Homework Help is Here – Start Your Trial Now!
Business
Accounting
Revenues Rent revenue Operating expenses Advertising expense Salaries and wages expense Utilities expense Depreciation expense Maintenance and repairs expense Ivanhoe Travel Court Income Statement For the Quarter Ended June 30, 2025 Total operating expenses Net income Supplies Prepaid Insurance Notes Payable 1. Betty suspected that something was wrong with the statement because net income had never exceeded $30,000 in any one quarter. Knowing that you are an experienced accountant, she asks you to review the income statement and other data. 2. You first look at the trial balance. In addition to the account balances reported above in the income statement, the trial balance contains the following additional selected balances at June 30, 2025. 3. $4,670 82,040 $8,740 15,000 950 2,850 4,260 14,700 You then make inquiries and discover the following. $210,700 94,770 $115,930 Ivanhoe rental revenues include advanced rental payments received for summer occupancy, in the amount of $57,890. There were $1,960 of supplies on hand at June 30. Prepaid insurance resulted from the payment of a 1-year policy on April 1, 2025.

Revenues Rent revenue Operating expenses Advertising expense Salaries and wages expense Utilities expense Depreciation expense Maintenance and repairs expense Ivanhoe Travel Court Income Statement For the Quarter Ended June 30, 2025 Total operating expenses Net income Supplies Prepaid Insurance Notes Payable 1. Betty suspected that something was wrong with the statement because net income had never exceeded $30,000 in any one quarter. Knowing that you are an experienced accountant, she asks you to review the income statement and other data. 2. You first look at the trial balance. In addition to the account balances reported above in the income statement, the trial balance contains the following additional selected balances at June 30, 2025. 3. $4,670 82,040 $8,740 15,000 950 2,850 4,260 14,700 You then make inquiries and discover the following. $210,700 94,770 $115,930 Ivanhoe rental revenues include advanced rental payments received for summer occupancy, in the amount of $57,890. There were $1,960 of supplies on hand at June 30. Prepaid insurance resulted from the payment of a 1-year policy on April 1, 2025.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

The answer is not accured expenses. Also, please prepare an income statement for the quarter ended June 30, 2025. 

Revenues Rent revenue Operating expenses Advertising expense Salaries and wages expense Utilities expense Depreciation expense Maintenance and repairs expense Total operating expenses Net income Ivanhoe Travel Court Income Statement For the Quarter Ended June 30, 2025 Supplies Prepaid Insurance Notes Payable 1. Betty suspected that something was wrong with the statement because net income had never exceeded $30,000 in any one quarter. Knowing that you are an experienced accountant, she asks you to review the income statement and other data. 2. You first look at the trial balance. In addition to the account balances reported above in the income statement, the trial balance contains the following additional selected balances at June 30, 2025. 3. 5. You then make inquiries and discover the following. 6. 7. $4,670 82,040 $8,740 15,000 950 2,850 4,260 14,700 $210,700 94,770 $115,930 Ivanhoe rental revenues include advanced rental payments received for summer occupancy, in the amount of $57,890. There were $1,960 of supplies on hand at June 30. Prepaid insurance resulted from the payment of a 1-year policy on April 1, 2025. The mail in July 2025 brought the following bills: advertising for the week of June 24, $120; repairs made June 18, $4,755; and utilities for the month of June, $250. Wage expense is $325 per day. At June 30, 4 days' wages have been incurred but not paid. The note payable is a 69 note dated May 1, 2025, and due on July 31, 2025. Income tax of $14,400 for the quarter is due in July but has not yet been recorded.
Transcribed Image Text:Revenues Rent revenue Operating expenses Advertising expense Salaries and wages expense Utilities expense Depreciation expense Maintenance and repairs expense Total operating expenses Net income Ivanhoe Travel Court Income Statement For the Quarter Ended June 30, 2025 Supplies Prepaid Insurance Notes Payable 1. Betty suspected that something was wrong with the statement because net income had never exceeded $30,000 in any one quarter. Knowing that you are an experienced accountant, she asks you to review the income statement and other data. 2. You first look at the trial balance. In addition to the account balances reported above in the income statement, the trial balance contains the following additional selected balances at June 30, 2025. 3. 5. You then make inquiries and discover the following. 6. 7. $4,670 82,040 $8,740 15,000 950 2,850 4,260 14,700 $210,700 94,770 $115,930 Ivanhoe rental revenues include advanced rental payments received for summer occupancy, in the amount of $57,890. There were $1,960 of supplies on hand at June 30. Prepaid insurance resulted from the payment of a 1-year policy on April 1, 2025. The mail in July 2025 brought the following bills: advertising for the week of June 24, $120; repairs made June 18, $4,755; and utilities for the month of June, $250. Wage expense is $325 per day. At June 30, 4 days' wages have been incurred but not paid. The note payable is a 69 note dated May 1, 2025, and due on July 31, 2025. Income tax of $14,400 for the quarter is due in July but has not yet been recorded.
Prepare any adjusting journal entries required at June 30, 2025. (List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually) No. Account Titles and Explanation 1. 2. 3. Your answer is partially correct. 5. 7. Rent Revenue Unearned Rent Revenue Supplies Expense Supplies Insurance Expan Prepaid Insurance Advertising Expense Maintenance and Repairs Expense Utilities Expense Amortization Expense Salaries and Wages Expense Salaries and Wages Payable Interest Expens Interest Payable Income Tax Expense Income Tax Payable Debit 57,880 6,780 3,750 120 4,755 250 1,300 147 14,400 Credit 57,880 QUACACACA 6,780 3,750 5,125 1,300 14,400
Transcribed Image Text:Prepare any adjusting journal entries required at June 30, 2025. (List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually) No. Account Titles and Explanation 1. 2. 3. Your answer is partially correct. 5. 7. Rent Revenue Unearned Rent Revenue Supplies Expense Supplies Insurance Expan Prepaid Insurance Advertising Expense Maintenance and Repairs Expense Utilities Expense Amortization Expense Salaries and Wages Expense Salaries and Wages Payable Interest Expens Interest Payable Income Tax Expense Income Tax Payable Debit 57,880 6,780 3,750 120 4,755 250 1,300 147 14,400 Credit 57,880 QUACACACA 6,780 3,750 5,125 1,300 14,400
Expert Solution
Step 1

Financial statements includes income statement, balance sheet and cash flow statement. Income statement represents total income during the period. This statement includes all expenses and revenue.

trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Income Statement Analysis
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS