The comparative financial statements of Westin Corp. are presented below; Balance Sheet as of December 31 Cash Accounts Receivable Equipment Accumulated Depreciation-Equipment Total Assets Accounts Payable Salaries and Wages Payable Income Tax Payable Notes Payable (long-term) Common Stock Retained Earnings Total Liabilities and Stockholders' Equity Income Statement for the year ended December 31, Service Revenue Salaries and Wages Expense Depreciation Expense Other Operating Expenses Income Tax Expense Net Income $ S $ $ $ 2022 20,250 $ 3,750 $ 16,500 $ (4,500) $ 36,000 $ 1,500 $ 1,500 1,000 4,500 15,000 12,500 36,000 $ 102,000 750 500 3,000 Additional information: 1. The company borrowed $3,000 cash from the bank 2. The company bought additional equipment worth $1,500 for cash Answer Questions No. 1 to 7 hared on the $ $ 2021 12,000 5,250 15,000 (3,750) 28,500 3,000 2,250 2,500 1,500 15,000 4,250 28,500 2022 114,500 106,250 8,250

The comparative financial statements of Westin Corp. are presented below; Balance Sheet as of December 31 Cash Accounts Receivable Equipment Accumulated Depreciation-Equipment Total Assets Accounts Payable Salaries and Wages Payable Income Tax Payable Notes Payable (long-term) Common Stock Retained Earnings Total Liabilities and Stockholders' Equity Income Statement for the year ended December 31, Service Revenue Salaries and Wages Expense Depreciation Expense Other Operating Expenses Income Tax Expense Net Income $ S $ $ $ 2022 20,250 $ 3,750 $ 16,500 $ (4,500) $ 36,000 $ 1,500 $ 1,500 1,000 4,500 15,000 12,500 36,000 $ 102,000 750 500 3,000 Additional information: 1. The company borrowed $3,000 cash from the bank 2. The company bought additional equipment worth $1,500 for cash Answer Questions No. 1 to 7 hared on the $ $ 2021 12,000 5,250 15,000 (3,750) 28,500 3,000 2,250 2,500 1,500 15,000 4,250 28,500 2022 114,500 106,250 8,250

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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