Required: 1. Complete the two final columns shown beside each item in Pinnacle Plus's comparative financial statements. 2-a. Which account increased by the largest dollar amount? 2-b. Which account increased by the largest percentage?
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- Identify each of the following accounts as a revenue (R), expense (E), asset (A), liability (L), or equity (SE) by placing initials (R, E, A, L or SE) in the blanks. 1. Salary Expense 2. Cash 3. Equipment 4. Common Stock 5. Fees Revenue 6. Accounts Receivable 7. Accounts Payable 8. Dividends 9. Supplies 10. Unearned Revenue 11. Prepaid Insurance 12. Office FurnitureFor each transaction, indicate whether each account would be classified in the balance sheet as (a) an asset, (b) a liability, or (c) stockholders’ equity; in the income statement as (d) a revenue or (e) an expense; or in the statement of stockholders’ equity as (f) a dividend. Account Classifications Accounts Related Transactions 1. ____________ Utilities payable Amounts owed for utilities. 2. ____________ Cash Cash available for use. 3. ____________ Salaries expense Cost of salaries. 4. ____________ Common stock Shares of ownership sold to investors. 5. ____________ Service revenue Sale of services to customers.Directions: Given the account balances below, calculate the indicated amounts for the current year's financial statements. Hint: Build a balance sheet and income statement in columns to the right of the given numbers and copy each provided item into the appropriate section for the balance sheet or income statement. Retained Earnings prior year 7,050 PP&E, net 4,440 Wages Expense 190 Administration Expense 150 Cash 1,550 Tax Expense 205 Common Stock 300 Inventory 3,700 Accounts Payable 1,800 Accounts Receivable 2,700 Notes Payable 2,200 Depreciation Expense 220 Cost of Goods Sold 6,700 Dividends 200 Interest Expense 85 Revenue 8,400 Tax Liability…
- sing the expanded accounting equation, calculate and enter the answers for each question. You will need to use the answers you calculate for beginning and ending equity to answer the rest of the questions. Assets Beginning of Year: $25,000 - $19,000 Liabilities End of Year: $60,000 - $25,000 1) What is the equity at the beginning of the year? Beginning Equity 6,000 2) What is the equity at the end of the year? Ending Equity 35,000 3) If the owner contributes $5,400 and the owner withdraws $38,500, how much is net income (loss)? Net Income (Loss) 62,100 This the answers I need help with but you need all of this to answer the questions 4 If net income is $3,400 and owner withdrawals are $8,900, how much did the owner contribute (owner, capital)? Owner, Capital 5) If the owner contributes $16,200 and net income is $19,800, how much did the owner withdraw (owner, withdrawals)? Owner, Withdrawals 6) If the owner contributes $43,600 and the owner withdraws $1,900, how much…Based on the data presented in Exercise1-10, identify those items that would appear on the income statement.Required: (A) Use the following adjusted trial balance to prepare a properly formatted multi-step income statement (including EPS), statement of retained earnings, and classified balance sheet. Adjusted Trial Balance Account Titles Dr Cr Cash 26,143 Equity securities portolio 47,521 Fair value adjustment 3,585 Accounts receivable 284,171 Allowance for doubtful accounts 14,209 Inventory 623,636 Prepaid insurance 11,080 Land 414,518 Buildings 1,455,667 Accumulated depreciation-bldg 490,534 Equipment 1,041,038 Accumulated depreciation-equip 337,259 Deferred tax asset 6,000 Patent 17,970 Accounts payable 205,799 Income taxes payable 108,659 Note payable 42,000 Bonds payable 300,000 Premium on bonds payable 16,038 Preferred stock (5%, $100 par) 200,000 Common stock ($10 par value) 400,000 Paid-In capital in excess of par 471,999 Retained earnings 934,729 Dividends 90,000 Sales revenue…
- Select whether each of the following would appear on the income statement, statement of owner's equity, or balance sheet. If an item may appear on more than one statement, choose the option that indicates all possible statements. The first item is provided as an example. Item Classification 0. Example: The total liabilities of the business at the end of the year. Balance Sheet a. The amount of the owner's Capital balance at the end of the year. b. The amount of depreciation expense on equipment during the year. c. The amount of the company's net income for the year. d. The book value of the equipment. e. Total insurance expired during the year. f. Total accounts receivable at the end of the year. g. Total withdrawals by the owner. h. The cost of utilities used during the year. i. The amount of the owner's Capital balance at the beginning of the year.Quiz Module 1 Some of the following accounts may appear on more than one statement. Would you please tell me what statement or statements they are on? 1) Net Income 2) End-of-period retained earnings balance 3) Net decrease in cash 4) End-of-period cash balance 5) Dividends payable 6) Retained Earnings 1/1 For the following could you please list the statment and if it is a real or nominal account? 1) Interest income 2) Bonds payable 3) Prepaid Insurance 4) Supplies on handPls follow the format and answer all the parts to the question.
- Given the following totals of the financial statements columns of the worksheet, determine the net income or loss for the period: Income Statement debit P8,500; Income Statement Credit P6,750; Balance Sheet Debit P4,300; Balance Sheet debit P4,300; Balance Sheet Credit P6,050. P8,500 net loss P1,750 net income P4,300 net income P1,750 net lossThe adjusted trial balance for Sharp Construction as of December 31, 2011, folkows. SARP CONTUCTION Atd Tallance Decmber 31, 20 Na Accot Te Debt Crd 10I Cah S 4000 104 Short-torm ivestments 126 Seple 22.000 ....... 7.100 128 Prepad eurnce 4.000 167 fapment Accumlatad dprecon-to 1m ng Acuated deprecation-Buldng 9000 .... 168 $ 20.000 ........ 130.000 .......*... 174 S5.000 Land 6.00 .*** 201 200 20 Ra pabe Account pble Iert ple 15500 ..... 1500 ...... 2500 ... 210 Wig ptle 213 Property ta paable 231 Uheamed prokena 251 Longem ot pyble Sharp. Capal 1500 00 .... 4500 ..... 4.000 ... 201 2700 ... 202 1 harp. Witdrwa 0I Profesoal emed Rant amed 12.000 ... .000 .... 12.00 ..... 407 Didended 1900 409 Intarest amed. L000 06 Deprectaton epereung 10.000 612 Deprecuon epere-Eqpnent. 62 Wages epene 633 5.000 .... 31.000 Ierest epene. . 637 4100 ... Inurce epen 9.000 Rant epene 652 Seples expene 2 Postage epense. Property taes xpense 640 12400 6.400 3200 4000 684 Rapa epense 7900 sa Telephone epene…1.1 In column (1), indicate inwhich statement income statement (IS) or balance sheet (BS) the accountbelongs. 1.2 In column (2), indicatewhether the account is a current asset (CA), current liability (CL), expense(E), non-current asset (NCA), non-current liability (NCL), revenue (R) orsharehold equity (SE). The type of account must be in terms of IS and BSentries and not the basic accounting equation (BAE). (1) (2) Account name Statement Type of account Trade and other payables(Creditors) Trade receivables (Debtors) Accumulated depreciation Administrative expense Buildings Cash Ordinary share capital (atpar) Cost of goods sold Depreciation Equipment General expense Finance cost Inventories Land Long-term debt Machinery Short-term borrowings Operating expense Preference share capital Redeemable preference sharedividends Retained earnings Sales revenue Selling expense Taxation on profits Vehicle QUESTION 2 The following pre-adjusted balances have been extracted fromthe general ledger…