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 De 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 following revenue and expense account balances were taken from the Income Statement columns of the end-of-period spreadsheet for Fraser Services Co. for De 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

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Description: 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 DecDepreciation Expense$4,950Insurance Expense2,900Miscellaneous Expense1,200Rent Expense24,

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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The following financial information has been collected for Polite Ltd for the month of October 2020. Accounts Balance($) Cash 25,300 Inventory 45,600 Prepaid expenses 10,800 interest expense 3,500 Interest revenue 469 Sales revenue 398,600 Insurance expense 50,000 Supplies 80,000 Supplies expense 35,000 Owner's drawings 1,400 salary expense 150,700 COGS 210,400 Unearned revenue 34,500 Required: Calculate in the net income of Polite Ltd for the Month ending October 31, 2020.
The following partial work sheet covers the affairs of Masanto and Company for the year ended June 30. Masanto and Company Work Sheet For Year Ended June 30, 20-- 1 Income Statement Income Statement Balance Sheet Balance Sheet 2 Account Name Debit Credit Debit Credit 3 Cash 21,034.00 4 Accounts Receivable 89,016.00 5 Merchandise Inventory 116,400.00 6 Prepaid Insurance 3,210.00 7 Delivery Equipment 12,400.00 8 Accumulated Depreciation, Delivery Equipment 4,600.00 9 Store Equipment 30,400.00 10 Accumulated Depreciation, Store Equipment 8,700.00 11 Accounts Payable 55,300.00 12 P. R. Masanto, Capital 172,720.00 13 P. R. Masanto, Drawing 26,000.00 14 Sales 516,000.00 15 Purchases 399,101.00…
[The following information applies to the questions displayed below.] Lansing Company's current-year income statement and selected balance sheet data at December 31 of the current and prior years follow. LANSING COMPANY Income Statement For Current Year Ended December 31 Sales revenue Expenses Cost of goods sold Depreciation expense Salaries expense Rent expense Insurance expense Interest expense Utilities expense Net income At December 31 Accounts receivable Inventory Accounts payable Salaries payable Utilities payable. Prepaid insurance Prepaid rent $ 121,200 LANSING COMPANY Selected Balance Sheet Accounts Cash flows from operating activities: 50,000 16,000 26,000 9,800 4,600 4,400 3,600 $ 6,800 Current Year $ 6,400 2,780 5,200 1,040 380 340 380 Changes in current assets and current liabilities Prior Year $ 7,400 1,940 6,200 780 240 Required: Prepare the operating activities section of the statement of cash flows using the indirect method for the current year. (Amounts to be deducted…
Parra Company completed its income statement and comparative balance sheet for the current year and provided the following information: Income Statement Service revenue $ 67,500 Expenses: Salaries $ 40,300 Depreciation 6,700 Utilities 6,200 1,500 54,700 Loss on sale of equipment Net income $ 12,800 Current Year Prior Year $ 13,900 $ 25,500 20,500 12,000 Partial Balance Sheet Accounts receivable. Salaries payable Other accrued liabilities Land 5,500 9,400 51,500 57,500 Required: Present the operating activities section of the statement of cash flows for Parra Company using the indirect method. (List cash outflows as negative amounts.) PARRA COMPANY Statement of Cash Flows (Partial) Cash flows from operating activities:
After all of the account balances have been extended to the Income Statement columns of the work sheet, the totals of the Debit and Credit columns are $70,800 and $97,750, respectively. What is the amount of the net income or net loss for the period? Oa. $26,950 of net income Ob. $26,950 of net loss Oc. $70,800 of net loss Od. $97,750 of net income
My business has a Stores and Distribution expense of $1,542,425, 80% was paid in Cash ($1,233,940), the rest was charged to Accured Liablilites ($308,485). How do I journalize this activity for the end of the fiscal year?
A list of accounts and their values are given above. From this information, prepare a partial balance sheet for Waterways Corporation for the month of November. (List Current Assets in order of liquidity.)
The following information is taken from the records of Erie Corp.(in thousands) for the year ended on December 31: 2019 2018 Sales $1,397 $1,122 Cost of Goods Sold 935 814 Selling Expenses 154 121 General Expenses 88 77 Other Revenue 4 7 Interest Expense 2 9 Income Taxes 134 66 After preparing a vertical analysis of this income statement data, what were the favorable and unfavoralbe changes?
The supplies account had a balance of $4,174 at the beginning of the year and was debited during the year for $2,633, representing the total of supplies purchased during the year. If $381 of supplies are on hand at the end of the year, the supplies expense to be reported on the income statement for the year is a.$6,426 b.$381 c.$6,807 d.$3,014
Use the following information for the Problems below. Skip to question [The following information applies to the questions displayed below.]Lansing Company’s current-year income statement and selected balance sheet data at December 31 of the current and prior years follow. LANSING COMPANYIncome StatementFor Current Year Ended December 31 Sales revenue $ 127,200 Expenses Cost of goods sold 52,000 Depreciation expense 17,000 Salaries expense 28,000 Rent expense 10,000 Insurance expense 4,800 Interest expense 4,600 Utilities expense 3,800 Net income $ 7,000 LANSING COMPANYSelected Balance Sheet Accounts At December 31 Current Year Prior Year Accounts receivable $ 6,600 $ 7,800 Inventory 2,980 2,040 Accounts payable 5,400 6,600 Salaries payable 1,080 800 Utilities payable 420 260 Prepaid insurance 360 480 Prepaid rent…
Selected accounts from Lue Co.'s adjusted trial balance for the year ended December 31 follow. Prepare a classified balance sheet. Total equity..... ....$30,000 Employee federal income taxes payable $9000 Equipment... Salaries payable ..... 40,000 Federal unemployment taxes payable ... 200 34,000 FICA–Medicare taxes payable... 5,100 FICA–Social Security taxes payable .. . 50,000 Employee medical insurance payable ... . 4,000 State unemployment taxes payable.. 10,000 Sales tax payable (due in 2 weeks) ..... . 725 Accounts receivable . .3,100 Cash... .2,000 Curent portion of long-term debt. Notes payable (due in 6 years) .. 1,800 ..... ....... .275
The following data relates to the assets due within one year for Simons Co. Cash $56,000 Accounts receivable 325,000 Allowance for doubtful accounts 25,000 Interest receivable 3,000 Supplies 4,000 Inventory 45,000 Other current assets 10,000 Based on the data above, prepare a partial balance sheet in good form at December 31. Show total current assets. Simons Co. Balance Sheet December 31 Assets Current assets: Total current assets