HOMEWORK CHAPTER 4 4 OUT OF 5 These financial statement items are for Sandhill Company at year-end, July 31, 2020. Salaries and wages payable $2,300 Notes payable (long-term) $1,800 Salaries and wages expense 51,500 Cash 14,300 Utilities expense 23,000 Accounts receivable 10,400 Equipment 29,000 Accumulated depreciation―equipment 6,400 Accounts payable 4,700 Owner’s drawings 3,200 Service revenue 60,800 Depreciation expense 4,300 Rent revenue 8,400 Owner’s Capital (beginning of the year) 51,300 (a1) Prepare an income statement for the year. The owner did not make any new investments during the year. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) SANDHILL COMPANY Income Statement choose the accounting period select an opening name for section one enter an income statement item $enter a dollar amount enter an income statement item enter a dollar amount select a closing name for section one $enter a total amount for section one select an opening name for section two enter an income statement item $enter a dollar amount enter an income statement item enter a dollar amount enter an income statement item enter a dollar amount select a closing name for section two enter a total amount for section two select a closing name for this statement $enter a total net income or loss amount eTextbook and Media List of Accounts Attempts: 0 of 3 used (a2) Prepare an owner’s equity statement for the year. SANDHILL COMPANY Owner’s Equity Statement choose the accounting period select an opening name $enter a dollar amount select between addition and deduction : select an item $enter a dollar amount select an item enter a dollar amount enter a subtotal of the two previous amounts select a closing name $enter a total amount eTextbook and Media List of Accounts Attempts: 0 of 3 used (b) Prepare a classified balance sheet at July 31. (List Current Assets in order of liquidity.) SANDHILL COMPANY Balance Sheet choose the accounting period Assets select an opening name for subsection one enter a balance sheet item $enter a dollar amount enter a balance sheet item enter a dollar amount select a closing name for subsection one $enter a total amount for subsection one select an opening name for subsection two enter a balance sheet item enter a dollar amount select between addition and deduction : enter a balance sheet item enter a dollar amount enter a subtotal of the two previous amounts select a closing section name for this part of the balance sheet $enter a total amount for this part of the balance sheet Liabilities and Owner's Equity select an opening name for subsection one enter a balance sheet item $enter a dollar amount enter a balance sheet item enter a dollar amount select a closing name for subsection one $enter a total amount for subsection one of the second part of the balance sheet select an opening name for subsection two enter a balance sheet item enter a dollar amount select a closing name for section one enter a total amount for this section of the balance sheet select an opening name for section two enter a balance sheet item enter a dollar amount select a closing name for this part of the balance sheet $enter a total amount for this part of the balance sheet
HOMEWORK CHAPTER 4 4 OUT OF 5 These financial statement items are for Sandhill Company at year-end, July 31, 2020. Salaries and wages payable $2,300 Notes payable (long-term) $1,800 Salaries and wages expense 51,500 Cash 14,300 Utilities expense 23,000 Accounts receivable 10,400 Equipment 29,000 Accumulated depreciation―equipment 6,400 Accounts payable 4,700 Owner’s drawings 3,200 Service revenue 60,800 Depreciation expense 4,300 Rent revenue 8,400 Owner’s Capital (beginning of the year) 51,300 (a1) Prepare an income statement for the year. The owner did not make any new investments during the year. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) SANDHILL COMPANY Income Statement choose the accounting period select an opening name for section one enter an income statement item $enter a dollar amount enter an income statement item enter a dollar amount select a closing name for section one $enter a total amount for section one select an opening name for section two enter an income statement item $enter a dollar amount enter an income statement item enter a dollar amount enter an income statement item enter a dollar amount select a closing name for section two enter a total amount for section two select a closing name for this statement $enter a total net income or loss amount eTextbook and Media List of Accounts Attempts: 0 of 3 used (a2) Prepare an owner’s equity statement for the year. SANDHILL COMPANY Owner’s Equity Statement choose the accounting period select an opening name $enter a dollar amount select between addition and deduction : select an item $enter a dollar amount select an item enter a dollar amount enter a subtotal of the two previous amounts select a closing name $enter a total amount eTextbook and Media List of Accounts Attempts: 0 of 3 used (b) Prepare a classified balance sheet at July 31. (List Current Assets in order of liquidity.) SANDHILL COMPANY Balance Sheet choose the accounting period Assets select an opening name for subsection one enter a balance sheet item $enter a dollar amount enter a balance sheet item enter a dollar amount select a closing name for subsection one $enter a total amount for subsection one select an opening name for subsection two enter a balance sheet item enter a dollar amount select between addition and deduction : enter a balance sheet item enter a dollar amount enter a subtotal of the two previous amounts select a closing section name for this part of the balance sheet $enter a total amount for this part of the balance sheet Liabilities and Owner's Equity select an opening name for subsection one enter a balance sheet item $enter a dollar amount enter a balance sheet item enter a dollar amount select a closing name for subsection one $enter a total amount for subsection one of the second part of the balance sheet select an opening name for subsection two enter a balance sheet item enter a dollar amount select a closing name for section one enter a total amount for this section of the balance sheet select an opening name for section two enter a balance sheet item enter a dollar amount select a closing name for this part of the balance sheet $enter a total amount for this part of the balance sheet
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Concept explainers
The Effect Of Prepaid Taxes On Assets And Liabilities
Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can result in prepaid assets and liabilities.
Final Accounts
Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.
Ledger Posting
A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the amount paid/debited or received/ credited from your bank account over some time.
Trial Balance and Final Accounts
In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately recorded or not. Trial balance helps in this. Trial balance helps to check the accuracy of posting the ledger accounts. It helps the accountant to assist in preparing final accounts. It also helps the accountant to check whether all the debits and credits of items are recorded and posted accurately. Like in a balance sheet debit and credit side should be equal, similarly in trial balance debit balance and credit balance should tally.
Adjustment Entries
At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial reporting that corrects the errors made previously in the accounting period. The basic characteristics of every adjustment entry is that it affects at least one real account and one nominal account.
Question
HOMEWORK CHAPTER 4 4 OUT OF 5 These financial statement items are for Sandhill Company at year-end, July 31, 2020.
| Salaries and wages payable | $2,300 | Notes payable (long-term) | $1,800 | |||
|---|---|---|---|---|---|---|
| Salaries and wages expense | 51,500 | Cash | 14,300 | |||
| Utilities expense | 23,000 | 10,400 | ||||
| Equipment | 29,000 | 6,400 | ||||
| Accounts payable | 4,700 | Owner’s drawings | 3,200 | |||
| Service revenue | 60,800 | Depreciation expense | 4,300 | |||
| Rent revenue | 8,400 | Owner’s Capital (beginning of the year) | 51,300 |
(a1)
Prepare an income statement for the year. The owner did not make any new investments during the year. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
|
SANDHILL COMPANY
Income Statement choose the accounting period |
|---|
|
|
|---|
| select an opening name for section one |
|
enter an income statement item
|
$enter a dollar amount
|
|
|---|---|---|
|
enter an income statement item
|
enter a dollar amount
|
|
| select a closing name for section one |
|
$enter a total amount for section one
|
||
| select an opening name for section two |
|
enter an income statement item
|
$enter a dollar amount
|
|
|---|---|---|
|
enter an income statement item
|
enter a dollar amount
|
|
|
enter an income statement item
|
enter a dollar amount | |
| select a closing name for section two |
| enter a total amount for section two | ||
| select a closing name for this statement |
|
$enter a total net income or loss amount
|
eTextbook and Media
List of Accounts
Attempts: 0 of 3 used
(a2)
Prepare an owner’s equity statement for the year.
|
SANDHILL COMPANY
Owner’s Equity Statement choose the accounting period |
|---|
|
|
|---|
|
select an opening name
|
|
|
$enter a dollar amount
|
||
|---|---|---|---|
| select between addition and deduction |
| : | |||
|---|---|---|---|
|
select an item
|
|
|
$enter a dollar amount
|
|
|
|---|---|---|---|
| select an item |
| enter a dollar amount | |||
| enter a subtotal of the two previous amounts | |||
| select a closing name |
|
$enter a total amount
|
eTextbook and Media
List of Accounts
Attempts: 0 of 3 used
(b)
Prepare a classified balance sheet at July 31. (List Current Assets in order of liquidity.)
|
SANDHILL COMPANY
Balance Sheet choose the accounting period |
|---|
|
|
|---|
|
Assets
|
| select an opening name for subsection one |
|
enter a balance sheet item
|
$enter a dollar amount
|
|||||
|---|---|---|---|---|---|---|
|
enter a balance sheet item
|
enter a dollar amount | |||||
| select a closing name for subsection one |
|
|
$enter a total amount for subsection one
|
|||||
| select an opening name for subsection two |
|
enter a balance sheet item
|
enter a dollar amount
|
|||||
|---|---|---|---|---|---|---|
|
select between addition and deduction
|
|
: enter a balance sheet item
|
enter a dollar amount | enter a subtotal of the two previous amounts | ||||
|---|---|---|---|---|---|---|
| select a closing section name for this part of the balance sheet |
|
|
|
$enter a total amount for this part of the balance sheet
|
||||
|
Liabilities and Owner's Equity
|
||||||
| select an opening name for subsection one |
|
enter a balance sheet item
|
$enter a dollar amount
|
|||||
|---|---|---|---|---|---|---|
|
enter a balance sheet item
|
enter a dollar amount | |||||
| select a closing name for subsection one |
|
|
$enter a total amount for subsection one of the second part of the balance sheet
|
|||||
| select an opening name for subsection two |
|
enter a balance sheet item
|
enter a dollar amount
|
|||||
|---|---|---|---|---|---|---|
| select a closing name for section one |
|
|
enter a total amount for this section of the balance sheet
|
|||||
| select an opening name for section two |
|
enter a balance sheet item
|
enter a dollar amount
|
|||||
|---|---|---|---|---|---|---|
| select a closing name for this part of the balance sheet |
|
|
|
$enter a total amount for this part of the balance sheet
|
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