Create a Statement of Comprehensive Income using the given Data for The Wealthy Co.Merchandising Business for period ended July 31,2020|Account No.Account NameTrial BalanceDebitAdjustmentsAdjusted Trial BalanceCreditSCISFPCreditDebitCreditDebitDebitCreditDebitCredit1000 Cash91,52591,52591,5251200 Accounts Receivable30,14030,14030,1401300 Inventory1400 Prepaid Expenses1600 Office Equipment20,05020,05020,05030,0005,00030,0005,00030,00045,00045,00045,0001601 AccumDeprn - Off Eqpt2000 Accounts Payable7507507503,0003,0003,0002201 Salaries Payable7,0007,0007,0003000 Sy, Drawings3100 Sy, Capital10,00010,00010,000200,000200,000200,0004100 Sales72,71072,71072,7104101 Sales Returns&Allowances1,3201,3201,3204102 Sales Discount8258258255100 Cost of Sales32,45032,45032,4506100 Salaries Expense6200 Utilities Expense7,0007,00014,00014,0007,4007,4007,4006300 Rental Expense5,0005,0005,0006500 Depreciation Expense750750750275,710275,71012,50012,500288,460288,460

The income statement is the representation of financial information. It will reflect financial…

Debit 1000 Cash 91,525 1200 Accounts Receivable 30,140 20,050 1300 Inventory 1400 Prepaid Expenses 1600 Office Equipment 1601 AccumDeprn - Off Eqpt 2000 Accounts Payable 2201 Salaries Payable 3000 Sy, Drawings 3100 Sy, Capital 4100 Sales 4101 Sales Returns&Allowances 30,000 45,000 10,000 1,320 4102 Sales Discount 825 5100 Cost of Sales 32,450 6100 Salaries Expense 6200 Utilities Expense 7,000 7,400

Debit 1000 Cash 91,525 1200 Accounts Receivable 30,140 20,050 1300 Inventory 1400 Prepaid Expenses 1600 Office Equipment 1601 AccumDeprn - Off Eqpt 2000 Accounts Payable 2201 Salaries Payable 3000 Sy, Drawings 3100 Sy, Capital 4100 Sales 4101 Sales Returns&Allowances 30,000 45,000 10,000 1,320 4102 Sales Discount 825 5100 Cost of Sales 32,450 6100 Salaries Expense 6200 Utilities Expense 7,000 7,400

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

what is income statement? cash $14,785.00 A/R $100.00 Packing and office supplies $370.00 inventory $6,350.00 office forniture and equipment $1,100.00 AD:office furn and equipment $31.00 A/P $1,850.00 interest payable $133.00 unearned revenue $350.00 bank loan $5,000.00 equity $11,089.00 drawings $15.00 shoe sales revenue $7,180.00 sales returns $120.00 cost of sales $500.00 online store expenses $650.00 shipping costs $1,199.00 interest expense $133.00 inventory shrink $150.00 depreciation expense $31.00 supplies expense $130.00 25,633 25,633
Home office BranchSales P 365,000 P174,000Shipment to branch 90,000Purchases from outsiders 220,000 35,000Advertising expense 13,700 2,500Salaries and Commission 35,000 9,500Rent Expense 10,000 2,000Miscellaneous expense 3,300 500Shipment from home Office 112,500Inventories, January 1:Home Office 85,000Branch:From outsiders 9,500From home office at 2018 billed price30,000Inventories, December 31:Home Office 65,000BranchFrom outsider 6,500From Home office at 2018 billed price30,0001. The branch inventory at cost on December 31, 2021 is:a. P30,500 c. P70,000b. 31,500 d. 36,5002. The combined net income of the Home Office and the Branch on December 31, 2021 is:a. P111,000 c. P250,500b. 63,000 d. 174,000
A/C DR CR Cash 560,000 Accounts Receivbales 3,710,000 Allowance for Bad Debt 290,000 Merchandise Inventory 2,580,000 Store Supplies 1,300,000 Prepaid Insurance 2,775,000 Prepaid Rent 1,000,000 Furniture 2,650,000 Accu Depc'n Furniture 2,080,000 Machinery 1,800,000 Accu Depc'n Machinery 1,328,141 Accounts Payable 630,000 Salary Payable Interest Payable Unearned Sales Revenue 800,000 Note Payable Long Term 2,500,000 Patty Patterson Capital 5,200,000 Patty Person Withdrawals 280,000 Sales Revenue 22,726,859 Sales Count 1,200,000 Sales Returns and Allowances 800,000 Cost of Goods Sold 8,100,000 Salaries Expense 7,270,000 Insurance Expense Utilities Expense 580,000 Rent Expense 950,000 Depc'n Expense - Furniture Depc'n Expense Machinery Store Supplies Expense Gain on Disposal Machinery Bad-Dept Expense Interest Expense 35.555,000…
hsd.3
Net Sales 36000 Commission received 6430 Interest received 3570 Cost of goods sold 7400 Dividends received 2220 From the above information the total income will be: a.OMR 41280 b.OMR 42820 c.OMR 48220 d.OMR 40820 Fast plz***********
Tableau Dashboard Activity 12-1 Use Conservative Versus Aggressive Accounting Estimates Review the Tableau visualization, and then answer the questions that follow. Sales Revenue Cost of Goods Sold Depreciation Exp Bad Debt Exp Warranty Exp Income Statement Net Income $80,000 $0 $50,000 $100,000 $150,000 $200,000 Balance Sheet Cash Accounts Receivable Allowance for Uncol Accts Inventory Equipment Accum Depr Total Assets Accounts Payable Warranty Liab Common Stock Retained Earnings Total Liab and Equities Operating Cash Flows Investing Cash Flows Financing Cash Flows $275,000 Uncollectible Accounts Estimate Ⓒ Before Adjustment 5% of Accounts Receivable 15% of Accounts Receivable Lower of Cost or NRV Estimate Ⓒ Before Adjustment Ⓒ $4,000 NRV Below Cost $12,000 NRV Below Cost Depreciation Estimate Before Adjustment 6 Years 12 Years Warranty Estimate Before Adjustment 4% of Sales Revenue 12% of Sales Revenue Risk Analysis Current Ratio Debt-to-Equity Rat.. 10.3 5.8% Profitability Analysis…
from the following tralasaction, prepar in come Statement Sales reven ue tinished Goeds 50006 Net purchases lo o00 rent expenses 250 000 returns sales lo o 00 3000 So00 6 vent revenue administrutive Expensese 2e0 Sales salaries looo Depreriation other expensese tax income tooo t500-6 finished goads 34 7o00 . tooo
Goods sent on consignment R760 000. Opening consignment stock R48 000. Cash sales R700 000. Consignor’s expenses R20 000. Consignee’s expenses R12 000. Commission R20 000. Closing consignment stock R300 000. The profit on consignment is________. Select one: a. R150 000 b. R140 000 c. R92 000 d. R456 000
Dept. N $ 41,000 Dept. O $72,000 Dept. P $60,000 Dept. T $ 40,000 Total Dept. M $79,000 $ 292,000 Sales Expenses Avoidable 15,800 56,600 43,600 19,800 148,000 146,600 20,000 20,000 46,600 48,600 18, 200 Unavoidable 5,400 Total expenses 72,400 63,400 25,400 66,600 66,800 294, 600 Net income (loss) $ 6,600 $(22,400) $46,600 $(6,600) $(26,800) $ (2,600) Recompute and prepare the departmental income statements (including a combined total column) for the company under each of the following separate scenarios. Exercise 25-9 Part 1 (1) Management eliminates departments with expected net losses. DEPARTMENTS WITH EXPEC TED NET LOSSES ELIMINATED Dept. M Dept. N Dept. O Dept. P Dept. T Total Sales $ 79,000 72,000 151,000 Expenses: Avoidable 15,800 20,000 35,800 Unavoidable 56,600 5,400 62,000 Total expenses 72,400 25,400 97,800 Net income (loss) 6,600 $ $ 46,600 $ $ $ 53,200
MC Qu. 10-86 Zorn Inc. makes a sale for... Zorn Inc. makes a sale for $400. The company is required to collect sales taxes amounting to 9%. What is the amount that will be credited to the Sales Tax Payable account? Multiple Cholce $36 $33 $200 $39 ype here to search. W Trop storm warning DELL
Income statement 2021 £,000 Sales 7000 Cost of sales -3000 Gross profit 4000 Administration and distribution expenses -1000 Interest payable -500 Dividend received 600 Profit before tax 3100 Taxation -1000 Profit after tax 2100 Balance Sheet 2021 2020 £'000 £'000 £'000 £'000 Assets: Non-Current Assets Property, plant and equipment 13000 10000 Investment 3000 3000 16000 13000 Current Assets Inventories 5500 5000 Trade receivables 2500 4500 Cash at bank 1000 9000 0 9500 Total Assets 25000 22500 Equity and Liabilities: Share capital 6000 5000 Share premium account 3000 2000 Retained earnings 3900 3000 12900 10000…
complete part 2