Financial information related to Udder Products Company, a proprietorship, for the monthended April 30, 2019, is as follows:Net income for April$166,000Mark Kominksy's withdrawals during April25,000Mark Kominksy's capital, April 1, 2019384,500a. Prepare a statement of owner's equity for the month ended April 30, 2019.b.Why is the statement of owner's equity prepared before the April 30, 2019,balance sheet?

a. Prepare statement of owner's equity

Answered: Financial information related to Udder…

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 current assets and liabilities sections of the comparative balance sheets of Regent Inc., a private entity reporting under ASPE, at December 31 are presented below, along with the income statement: REGENT INC. Comparative Balance Sheet Accounts 2024 2023 Cash $27,720 $29,400 Accounts receivable 17,920 11,480 Inventory 9,100 12,880 Prepaid expenses 2,100 1,624 Accounts payable 12,040 10,080 Accrued expenses payable 1,400 2,240 Dividends payable 6,720 4,760 Income tax payable 1,904 3,304 REGENT INC. Income Statement Year Ended October 31, 2024 Sales $175,000 Cost of goods sold 109,200 Gross profit 65,800 Operating expenses $24,640 Depreciation expense 6,440 Loss on sale of equipment 2,240 33,320 Profit before income tax 32,480 Income tax expense 8,120 Profit for the year $24,360 Instructions Prepare the operating section of the cash flow statement using the direct method.
The balance sheets for Dual Monitors Corporation and additional information are provided below. DUAL MONITORS CORPORATION Balance Sheets December 31, 2024 and 2023 Assets. Current assets: Cash Accounts receivable Inventory Investments Long-term assets: Land Equipment Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable. Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity Additional information for 2024: 1. Net income is $91,560. 2. Sales on account are $1,416,800. (All sales are credit sales.) 3. Cost of goods sold is $1,098,500. 2024 $149,560 72,000 92,000 3,700 450,000 760,000 2023 450,000 640,000 (398,000) (238,000) $1,129,260 $1,136,700 $95,400 6,000 8,000 $117,000 89,000 77,000 1,700 $82,000 11,700 4,700 220,000 670,000 148,300 110,000 670,000 239,860 $1,129,260 $1,136,700 Required: 1. Calculate the…
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Following are selected accounts for Best Buy, Inc., for the fiscal year ended February 2, 2019. (a) Indicate whether each account appears on the balance sheet (B) or income statement (I). Best Buy, Inc. ($ 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
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Please Prepare The Income Statement !

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