Q3.S1-12 O Prepare the income statement [10 min]Elegant Arrangements has just completed operations for the year ended December31, 2012. This is the third year of operations for the company. As the owner, youwant to know how well the business performed during the year. To address this ques-tion, you have assembled the following data:Insurance expenseService revenueSupplies expenseRent expense$ 4,000 Salary expense74,000 Accounts payable1,100 Supplies13,000 Rose, drawing$42,0006,8002,1003,900Requirement1. Prepare the income statement of Elegant Arrangements for the year endedDecember 31, 2012. Q4.E1-18 00 Using the accounting equation to analyze business transactions[5-10 min]Great City Builders balance sheet data at May 31, 2012, and June 30, 2012, follow:May 31, 2012June 30, 2012Total assets$177,000$213,000Total liabilities122,000144,000Requirement1. Following are three situations about owner's investments and drawings of thebusiness during June. For each situation, compute the amount of net income ornet loss during June 2012.a. The owner invested $6,000 in the business and made no withdrawals.b. The owner made no investments. The owner withdrew cash $10,000.c. The company owner made investments of $18,000 and withdrew cash of $20,000.

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Description: Q3.S1-12 O Prepare the income statement [10 min]Elegant Arrangements has just completed operations for the year ended December31, 2012. This is the third year of operations for the company. As the owner, youwant to know how well the business perform

Income Statement:- It is a statement that shows the expenses and revenue of a company during the…

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Q3. O Prepare the income statement [10 min] Elegant Arrangements has just completed operations for the year ended December 31, 2012. This is the third year of operations for the company. As the owner, you want to know how well the business performed during the year. To address this ques- tion, you have assembled the following data: S1-12 Insurance expense Service revenue Supplies expense |Rent expense $ 4,000 Salary expense 74,000 Accounts payable 1,100 Supplies 13,000 Rose, drawing $42,000 6,800 2,100 3,900 Requirement 1. Prepare the income statement of Elegant Arrangements for the year ended December 31, 2012.

Q3. O Prepare the income statement [10 min] Elegant Arrangements has just completed operations for the year ended December 31, 2012. This is the third year of operations for the company. As the owner, you want to know how well the business performed during the year. To address this ques- tion, you have assembled the following data: S1-12 Insurance expense Service revenue Supplies expense |Rent expense $ 4,000 Salary expense 74,000 Accounts payable 1,100 Supplies 13,000 Rose, drawing $42,000 6,800 2,100 3,900 Requirement 1. Prepare the income statement of Elegant Arrangements for the year ended December 31, 2012.

FINANCIAL ACCOUNTING

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ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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