Income statement ExercisesExercise 1.Prepare an income statement for Dr. Waters for the year endedDecember 31, 20... by using the following accounts from the ledger:Income from fees $85 000, Investment Income $9 500; Automobile Expense $1 800;Supplies Expense $4 600; Rent Expense $4 000; Salaries Expense $13 600:Donations Expense $2 500.Exercise 2.Prepare an income statement for Blueberry Cleaners for the month ended October 30, 20..by using the ledger accounts given here in random order:Salaries $4 000, Advertising $1 000, Telephone Expense $600, Delivery Expense $2 000,Cleaning Revenue $12 000, Office Expense $2 000, Repairs Revenue $1 000,Rent $4 000.Exercise 3.From the trial of Johnson Moving, classify each account as an asset, liability, an owner'sequity, a revenue or as an expense and indicate whether it appears on thebalance sheet or on the income statement.Example: Cash - an asset which appears on the balance sheet.JohnsonTrial BalanceJune 30, 20.....ACCOUNT TITLECREDITCashAccounts ReceivableLand and BuildingsEquipmentAccounts PayableBank LoanA. Morrison, CapitalStorage fees RevenueMoving service RevenueSalaries ExpenseTruck ExpenseUtilities ExpenseDEBIT$ 25 00065 000175 00065 20095 30032 0009000$ 466 500$ 24 00031 000200 00026 500185 000$ 466 500

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Description: Income statement ExercisesExercise 1.Prepare an income statement for Dr. Waters for the year endedDecember 31, 20... by using the following accounts from the ledger:Income from fees $85 000, Investment Income $9 500; Automobile Expense $1 800;Suppli

Income statement means the statement which shows all nominal account and reflect the net profit or…

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Exercise 1. Prepare an income statement for Dr. Waters for the year ended December 31, 20... by using the following accounts from the ledger: Income from fees $85 000, Investment Income $9 500; Automobile Expense $1 800; Supplies Expense $4 600; Rent Expense $4 000; Salaries Expense $13 600: Donations Expense $2 500.

Exercise 1. Prepare an income statement for Dr. Waters for the year ended December 31, 20... by using the following accounts from the ledger: Income from fees $85 000, Investment Income $9 500; Automobile Expense $1 800; Supplies Expense $4 600; Rent Expense $4 000; Salaries Expense $13 600: Donations Expense $2 500.

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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T Account entries for Simple Construction:Bob Simple graduated from the BCIT Construction Management Program and decided to start his own construction company. We will record various entries that might be made in a T account sheet in order to account for his second year of operations. At the end of the first year, his income statement and balance sheet havethe following values:Balance Sheet Entries for Last Year:Cash: 365,000Accounts Receivable: $17,000Materials Inventory: $2000Equipment: $15,000Accumulated Amortization: $500Accounts Payable: $22,000Bank Loan –Long Term: $10,000Dividend Payable: $35,000Interest Payable: $500Wages Payable: $5,000Common Stock: $250,000Retained Earnings: $76,000Income statement Final Entries for Last Year:Revenue: $145,000Materials Expense: $20,000Wages Expense: $10,000Amortization Expense: $500Rental Expense: $2,500Interest Expense: $1000Net Income: $111,000 Question 1a.Enter the relevant amounts in the T sheet to start the current year, and designate…
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form the Journal entry of the given transaction: date/s transaction debit credit Sep-02 Garcia invested P30,000 cash to start his business. 2 Purchased medical Supplies on account, P10,000 3 Paid monthly office rent of P4,000. 4 Recorded P5,000 revenue for service rendered to patients: received cash of P2,000 and sent bills to patients for the remainder. 10 Borrowed P50,000 from the bank, signing a note payable 15 Performed service for patients on account, P3,600 22 Received cash from patients billed on September 3, P2,000 25 Received and paid a utility bill, P200 26 Paid monthly salary to nurses, P3,000 30 Paid interest expense of P200
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