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Business Accounting Pearson eText Horngren's Financial & Managerial Accounting: The Financial Chapters -- Instant Access (Pearson+)

(1) To prepare : The income statement of the company. Introduction: The financial statements of a company include the balance sheet , income statement, and cash flow statement. All these statements help the internal and external users of financial statements help in analyzing and concluding the financial position of the respective company. Income statement: This considers the revenue and expenses that occurred during the period and interpret the profitability of the firm. The income statement has been prepared below: Particulars Sub-total Total Revenue: Service revenue $225,000 $225,000 Expenses: Property tax expense $2,800 Rent expense $14,000 Salaries expense $67,000 Advertising expense $17,000 Insurance expense $1,700 Interest expense $6,800 109,300 Net profit (Revenue − Expenses) 115,700 (2) To prepare : The statement of retained earnings of the company. Introduction: The financial statements of a company include the balance sheet, income statement, and cash flow statement. All these statements help the internal and external users of financial statements help in analyzing and concluding the financial position of the respective company. Statement of retained earnings: This considers the amount of profit/(loss ) that is carried forward to the shareholders’ statement after paying off dividends. The statement of retained earnings has been prepared below: Particulars $ Retained earnings, Dec 31, 2023 56,000 Add: Net profit 115,700 Less: Dividend (36,000) Retained earnings, Dec 31, 2024 135,700 (3) To prepare : The balance sheet of the company. Introduction: The financial statements of a company include the balance sheet, income statement, and cash flow statement. All these statements help the internal and external users of financial statements help in analyzing and concluding the financial position of the respective company. Balance sheet: This considers the assets, liabilities, and shareholder's equity of the firm accumulated over the period. The balance sheet has been prepared below: Assets $ Liabilities & Equity $ Cash 2,800 Equity: Office Supplies 8,000 Common Stock 28,000 Building 170,400 Retained earnings 135,700 Accounts receivable 800 Total Equity 163,700 Land 13,000 Liabilities: Equipment 17,000 Notes Payable 33,000 Salaries Payable 1,300 Accounts Payable 14,000 Total liabilities 48,300 Total assets 212,000 Total liabilities & equity 212,000

(1) To prepare : The income statement of the company. Introduction: The financial statements of a company include the balance sheet , income statement, and cash flow statement. All these statements help the internal and external users of financial statements help in analyzing and concluding the financial position of the respective company. Income statement: This considers the revenue and expenses that occurred during the period and interpret the profitability of the firm. The income statement has been prepared below: Particulars Sub-total Total Revenue: Service revenue $225,000 $225,000 Expenses: Property tax expense $2,800 Rent expense $14,000 Salaries expense $67,000 Advertising expense $17,000 Insurance expense $1,700 Interest expense $6,800 109,300 Net profit (Revenue − Expenses) 115,700 (2) To prepare : The statement of retained earnings of the company. Introduction: The financial statements of a company include the balance sheet, income statement, and cash flow statement. All these statements help the internal and external users of financial statements help in analyzing and concluding the financial position of the respective company. Statement of retained earnings: This considers the amount of profit/(loss ) that is carried forward to the shareholders’ statement after paying off dividends. The statement of retained earnings has been prepared below: Particulars $ Retained earnings, Dec 31, 2023 56,000 Add: Net profit 115,700 Less: Dividend (36,000) Retained earnings, Dec 31, 2024 135,700 (3) To prepare : The balance sheet of the company. Introduction: The financial statements of a company include the balance sheet, income statement, and cash flow statement. All these statements help the internal and external users of financial statements help in analyzing and concluding the financial position of the respective company. Balance sheet: This considers the assets, liabilities, and shareholder's equity of the firm accumulated over the period. The balance sheet has been prepared below: Assets $ Liabilities & Equity $ Cash 2,800 Equity: Office Supplies 8,000 Common Stock 28,000 Building 170,400 Retained earnings 135,700 Accounts receivable 800 Total Equity 163,700 Land 13,000 Liabilities: Equipment 17,000 Notes Payable 33,000 Salaries Payable 1,300 Accounts Payable 14,000 Total liabilities 48,300 Total assets 212,000 Total liabilities & equity 212,000

Solution Summary: The author explains how the financial statements of a company include the balance sheet, income statement, and cash flow statement.

Pearson eText Horngren's Financial & Managerial Accounting: The Financial Chapters -- Instant Access (Pearson+)

Pearson eText Horngren's Financial & Managerial Accounting: The Financial Chapters -- Instant Access (Pearson+)

7th Edition

ISBN: 9780136714194

Author: Tracie Miller-Nobles, Brenda Mattison

Publisher: PEARSON+

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Pearson eText Horngren's Financial & Managerial Accounting: The Financial Chapters -- Instant Access (Pearson+)

Ch. 1 - Prob. 1QC Ch. 1 - Prob. 2QC Ch. 1 - Prob. 3QC Ch. 1 - Prob. 4QC Ch. 1 - Prob. 5QC Ch. 1 - Which of the following requires accounting...Ch. 1 - At the end of a recent year, Global Cleaning...Ch. 1 - Consider the overall effects on Global Cleaning...Ch. 1 - Assume that Global Cleaning Service performed...Ch. 1 - The balance sheet reports the a. financial...

Ch. 1 - Assume Global Cleaning Service had net income of...Ch. 1 - What is accounting?Ch. 1 - Prob. 2RQ Ch. 1 - Prob. 3RQ Ch. 1 - Prob. 4RQ Ch. 1 - Prob. 5RQ Ch. 1 - Prob. 6RQ Ch. 1 - Prob. 7RQ Ch. 1 - Prob. 8RQ Ch. 1 - Prob. 9RQ Ch. 1 - Which concept states that accounting information...Ch. 1 - Financial statements in the United States are...Ch. 1 - Prob. 12RQ Ch. 1 - Prob. 13RQ Ch. 1 - Prob. 14RQ Ch. 1 - Prob. 15RQ Ch. 1 - Prob. 16RQ Ch. 1 - List the four financial statements. Briefly...Ch. 1 - What is the calculation for return on assets...Ch. 1 - Identifying users of accounting information For...Ch. 1 - Prob. 1.2SE Ch. 1 - Prob. 1.3SE Ch. 1 - Prob. 1.4SE Ch. 1 - Applying accounting assumptions and principles...Ch. 1 - Prob. 1.6SE Ch. 1 - Prob. 1.7SE Ch. 1 - Identifying accounts Consider the following...Ch. 1 - Using the accounting equation to analyze...Ch. 1 - Using the accounting equation to analyze...Ch. 1 - Prob. 1.11SE Ch. 1 - Prob. 1.12SE Ch. 1 - Prob. 1.13SE Ch. 1 - Prob. 1.14SE Ch. 1 - Prob. 1.15SE Ch. 1 - Prob. 1.16SE Ch. 1 - Prob. 1.17E Ch. 1 - Prob. 1.18E Ch. 1 - Prob. 1.19E Ch. 1 - Prob. 1.20E Ch. 1 - Prob. 1.21E Ch. 1 - Prob. 1.22E Ch. 1 - Prob. 1.23E Ch. 1 - Prob. 1.24E Ch. 1 - Using the accounting equation to analyze...Ch. 1 - Using the accounting equation to analyze business...Ch. 1 - Using the accounting equation to analyze business...Ch. 1 - Prob. 1.28E Ch. 1 - Prob. 1.29E Ch. 1 - Prob. 1.30E Ch. 1 - Use the following information to answer Exercises...Ch. 1 - Use the following information to answer Exercises...Ch. 1 - Prob. 1.33E Ch. 1 - Use the following information to answer Exercises...Ch. 1 - Use the following information to answer Exercises...Ch. 1 - Use the following information to answer Exercises...Ch. 1 - Preparing the statement of cash flows For each...Ch. 1 - Prob. 1.38E Ch. 1 - Prob. 1.39E Ch. 1 - Prob. 1.40E Ch. 1 - Prob. 1.41AP Ch. 1 - Prob. 1.42AP Ch. 1 - Prob. 1.43AP Ch. 1 - Prob. 1.44AP Ch. 1 - Prob. 1.45AP Ch. 1 - Prob. 1.46AP Ch. 1 - Prob. 1.47AP Ch. 1 - Prob. 1.48BP Ch. 1 - Prob. 1.49BP Ch. 1 - Prob. 1.50BP Ch. 1 - Prob. 1.51BP Ch. 1 - Prob. 1.52BP Ch. 1 - Prob. 1.53BP Ch. 1 - Prob. 1.54BP Ch. 1 - Prob. 1.55CP Ch. 1 - Lets examine a case using Gregs Tunes and Sals...Ch. 1 - The tobacco companies have paid billions because...Ch. 1 - Prob. 1.1CTFC

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