The income statement for the month of June, 2020 of Shamrock Inc. contains the following information:- **Revenues:** $6660**Expenses:**- Salaries and Wages Expense: $2970- Rent Expense: $1510- Advertising Expense: $780- Supplies Expense: $320- Insurance Expense: $110**Total Expenses:** $5690**Net Income:** $970**Question:**After the revenue and expense accounts have been closed, the balance in Income Summary will be:- ○ a debit balance of $6660.- ○ a credit balance of $6660.- ○ a debit balance of $970.- ○ a credit balance of $970.

All the expenses and revenue are closed to Income summary account. If the Income summary account has…

Answered: The income statement for the month of…

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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Use the information for Purrfect Pets below to calculate each of the required numbers. Assume that expenses include taxes and the company has no other sources of revenue. December 31, 2019 December 31, 2020 Current Assets $186,600 Current Assets $237,300 Current Liabilities 95,300 Current Liabilities 91,400 Contributed Capital 69,100 Contributed Capital 80,200 Retained Earnings 27,700 Retained Earnings 81,900 During the period 1/1/019 to 12/31/19 During the period 1/1/20 to 12/31/20 Sales Revenue 178,400 Sales Revenue 202,500 Expenses 145,200 Expenses 134,200 Required: a. Determine the current ratio for the company for 2019 and 2020. Provide your answer in the space given below. 2019 2020 Current Ratio $ $ Based on your calculated result, answer the following question: Has Purrfect Pets' liquidity been increased or decreased in 2020? In the space provided below, enter "1" for increase, enter "-1" for decrease, enter "0" for no change. Your answer: b. Determine the net income for the…
The following income statement items appeared on the adjusted trial balance of Schembri Manufacturing Corporation for the year ended December 31, 2024 ($ in thousands): sales revenue, $19,100; cost of goods sold, $8,100; selling expenses, $1,490; general and administrative expenses, $990; interest revenue, $250; interest expense, $220. Income taxes have not yet been recorded. The company’s income tax rate is 25% on all items of income or loss. These revenue and expense items appear in the company’s income statement every year. The company’s controller, however, has asked for your help in determining the appropriate treatment of the following nonrecurring transactions that also occurred during 2024 ($ in thousands). All transactions are material in amount. Investments were sold during the year at a loss of $410. Schembri also had an unrealized gain of $520 for the year on investments in debt securities that qualify as components of comprehensive income. One of the company’s factories…
Insert a pie chart with a 2-D visual effect for 2018 using all expense items in a new worksheet called, “Comparing Expenses”. Include all relevant labels, titles (not shown) and legends while changing the default colors. Thom-Pierre Consultants (TPC) Tax Rate COMPARITIVE INCOME STATEMENT 30% for years ended 31 December 2018 2019 Revenues and gains *Sales revenue *Interest revenue *Investment Income *Other revenue Total revenue and gains Expenses and losses **Cost of goods sold 460,000 **Selling and admin administrative 195,000 ***Computer (operating) **Depreciation 55,000 **Interest expense 25,200 Total expenses and losses Income before taxes Income tax expense (30%) Net Income
At the end of June 30, 2022, FDN Company has the following summary ledger accounts: Asset = P500,000 Debit Liability = P300,000 Credit Equity = P200,000 Credit Sales = P350,000 Credit Expense = ? How much is the balance of the Expense account?
The management of Maxlab Ltd. has provided you with the following data relating to their operations for the last two financial periods. 2021 2020 Notes receivable $ 20,000 $ -0- Accounts receivable $182,000 $140,000 Sales $930,000 $750,000 Operating expenses $170,000 $200,000 Payables $45,000 $20,000 Required: Calculate the percentage change for each item as reported above using 2020 as the base year and explain your result.
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Prepare an income statement for Simpson Ltd for the month ended 31 July 2021
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The Unearned Revenue account of Melrose Incorporated began 2021 with a normal balance of $5,500 and ended 2021 with a normal balance of $16,000. During 2021, the Unearned Revenue account was credited for $19,000 that Melrose will earn later. Based on these facts, how much revenue did Melrose eam in 2021? OA. $8,500 OB. $19,000 OC. $29,500 OD. $0 OU
need help preparing an statement table The following information relates to Oriole Co. for the year 2020. Owner’s capital, January 1, 2020 $53,827 Advertising expense $ 2,019 Owner’s drawings during 2020 6,728 Rent expense 11,663 Service revenue 71,321 Utilities expense 3,476 Salaries and wages expense 33,081
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