the year ended February 28, 2021, common shares were issued for $5,000. (a) Prepare a statement of income for the year. PONITA CODD ODATI ON
BONITA CORPORATION Statement of Income Year Ended February 28, 2021 2$ 2$ $
Transcribed Image Text:BONITA CORPORATION Statement of Income Year Ended February 28, 2021 2$ 2$ $
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