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Business
Accounting
Talbridge Ltd. had the following account balances at December 31, 2021: Account Name Repairs expense Wages expense Prepaid expenses Dividends Purchase of intangibles Cash (end of year) Deferred revenue Owners' capital Accounts payable Prepaid insurance Collections from customers Rent expense Contributions by owners Accounts receivable Payment of dividends Website design Service revenue Cash received from debt Income tax expense Office supplies Office supplies expense Payments to suppliers Amount $1,125 21,350 2,500 17,155 Cash (beginning of year) 16,890 Retained earnings (beginning of year) 8,575 Interest expense 900 Business licence 60 Bank loan payable, due in 2025 Website expense Income tax payable 1,400 3,500 1,360 36,385 1,500 12,000 12,810 900 28,350 2,100 3,500 1,300 47,560 12,500 4,450 2,550 1,845 18,995 12,500 500 575

Talbridge Ltd. had the following account balances at December 31, 2021: Account Name Repairs expense Wages expense Prepaid expenses Dividends Purchase of intangibles Cash (end of year) Deferred revenue Owners' capital Accounts payable Prepaid insurance Collections from customers Rent expense Contributions by owners Accounts receivable Payment of dividends Website design Service revenue Cash received from debt Income tax expense Office supplies Office supplies expense Payments to suppliers Amount $1,125 21,350 2,500 17,155 Cash (beginning of year) 16,890 Retained earnings (beginning of year) 8,575 Interest expense 900 Business licence 60 Bank loan payable, due in 2025 Website expense Income tax payable 1,400 3,500 1,360 36,385 1,500 12,000 12,810 900 28,350 2,100 3,500 1,300 47,560 12,500 4,450 2,550 1,845 18,995 12,500 500 575

FINANCIAL ACCOUNTING
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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What is the correct title for this company's single step income statement?

a. Talbridge Ltd., Income Statement, Year ended December 31, 2021

b. Income Statement, Talbridge Ltd., Year ended December 31, 2021

c. Talbridge Ltd., Income Statement, December 31, 2021

d. December 31, 2021, Income Statement, Talbridge Ltd.

e. Talbridge Ltd., December 31, 2021, Income Statement

Enter the letter that corresponds to your choice. (A B C D E)

 
What is Total Operating Expenses on this company's single step income statement?
 
What is Profit before Income Tax (also called Income before Income Tax) on this company's single step income statement?
 
What is Profit (also called Net Income) on this company's single step income statement?

What is the correct title for this company's statement of retained earnings?

a. Statement of Retained Earnings, Talbridge Ltd., Year ended December 31, 2021

b. Talbridge Ltd., Statement of Retained Earnings, December 31, 2021

c. Talbridge Ltd., Statement of Retained Earnings, Year ended December 31, 2021

d. December 31, 2021, Statement of Retained Earnings, Talbridge Ltd.

e. Talbridge Ltd., December 31, 2021, Statement of Retained Earnings

Enter the letter that corresponds to your choice. (A B C D E)

Talbridge Ltd. had the following account balances at December 31, 2021: Account Name Repairs expense Wages expense Prepaid expenses Dividends Purchase of intangibles Cash (end of year) Deferred revenue Owners' capital Accounts payable Prepaid insurance Collections from customers Rent expense Contributions by owners Accounts receivable Payment of dividends Website design Service revenue Cash received from debt Income tax expense Office supplies Office supplies expense Payments to suppliers Amount $1,125 21,350 2,500 17,155 Cash (beginning of year) 16,890 Retained earnings (beginning of year) 8,575 Interest expense 900 Business licence 60 Bank loan payable, due in 2025 Website expense Income tax payable 1,400 3,500 1,360 36,385 1,500 12,000 12,810 900 28,350 2,100 3,500 1,300 47,560 12,500 4,450 2,550 1,845 18,995 12,500 500 575
Transcribed Image Text:Talbridge Ltd. had the following account balances at December 31, 2021: Account Name Repairs expense Wages expense Prepaid expenses Dividends Purchase of intangibles Cash (end of year) Deferred revenue Owners' capital Accounts payable Prepaid insurance Collections from customers Rent expense Contributions by owners Accounts receivable Payment of dividends Website design Service revenue Cash received from debt Income tax expense Office supplies Office supplies expense Payments to suppliers Amount $1,125 21,350 2,500 17,155 Cash (beginning of year) 16,890 Retained earnings (beginning of year) 8,575 Interest expense 900 Business licence 60 Bank loan payable, due in 2025 Website expense Income tax payable 1,400 3,500 1,360 36,385 1,500 12,000 12,810 900 28,350 2,100 3,500 1,300 47,560 12,500 4,450 2,550 1,845 18,995 12,500 500 575
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