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Accounting
Income Statement, i

Income Statement, i

FINANCIAL ACCOUNTING
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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Salaries Expense and Balance Sheet. F P 120,000 75,000 20,000 204,500 22,000 D. fiscal year ending May 31 20O0B: Cash Note Receivable Accounts Receivable Allow. for Impairment Loss Prepaid Advertising Unexpired Insurance Supplies Inventory Interest Receivable 4,000 M. Lanza Capital 57,880 M Lanza Drawing 3,280 Service Income 10,000 Rental Income 6,000 Interest Income 1,260 Salaries Expense 40 Rent Expense 36,800 Utilities Expense 1,840 Supplies Expense 50,000 Advertising Expense 40 114,600 30,000 8,250 4,160 40,000 24,000 12,000 Furniture & Fixtures Accum. Dep'n.- Furn. & Fixt. Office Equipment Accum. Dep’n.– Office Eqpmt. 2,500 Insurance Expense Note Payable (short-term) Accounts Payable Utilities Payable Interest Payable | | 2,000 Taxes & Licenses 24,250 Interest Expense 4,250 Impairment Loss 10 Depreciation - Furn. & Fixt. 2,000 Depreciation - Office Eqpmt. 200 280 840 Unearned Rental 500 REQUIRED: Prepare the Income Statement, Statement of Changes in Owner's Equity ảnd Balance Sheet.
Transcribed Image Text:Salaries Expense and Balance Sheet. F P 120,000 75,000 20,000 204,500 22,000 D. fiscal year ending May 31 20O0B: Cash Note Receivable Accounts Receivable Allow. for Impairment Loss Prepaid Advertising Unexpired Insurance Supplies Inventory Interest Receivable 4,000 M. Lanza Capital 57,880 M Lanza Drawing 3,280 Service Income 10,000 Rental Income 6,000 Interest Income 1,260 Salaries Expense 40 Rent Expense 36,800 Utilities Expense 1,840 Supplies Expense 50,000 Advertising Expense 40 114,600 30,000 8,250 4,160 40,000 24,000 12,000 Furniture & Fixtures Accum. Dep'n.- Furn. & Fixt. Office Equipment Accum. Dep’n.– Office Eqpmt. 2,500 Insurance Expense Note Payable (short-term) Accounts Payable Utilities Payable Interest Payable | | 2,000 Taxes & Licenses 24,250 Interest Expense 4,250 Impairment Loss 10 Depreciation - Furn. & Fixt. 2,000 Depreciation - Office Eqpmt. 200 280 840 Unearned Rental 500 REQUIRED: Prepare the Income Statement, Statement of Changes in Owner's Equity ảnd Balance Sheet.
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