Question 2 Nickson company has the following adjusted accounts and normal balances at its year-end, March 31, 2023. Accounts payable Prepaid insurance Interest expense Notes payable Wages payable Cash Wages expense Insurance expense Nickson, Capital Services revenue $ 17,600 Accumulated depreciation - Buildings Accounts receivable 4,000 800 Utilities expense 2,400 Interest payable 640 Unearned revenue 16,000 Supplies expense 12,000 Buildings 2,880 Nickson, Withdrawals 39,700 Depreciation expense-Buildings 32,000 Supplies $ 24,000 6,400 2,080 160 1,300 360 64,000 4,800 3,200 1,280 Use the adjusted accounts for Nickson Company to prepare the (1) income statement and (2) statement of owner's equity for the year ended March 31, 2023 and (3) balance sheet at March 31, 2023. The Nickson, Capital account balance was $39,700 on March 31, 2022 (the prior year), and there were no owner investments in the current year (2023). (13

Question 2 Nickson company has the following adjusted accounts and normal balances at its year-end, March 31, 2023. Accounts payable Prepaid insurance Interest expense Notes payable Wages payable Cash Wages expense Insurance expense Nickson, Capital Services revenue $ 17,600 Accumulated depreciation - Buildings Accounts receivable 4,000 800 Utilities expense 2,400 Interest payable 640 Unearned revenue 16,000 Supplies expense 12,000 Buildings 2,880 Nickson, Withdrawals 39,700 Depreciation expense-Buildings 32,000 Supplies $ 24,000 6,400 2,080 160 1,300 360 64,000 4,800 3,200 1,280 Use the adjusted accounts for Nickson Company to prepare the (1) income statement and (2) statement of owner's equity for the year ended March 31, 2023 and (3) balance sheet at March 31, 2023. The Nickson, Capital account balance was $39,700 on March 31, 2022 (the prior year), and there were no owner investments in the current year (2023). (13

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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