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- From the following data relating to assets of Balance sheet of Max Ltd for the period ended 31st March, 20 to 31st March, 22. Calculate Trend percentage & interpret on it. Particulars 31st Mar,20 31st Mar,21 31st Mar,22 Debtors 20 30 20 Cash 30 20 15 Stock 60 80 70 Investment 80 80 90 Machine 100 200 100 Building 150 250 250 Furniture 200 300 500Use the May 31 fiscal year-end information from the following ledger accounts (assume that all accounts have normal balances). Retained Earnings Date May 31 Dividends Date May 31 Services Revenue Date May 31 Depreciation Expense Date May 31 Required A 03 0% 3% 3% View transaction liet G2 Required B Transaction 2 Debit B Debit Record entry Debit Note: Enter debits before credits. Debit Journal entry worksheet Complete this questions by entering your answers in the tabs below. Prepare closing journal entries from the above ledger accounts. Account Number 318 Credit Balance Date 81,000 May 31 Number 319 Insurance Expense Balance 47.000 Account Credit Record the entry to close experise accounts. General Ledger Clear entry May 31 Account Number 403 Rent Expense Balance Date 142, 722 May 31 Income Summary Account Number 603 Credit Balance 21,000 Salarics Expense General Journal Date Debit (a) Prepare closing journal entries from the above ledger accounts. (b) Post the entries from…What is an appropriate date format for a financial statement heading? Statement of Retained Earnings-At December 31 Statement of Earnings (income statement) -At December 31 Statement of Financial Position (balance sheet) - For the Year Ended June 30 O Statement of Earnings (income statement) - For the Year Ended December 31
- Select whether each of the following would appear on the income statement, statement of owner's equity, or balance sheet. If an item may appear on more than one statement, choose the option that indicates all possible statements. The first item is provided as an example. Item Classification 0. Example: The total liabilities of the business at the end of the year. Balance Sheet a. The amount of the owner's Capital balance at the end of the year. b. The amount of depreciation expense on equipment during the year. c. The amount of the company's net income for the year. d. The book value of the equipment. e. Total insurance expired during the year. f. Total accounts receivable at the end of the year. g. Total withdrawals by the owner. h. The cost of utilities used during the year. i. The amount of the owner's Capital balance at the beginning of the year.Selected accounts of Sparkle Electrical, Inc., at June 30, 2018, follow. Begin by closing out the revenue accounts. Close out the expense accounts. Close out the Dividends account What is Sparkle Electrical, Inc.'s Retained earnings balance at June 30, 2018? Sparkle Electrical, Inc.'s Retained earning balance at June 30, 2018 is S Create the journal entrys as stated above and find out the retained earning balance.Can you help me? Prepare an income statement for the year ended December 31, 20Y5. Answer Check Figure: Net income, $137,400 Prepare a statement of stockholders’ equity for the year ended December 31, 20Y5. During the year, common stock of $25,000 was issued. Prepare a balance sheet as of December 31, 20Y5. Based upon the end-of-period spreadsheet, journalize the closing entries. Prepare a post-closing trial balance
- Use the following information to prepare, in good form, an income statement, a statement of changes in equity, and a statement of financial position for Geelin Industries Ltd. for the month ended August 31, 2018: ...... Accounts payable.......................................................... $ 9,375 ...... Accounts receivable...................................................... 5,500 ...... Bank loan payable........................................................ 13,750 ...... Cash.............................................................................. 58,750 ...... Common shares............................................................ 94,375 ...... Dividends declared....................................................... 6,250 ...... Income tax expense...................................................... 17,375 ...... Insurance expense........................................................ 2,125 ......…Prepare the financial statements for the Quick Tax Corporation as of July 31 in the space below. You will only be preparing the income statement, statement of retained earnings, and the balance sheet. The statement of cash flows is a required financial statement, but is not required for this case study. Quick Tax Corporation Quick Tax Corporation Quick Tax Corporation Income Statement Statement of Retained Earnings Balance Sheet For the Month Ending July 31 For the Month Ending July 31 July 31 Revenues: Retained Earnings, July 1 Assets: Revenue Add: Net Income Cash Subtotal Supplies Expenses: Less: Dividends Prepaid Insurance Rent Expense Retained Earnings, July 31 Equipment Salaries Expense Less: Accum. Depr. Insurance Expense Total Assets Supplies Expense Depreciation Expense Liabilities: Income Tax Expense Accounts Payable Total Expenses Income Tax Payable Total Liabilities Net Income Stockholders' Equity: Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities…ipment Counts payable mer investments rrell, Withdrawals ervices revenue ent revenue alaries expense dvertising expense tilities expense $ 23,500 12,500 27,500 10,500 64,500 14,500 42,500 8,500 6,500 Saved Prepare its year-end income statement. Prepare its year-end statement of owner's equity, using net income calculated in par Complete this question by entering your answers in the tabs below. Required A Required B Prepare its year-end statement of owner's equity, using net income calculated in part a. Hint: was $0. TERRELL COMPANY Statement of Owner's Equity For Year Ended December 31 Terrell, Capital, January 1 $ 0 Add: Investments by owner Add: Net income 27,500 8,500 36,000 11,547 MAY 21 tv MacBook Pro
