Income Statement 1/01/21 to 1/31/21 Balance Sheet As of 1/31/21 REVENUE ASSETS Sales of services $ 18,000 Cash $9,500 TOTAL REVENUE $ 18,000 Accounts receivable 13,300 Equipment $15,000 EXPENSES Accumulated depre. -2,100 12,900 Salary expense 6,300 TOTAL ASSETS $35,700 Depreciation expense 300 Repair expense 1,800 LIABILITIES AND OWNER'S EQUITY Rent expense 3,300 Accounts payable $4,600 TOTAL EXPENSES 11,700 Owner's equity 31,100 NET INCOME $6.300 TOTAL LIABILITIES & OWNER'S EQUITY $35,700 EXHIBIT 4.23 Preparing the Financial Statements (Textbook Question #) 1. Required: (Textbook Question #) 10. Prepare an actual versus budget income statement with horizontal analysis accounting information using the data in Exhibit 4.23 in Chapter 4 (shown above) and the following budget data for January Sales of services 18,300 Salary expense 6,200 Depreciation expense 375 Repair expense 2,150 Rent expense 3,150 Prepare an actual versus budget income statement

Income Statement 1/01/21 to 1/31/21 Balance Sheet As of 1/31/21 REVENUE ASSETS Sales of services $ 18,000 Cash $9,500 TOTAL REVENUE $ 18,000 Accounts receivable 13,300 Equipment $15,000 EXPENSES Accumulated depre. -2,100 12,900 Salary expense 6,300 TOTAL ASSETS $35,700 Depreciation expense 300 Repair expense 1,800 LIABILITIES AND OWNER'S EQUITY Rent expense 3,300 Accounts payable $4,600 TOTAL EXPENSES 11,700 Owner's equity 31,100 NET INCOME $6.300 TOTAL LIABILITIES & OWNER'S EQUITY $35,700 EXHIBIT 4.23 Preparing the Financial Statements (Textbook Question #) 1. Required: (Textbook Question #) 10. Prepare an actual versus budget income statement with horizontal analysis accounting information using the data in Exhibit 4.23 in Chapter 4 (shown above) and the following budget data for January Sales of services 18,300 Salary expense 6,200 Depreciation expense 375 Repair expense 2,150 Rent expense 3,150 Prepare an actual versus budget income statement

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter7: Fixed Assets, Natural Resources, And Intangible Assets

Section: Chapter Questions

Problem 7.3.1MBA

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