$ 3,000 Salaries and wages payable Salaries and wages expense ilties expense Squipment Accounts payable Service revenue $ 2,980 45,700 21,100 38,000 4,100 Notes payable (long-term) Cash 5,200 9,780 6,000 4,000 4,000 48,000 Accounts receivable Accumulated depreciation Owner's Drawings Depreciation expense Owner's capital (beginning of the year) 57,200 6,500 Rent revenue Instructions Prepare an income statement and an owner's equity statement for the year. The owner did not make any new investments during the year. Prepare a classified balance sheet at July 31.

$ 3,000 Salaries and wages payable Salaries and wages expense ilties expense Squipment Accounts payable Service revenue $ 2,980 45,700 21,100 38,000 4,100 Notes payable (long-term) Cash 5,200 9,780 6,000 4,000 4,000 48,000 Accounts receivable Accumulated depreciation Owner's Drawings Depreciation expense Owner's capital (beginning of the year) 57,200 6,500 Rent revenue Instructions Prepare an income statement and an owner's equity statement for the year. The owner did not make any new investments during the year. Prepare a classified balance sheet at July 31.

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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Prepare an income statement with the information listed below: Accumulated Depreciation $ 35,000Accounts Payable $ 65,000Advertising Expense $ 20,625Prepaid Advertising $ 61,875Common Stock $ 50,000Depreciation Expense $ 12,500Dividend Payable $ 50,000Dividends $ 100,000Income Tax expense $ 48,000Income Tax Payable $ 35,000Interest Expense $ 3,750Interest Revenue $ 500Loss on Disposal of Assets $ 10,000Prepaid Rent $ 56,250Rent Expense $ 18,750Retained Earnings $ 836,875Sales Revenue $ 300,000Utilities Expense $ 8,750Utilities Payable $ 7,000Wage Expense $ 41,250Wages Payable $ 10,125
Quiz History: On-line Test Ch. 9, 10&11 A Quiz: On- Question 23 2 pt Journalize this transaction: Payroll cost was $12,000, there was Federal Income Tax withheld of 1,200 and FICA withheld of $900 Edit View Insert Format Tools Table 12pt v Paragraph v BIU A v O words Question 24 2 pts
Accounts payable 919 Accounts receivable 631 Accumulated depreciation 1,813 Cash 729 Common stock 1,387 Cost of goods sold 7,578 Current portion of long-term debt 24 Depreciation expense 108 Dividends 13 Goodwill and other long-term assets 2,627 Income tax expense 24 Income taxes payable 12 Interest expense 54 Interest revenue 11 Inventories 930 Long-term liabilities 1,585 Prepaid expenses and other current assets 65 Property and equipment 2,389 Retained earnings 825 Sales 9,710 Selling, general, and administrative expenses 2,276 Unearned revenue 990 Wages payable 148 Prepare the balance sheet.
Measures of liquidity, solvency, and profitability The comparative financial statements of Marshall Inc. are as follows. The market price of Marshall common stock was $82.60 on December 31, 20Y2. Marshall Inc. Comparative Retained Earnings Statement For the Years Ended December 31, 20Y2 and 20Y1 20Υ2 20Υ1 Retained earnings, January 1 $3,704,000 $3,264,000 Net income $ 600,000 $ 550,000 Dividends: On preferred stock (10,000) (10,000) On common stock (100,000) (100,000) Increase in retained earnings $ 490,000 $ 440,000 Retained earnings, December 31 $4,194,000 $3,704,000 Marshall Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 20Y2 20Υ1 Sales $ 10,850,000 $10,000,000 Cost of goods sold (6,000,000) (5,450,000) $ 4,850,000 $ (2,170,000) Gross profit $ 4,550,000 Selling expenses $ (2,000,000) Administrative expenses (1,627,500) (1,500,000) Total operating expenses $(3,797,500) $ (3,500,000) Operating income $ 1,052,500 $ 1,050,000 Other revenue and expense:…
Interest expense Paid-in capital Accumulated depreciation Notes payable (long-term) Rent expense Merchandise inventory Accounts receivable Depreciation expense Land Retained earnings Cash Cost of goods sold Equipment Income tax expense Accounts payable Net sales $ 5,400 17,200 4,800 53,000 11,700 124,000 41,500 2,400 37,000 152,500 28,000 238,000 28,000 57,000 31,000 400,000 Required: a. Calculate the difference between current assets and current liabilities for Gary's TV at December 31, 2022. b. Calculate the total assets at December 31, 2022. c. Calculate the earnings from operations (operating income) for the year ended December 31, 2022. d. Calculate the net income (or loss) for the year ended December 31, 2022. e. What was the average income tax rate for Gary's TV for 2022? f. If $27,500 of dividends had been declared and paid during the year, what was the January 1, 2022, balance of retained earnings?