The following are accounts taken from the books of Dunong Consultancy Services for the month of July, 2021. Prepare an income statement using natural form from the given data and compute its notes. Consultancy Fees Gain from the sale of equipment Interest Income Salaries expense Rent Expense Utilities Expense Depreciation Expense-Equipment Depreciation Expense-Furniture & Fixture Bad Debts Expense Miscellaneous expense Loss on Sale of Equipment Interest Expense - Loan Supplies Expense Dividend Income 200,000 12,000 6,000 25,000 20,000 10,000 3,000 3,500 1,500 7,000 3,000 2,000 1,000 2,500

The following are accounts taken from the books of Dunong Consultancy Services for the month of July, 2021. Prepare an income statement using natural form from the given data and compute its notes. Consultancy Fees Gain from the sale of equipment Interest Income Salaries expense Rent Expense Utilities Expense Depreciation Expense-Equipment Depreciation Expense-Furniture & Fixture Bad Debts Expense Miscellaneous expense Loss on Sale of Equipment Interest Expense - Loan Supplies Expense Dividend Income 200,000 12,000 6,000 25,000 20,000 10,000 3,000 3,500 1,500 7,000 3,000 2,000 1,000 2,500

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The following revenue and expense account balances were taken from the Income Statement columns of the end-of-period spreadsheet for Fraser Services Co. for Dec Depreciation Expense $4,950 Insurance Expense 2,900 Miscellaneous Expense 1,200 Rent Expense 24,000 Service Revenue 92,500 Supplies Expense 3,150 Utilities Expense 5,000 Wages Expense 63,750 Prepare an income statement. Fraser Services Co. Income Statement For the Year Ended December 31 Operating Expenses: Total Operating Expenses
The general ledger of Pipers Plumbing at January 1, 2021, includes the following account balances: Accounts Debits Credits Cash $ 4,500 Accounts Receivable 9,500 Supplies 3,500 Equipment 36,000 Accumulated Depreciation $ 8,000 Accounts Payable 6,000 Utilities Payable 7,000 Deferred Revenue 0 Common Stock 23,000 Retained Earnings 9,500 Totals $ 53,500 $ 53,500 The following is a summary of the transactions for the year: 1. January 24 Provide plumbing services for cash, $20,000, and on account, $65,000. 2. March 13 Collect on accounts receivable, $53,000. 3. May 6 Issue shares of common stock in exchange for $11,000 cash. 4. June 30 Pay salaries for the current year, $33,000. 5. September 15 Pay utilities of $7,000 from 2020 (prior year). 6. November 24 Receive cash in advance…
The following information is taken from the 2022 general ledger of Swifty Company. Rent Salaries Sales Rent expense Prepaid rent, January 1 Prepaid rent, December 31 Salaries and wages expense Salaries and wages payable, January 1 Salaries and wages payable, December 31 Sales revenue Accounts receivable, January 1 Accounts receivable, December 31 $30,500 5,800 7,400 $65,100 2,500 7,700 $160,900 20,000 7,400 In each case, compute the amount that should be reported in the operating activities section of the statement of cash flows under the direct method.
On December 31, 2018, the balances of the accounts appearing in the ledger of Home City Furnishings Company, a furniture wholesaler, are as follows: Rent revenue $12,000 Sales $3,250,000 Accounts receivable 500,000 Cash 530,000 Administrative Expenses 200,000 Cost of Merchandise Sold 1,600,000 Selling Expenses 250,000 Interest expense 6,000 Prepare a multi-step income statement for the year ended December 31, 2018. Home City Furnishings Company Income Statement December 31, 2018 Sales Less Operating Expenses: Other Revenue and Expense: Net Income
The accountant of Wildhorse Shoe Co. has compiled the following information from the company's records as a basis for an income statement for the year ended December 31, 2020. Rent revenue Interest expense Market appreciation on land above cost Salaries and wages expense (selling) Supplies expense (selling) Income tax Salaries and wages expense (administrative) Other administrative expenses Cost of goods sold Net sales Depreciation on plant assets (70% selling, 30% administrative) Cash dividends declared $31,700 20,700 33,700 117,500 20,300 25,800 138,600 54,400 498,700 982,700 67,700 18,700 There were 20,000 shares of common stock outstanding during the year.
Edwards Corporation operates hair salons under various brand names. The following is a simplified list of accounts and amounts (in millions) reported in the company's accounts for the year ended June 30, 2019. Accounts Payable Accounts Receivable Accumulated Amortization. Accumulated Depreciation Amortization Expense Cash Common Stock Depreciation Expense Equipment Income Tax Expense Interest Expense Notes Payable (long-term). Office Expense Prepaid Rent Rent Expense Retained Earnings Salaries and Wages Expense Salaries and Wages Payable. Service Revenue Software Supplies Supplies Expense Account Titles Cash Accounts Receivable Supplies Prepaid Rent EDWARDS CORPORATION Post-Closing Trial Balance (in millions) Equipment Accumulated Depreciation Software Accumulated Amortization Accounts Payable Salaries and Wages Payable Notes Payable (long-term) Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Rent Expense Office Expense Supplies Expense Depreciation Expense…
Below are the accounts of J.L Laundry for the month ended March 31, 2015 Instructions: Prepare a statement of financial position and label its parts. After which, answer the following questions. 3. How much is the total current liability of the entity? Delivery Truck 120,000.00 Cash 22,400.00 Accounts Payable 120,000.00 Laundry Supplies 2,000.00 Inerest Payable 1,200.00 Laundry Equipment 80,000.00 Accounts Recievable ₱3,900.00 Net profit for the month 11,100.00 J.L Capital 104,000.00 J.L Drawing 1,000.00 Filipinas Hotel 4,600.00 D & E Coffee Shop 2,400.00
Following are selected accounts for Best Buy, Inc., for the fiscal year ended February 2, 2019. (a) Indicate whether each account appears on the balance sheet (B) or income statement (I). Best Buy, Inc. ($ millions)Amount Classification Sales $42,879 Answer B I Accumulated depreciation 6,690 Answer B I Depreciation expense 770 Answer B I Retained earnings 2,985 Answer B I Net income 1,464 Answer B I Property, plant & equipment, net 2,510 Answer B I Selling, general and admin expense 8,015 Answer B I Accounts receivable 1,015 AnswerB I Total liabilities 9,595 Answer B I Stockholders' equity 3,306 Answer B I (b) Using the data, compute total assets and total expenses. Total Assets Answer Total Expenses Answer answer complete and correct and in detail with all work
The income statement for the month of June, 2021 of Stellar Enterprises contains the following information: Revenues $6900 Expenses: Salaries and Wages Expense Rent Expense Advertising Expense Supplies Expense Insurance Expense Total expenses Net income $2890 1560 800 300 100 5650 $1250 The entry to close the expense accounts includes a credit to Income Summary for $5650. debit to Salaries and Wages Expense for $2890. debit to Income Summary for $1250. credit to Rent Expense for $1560.
The following items are taken from the financial statements of the Ivanhoe Service for the year ending December 31, 2021: Accounts payable Accounts receivable Accumulated depreciation - equipment Advertising expense Cash Common stock Dividends Depreciation expense Insurance expense Note payable, due 6/30/22 Prepaid insurance (12-month policy) Rent expense Retained earnings (1/1/21) Salaries and wages expense Service revenue Supplies Supplies expense $ 17800 11000 28000 21300 15300 42800 13800 11900 3100 70100 6200 17000 61700 32500 131700 4000 6000
On November 30, 2019, Davis Company and the following account balances: 1. Prepare general journal entries to record preceding transactions. 2. Post to general ledger T-accou11ts. 3. Prepare a year-end trial balance on a worksheet and complete the worksheet using the following information: (a) accrued salaries at year-end total $1,200; (b ) for simplicity, the building and equipment are being depreciated using the stright-line method over an estimated life of 20 years with no residual all c) supplies on hand at the end of the year total $630; (d ) bad debts expense for the year totals $830; and (e ) the income tax rate is 30%; income taxes are payable in the first quarter of 2020. 4. Prepare company's financial statements for 2019 . 5. Prepare 2019 (a) adjusting and (b) closing entries in the general journal.
Presented below is information related to Tamarisk Corporation for the month of January 2020. Cost of goods sold $207,710 Salaries and wages expense $62,790 Delivery expense 6,520 Sales discounts 7,470 Insurance expense 11,170 Sales returns and allowances 11,870 Rent expense 20,580 Sales revenue 356,700 Prepare the necessary closing entries.