The income statement of Sunland Company for the month of July shows net income of $1,680 based on Service Revenue $4,620, Salaries and Wages Expense $1,764, Supplies Expense $756, and Utilities Expense $420. In reviewing the statement, you discover the following: 1. Insurance expired during July of $294 was omitted. 2. Supplies expense includes $168 of supplies that are still on hand at July 31. 3. Depreciation on equipment of $126 was omitted. Accrued but unpaid wages at July 31 of $302 were not included. Services performed but unrecorded totaled $588. 4. 5. Prepare a correct income statement for July 2022. Revenues Service Revenue Expenses Supplies Expense Salarles and Wages Expense Utilities Expense Insurance Expense Depreciation Expense Total Expenses v Net Income/(Loss) v V v SUNLAND COMPANY Income Statement For the Month Ended July 31, 2022 ✓ 2066 I 588 1 420 294 1 126 6300 3494 1 2806

The income statement of Sunland Company for the month of July shows net income of $1,680 based on Service Revenue $4,620, Salaries and Wages Expense $1,764, Supplies Expense $756, and Utilities Expense $420. In reviewing the statement, you discover the following: 1. Insurance expired during July of $294 was omitted. 2. Supplies expense includes $168 of supplies that are still on hand at July 31. 3. Depreciation on equipment of $126 was omitted. Accrued but unpaid wages at July 31 of $302 were not included. Services performed but unrecorded totaled $588. 4. 5. Prepare a correct income statement for July 2022. Revenues Service Revenue Expenses Supplies Expense Salarles and Wages Expense Utilities Expense Insurance Expense Depreciation Expense Total Expenses v Net Income/(Loss) v V v SUNLAND COMPANY Income Statement For the Month Ended July 31, 2022 ✓ 2066 I 588 1 420 294 1 126 6300 3494 1 2806

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 income statement of Wildhorse Co. for the month of July shows net income of $1,720 based on Service Revenue $4,730, Salaries and Wages Expense $1,806, Supplies Expense $774, and Utilities Expense $430. In reviewing the statement, you discover the following: 1. Insurance expired during July of $301 was omitted. 2. Supplies expense includes $172 of supplies that are still on hand at July 31. 3. Depreciation on equipment of $129 was omitted. 4. Accrued but unpaid wages at July 31 of $309 were not included. 5. Services performed but unrecorded totaled $602. Prepare a correct income statement for July 2022.
The income statement of Lundeen Co. for the month of July shows net income of $1,400 based on Service Revenue $5,500, Salarics and Wages Expense $2,300, Supplies Expense $1,200, and Utilities Expense $600. In reviewing the statement, you discover the following. 1. 2. 3. Your answer is partially correct. 5. Insurance expired during July of $500 was omitted Supplies expense includes $250 of supplies that are still on hand at July 31. Depreciation on equipment of $150 was omitted. Unpaid salaries and wages at July 31 of $400 were not included. Services performed but unrecorded totaled $650. Prepare a correct income statement for July 2022. Total Revenues # LUNDEEN CO. Income Statement For the Month Ended July 31, 2022 +
The following items were reported on Kevin Company's statement of comprehensive income for the year ended December 31, 2021: Legal and audit fees-P170,000; Rent expense-P240,000; Interest expense-P210,000; Loss on sale of equipment-P35,000. The office space is used equally by Kevin's sales and accounting departments. What amount of the above-listed items should be classified as general and administrative expenses? A P325,000 B) P500,000 P290,000 D) P410,000
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
Baxter Company reported a net loss of $13,452 for the year ended December 31. During the year, accounts receivable decreased by $7,326, inventory increased by $5,808, accounts payable increased by $14,760, and depreciation expense of $6,452 was recorded. During the year, operating activities Oa. provided net cash of $13,452. Ob. used net cash of $9,278. Oc. used net cash of $13,452. Od. provided net cash of $9,278.
Portions of the financial statements for Parnell Company are provided below. PARNELL COMPANY Income Statement For the Year Ended December 31, 2021 ($ in thousands) Revenues and gains: Sales $ 750 Gain on sale of building 11 $ 761 Expenses and loss: Cost of goods sold $ 275 Salaries 115 Insurance 35 Depreciation 118 Interest expense 45 Loss on sale of equipment 13 601 Income before tax 160 Income tax expense 80 Net income $ 80 PARNELL COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2021 and 2020 ($ in thousands) Year 2021 2020 Change Cash $ 129 $ 105 $ 24 Accounts receivable 319 221 98 Inventory 326 420 (94 ) Prepaid insurance 71 83 (12 ) Accounts payable 205 122 83 Salaries payable 112 98 14…
Income Statement FedEx Corporation had the following revenue and expense account balances (in millions) for a recent year ending May 31: Depreciation Expense $ 3,095 Fuel Expense 3,374 Maintenance and Repairs Expense 2,622 Other Expense 10,337 Provision for Income Taxes (Benefit) (219) Purchased Transportation 15,101 Rentals and Landing Fees 3,361 Revenues 65,450 Salaries and Employee Benefits 23,207 Prepare an income statement. FedEx CorporationIncome StatementFor the Year Ended May 31 (in millions) $Revenues Expenses: $Salaries and employee benefits Purchased transportation Rentals and landing fees Depreciation expense Fuel expense Maintenance and repairs expense Provision for income taxes (benefit) Other expense Total expenses fill in the blank 19 $Net income
For the year just completed, Hanna Company had net income of $63,000. Balances in the company’s current asset and current liability accounts at the beginning and end of the year were as follows: December 31 End of Year Beginning of Year Current assets: Cash and cash equivalents $ 64,000 $ 77,000 Accounts receivable $ 154,000 $ 184,000 Inventory $ 433,000 $ 346,000 Prepaid expenses $ 12,000 $ 14,000 Current liabilities: Accounts payable $ 354,000 $ 388,000 Accrued liabilities $ 9,000 $ 11,500 Income taxes payable $ 35,000 $ 26,000 The Accumulated Depreciation account had total credits of $54,000 during the year. Hanna Company did not record any gains or losses during the year. Required: Using the indirect method, determine the net cash provided by operating activities for the year. (List any deduction in cash outflows as negative amounts.) Hanna Company Statement of Cash Flows—Indirect Method (partial)…
Baxter Company reported a net loss of $16,324 for the year ended December 31. During the year, accounts receivable decreased by $4,513, merchandise inventory increased by $9,092, accounts payable increased by $8,534, and depreciation expense of $4,402 was recorded. During the year, operating activities under the indirect method Oa. used net cash of $16,324 Ob. used net cash of $7,967 Oc. provided net cash of $7,967 Od. provided net cash of $16,324
For the year just completed, Hanna Company had net income of $37,500. Balances in the company’s current asset and current liability accounts at the beginning and end of the year were as follows: December 31 End of Year Beginning of Year Current assets: Cash and cash equivalents $ 56,000 $ 83,000 Accounts receivable $ 164,000 $ 200,000 Inventory $ 436,000 $ 364,000 Prepaid expenses $ 11,000 $ 13,000 Current liabilities: Accounts payable $ 354,000 $ 384,000 Accrued liabilities $ 9,000 $ 12,000 Income taxes payable $ 34,000 $ 26,000 The Accumulated Depreciation account had total credits of $58,000 during the year. Hanna Company did not record any gains or losses during the year. Required: Using the indirect method, determine the net cash provided by operating activities for the year. (List any deduction in cash outflows as negative amounts.)
In its income statement for the year ended December 31, 2025, Cullumber Company reported the following condensed data Salaries and wages expenses $492,900 Cost of goods sold 808,930 Interest expense Interest revenue Depreciation expense (a) - 75,260 68,900 334,800 Your answer is partially correct. Loss on disposal of plant assets Sales revenue Income tax expense Sales discounts Utilities expense $68,900 2,142,600 Prepare a multiple-step income statement. (List other revenues before other expenses.) 26,250 169,600 116,600
The balances of the ledger accounts of Pelango Furniture as of December 31, the end of its fiscal year, are as follows: Cash: $12,482 Accounts Receivable: 38,962 Merchandise Inventory: 118,628 Supplies: 1,850 Prepaid Insurance: 2,488 Store Equipment: 32,824 Accumulated Depreciation, Store Equipment: 26,420 Office Equipment: 11,236 Accumulated Depreciation, Office Equipment: 3,410 Notes Payable: 6,000 Accounts Payable: 23,420 Unearned Rent: 3,150 L. Pelango, Capital: 120,532 L. Pelango, Drawing: 28,000 Sales: 647,090 Sales Returns and Allowances: 8,848 Purchases: 519,374 Purchases Returns and Allowances: 12,440 Purchases Discounts: 8,634 Freight In: 22,824 Wages Expense: 52,800 Interest Expense: 780 Data for the adjustments are as follows: a–b. Merchandise Inventory at December 31, $104,565. c. Wages accrued on December 31, $934. d. Supplies inventory (on hand) at December 31, $755 e. Depreciation of store equipment, $4,982 f. Depreciation of office equipment, $1,531 g. Insurance…