Salaries ExpenseRent ExpenseMiscellaneous ExpenseTotal ExpensesCashb. Prepare a balance sheet as of December 31.ASSETSDecorating Fees EarnedDecorating Fees EarnedSuppliesTotal Assets◆X$$R. LEVY, INTERIOR DECORATORBalance SheetDecember 319,500* Decorating Fees Earned*Notes payableTotal LiabilitiesLIABILITIESDecorating Fees EarnedDecorating Fees EarnedSTOCKHOLDERS' EQUITY6,000XXTotal Stockholders' Equity* Total Liabilities and Stockholders' EquityXXtA$X Income Statement and Balance SheetThe records of R. Levy, Interior Decorator, show the following information for the year-end December 31:Notes Payable$6,000 Supplies$9,5006,200Decorating Fees Earned57,600 Cash8,600Insurance expenseSupplies Expense700Miscellaneous ExpenseCommon StockRetained EarningsRevenueCashExpenses1,600 Accounts Receivable8,100 Advertising Expense1,200 Salaries Expense7,000 Rent ExpenseRequireda. Prepare an income statement for the year.Do not use negative signs with your answers.R. LEVY, INTERIOR DECORATORCash? Accounts PayableSupplies ExpenseInsurance ExpenseAdvertising ExpenseSalaries ExpenseRent ExpenseMiscellaneous ExpenseTotal ExpensesIncome StatementFor Year Ended December 31X$Xb. Prepare a balance sheet as of December 31.$33,0004,5002,800X

The income statement is prepared to know the profit or loss made during the year. The income…

Income Statement and Balance Sheet The records of R. Levy, Interior Decorator, show the following information for the year-end December 31: Notes Payable $9,500 $6,000 Supplies 57,600 Cash Decorating Fees Earned 6,200 8,600 Insurance expense Supplies Expense 700 33,000 4,500 2,800 Miscellaneous Expense Common Stock Retained Earnings Revenue Cash Expenses 1,600 Accounts Receivable 8,100 Advertising Expense 1,200 Salaries Expense 7,000 Rent Expense Required a. Prepare an income statement for the year. Do not use negative signs with your answers. R. LEVY, INTERIOR DECORATOR Cash ? Accounts Payable Supplies Expense Insurance Expense Advertising Expense Salaries Expense Rent Expense Miscellaneous Expense Total Expenses Income Statement For Year Ended December 31 ✓ x $ + x $ $ X X

Income Statement and Balance Sheet The records of R. Levy, Interior Decorator, show the following information for the year-end December 31: Notes Payable $9,500 $6,000 Supplies 57,600 Cash Decorating Fees Earned 6,200 8,600 Insurance expense Supplies Expense 700 33,000 4,500 2,800 Miscellaneous Expense Common Stock Retained Earnings Revenue Cash Expenses 1,600 Accounts Receivable 8,100 Advertising Expense 1,200 Salaries Expense 7,000 Rent Expense Required a. Prepare an income statement for the year. Do not use negative signs with your answers. R. LEVY, INTERIOR DECORATOR Cash ? Accounts Payable Supplies Expense Insurance Expense Advertising Expense Salaries Expense Rent Expense Miscellaneous Expense Total Expenses Income Statement For Year Ended December 31 ✓ x $ + x $ $ X X

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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