You are provided with the following budget information for Trent Company, effective as of its April 30, 2021 year-end.Accounts payable834Accounts receivable810Buildings, net of accumulated depreciation 3,537Cash770Common stock900Cost of goods sold2,500Current portion of long-term debt450Depreciation expenseDividends paid during the year335475Equipment, net of accumulated depreciation 1,220Income tax expense265Income taxes payable265Interest expense400Inventory967Land1,600Long-term debtPrepaid expenses3,50012Retained earnings, beginning1,600Service revenue9,600Selling expenses310Debt investments1,200Salaries and wages expense700Salaries and wages payable222Instructions: Prepare an income statement for Trent Company for the year ended April 30, 2022. What is budgeted net income?

Preparing the Income statement for the year ending April,30, 2022 Concept of Preparing the income…

s paid during the year 475 nt, net of accumulated depreciation 1,220 сах ехрense caxes payable 265 265 expense 400 967 1,600 m debt expenses | earnings, beginning 3,500 12 1,600 evenue 9,600 xpenses 310 otmonto 200

s paid during the year 475 nt, net of accumulated depreciation 1,220 сах ехрense caxes payable 265 265 expense 400 967 1,600 m debt expenses | earnings, beginning 3,500 12 1,600 evenue 9,600 xpenses 310 otmonto 200

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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q. 14 teddy’s Pillow’s had beginning net fixed assets of $461 and ending net fixed assets of $530. Assets valued at $309 were sold during the year. Depreciation was $22. What is the amount of net capital spending? $91 $47 $243 $69 $400
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Gross Profit from Operations Tax Exempt Interest Capital gains Capital Loss carryforward Compensation expense Depreciation: Tax=$8,000/ E&P=$6,500 Other expenses Total Expense Book/ Taxable Income (1) Federal Income Tax (21%) Book Income $100,000 10,000 5,000 0 Total Income $115,000 $-12,000 30,000 6,000 10,000 46,000 (2) 69,000 M-1s 0 -10,000 0 -2000 0 2,000 0 2,000 -14,000 (3) Tax Income $100,000 0 5000 -2000 $103,000 30,000 8,000 10,000 48,000 55,000 0 After making your adjustments, what is ABC Corporation's current year E&P? (4) E&P Adjustment 0 0 n/a 0 0 n/a n/a
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