Homework Help is Here – Start Your Trial Now!
Business
Accounting
Trae debtors -Notes and 230,000 Expenses 70,000 accounts 65,000 Cash sales N/R discounted- Face value i 19,500 Dividends Equipment 40,000 28,000 20000 10% Note issued to bank dated March 31, 2012 Sales of investment 30,000 Bonds 50,000 25,000 Required: 1) Prepare an income statement supported by schedules showing computation of revenue and expenses for the year ended in Dec. 31, 2012. 2) Prepare the retained earnings statement for the year ended in Dec. 31, 2012.

Trae debtors -Notes and 230,000 Expenses 70,000 accounts 65,000 Cash sales N/R discounted- Face value i 19,500 Dividends Equipment 40,000 28,000 20000 10% Note issued to bank dated March 31, 2012 Sales of investment 30,000 Bonds 50,000 25,000 Required: 1) Prepare an income statement supported by schedules showing computation of revenue and expenses for the year ended in Dec. 31, 2012. 2) Prepare the retained earnings statement for the year ended in Dec. 31, 2012.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
94: The following comparable balance sheet for Ibrahim Stores for the year ended Dec.31, 2012: Accounts Cash Notes receivable Accounts receivable Inventory Prepaid expenses Short term investment Building & Equipment (net Total Assets Accounts payable Interest payable Expenses payable Bonds payable Capital Retained earning. Total liabilities & owners' equity Dec. 31, 2012 84,500 S 21,000 95,000 Jan.1, 2012 33,000 20,000 74,000 150,000 10,000 10,000 120,000 490,5 00 160,000 12,000 40,000 100,000 439,000 135,000 133,000 900 3,000 2,000 50,000 200,000 52,000 280,000 73,600 490,500 439.000 / An analysis of cash receipts and disbursements discloses the following: Receipts New capital investment Disbursement Trade creditor - Accounts Pay. Expenses 80,000 S 210,000 $ Trae debtors - Notes and 230,000 70,000 accounts 65,000 N/R discounted – Face value i 19,500 Cash sales Dividends Equipment 40,000 28,000 20000 10% Note issued to bank dated March 31, 2012 Sales of investment 30,000 Bonds 50,000 25,000 Required: 1) Prepare an income statement supported by schedules showing computation of revenue and expenses for the year ended in Dec. 31, 2012. 2) Prepare the retained earnings statement for the year ended in Dec. 31, 2012.
Transcribed Image Text:94: The following comparable balance sheet for Ibrahim Stores for the year ended Dec.31, 2012: Accounts Cash Notes receivable Accounts receivable Inventory Prepaid expenses Short term investment Building & Equipment (net Total Assets Accounts payable Interest payable Expenses payable Bonds payable Capital Retained earning. Total liabilities & owners' equity Dec. 31, 2012 84,500 S 21,000 95,000 Jan.1, 2012 33,000 20,000 74,000 150,000 10,000 10,000 120,000 490,5 00 160,000 12,000 40,000 100,000 439,000 135,000 133,000 900 3,000 2,000 50,000 200,000 52,000 280,000 73,600 490,500 439.000 / An analysis of cash receipts and disbursements discloses the following: Receipts New capital investment Disbursement Trade creditor - Accounts Pay. Expenses 80,000 S 210,000 $ Trae debtors - Notes and 230,000 70,000 accounts 65,000 N/R discounted – Face value i 19,500 Cash sales Dividends Equipment 40,000 28,000 20000 10% Note issued to bank dated March 31, 2012 Sales of investment 30,000 Bonds 50,000 25,000 Required: 1) Prepare an income statement supported by schedules showing computation of revenue and expenses for the year ended in Dec. 31, 2012. 2) Prepare the retained earnings statement for the year ended in Dec. 31, 2012.
Expert Solution
steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Bond Valuation
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS