The assets and liabilities of Gator Pest Control Services, Inc.
at May 31, 2018, the end...
The assets and liabilities of Gator Pest Control Services, Inc.
at May 31, 2018, the end of the current year, and its revenue and
expenses for the year are listed below. The stockholders’ equity
was $190,000 at June 1, 2017, the beginning of the current
year.
Accounts Payable
$1,200
Miscellaneous Expense
$220
Accounts Receivable
$12,340
Office Expense
$560
Cash
$32,990
Supplies
$1,670
Fees Earned
$78,350
Wages Expense
$26,770
Land
$65,000
Dividends
$3,000
Building
$143,670
REQUIRED: Prepare an income
statement for...
The assets and liabilities of Gator Pest Control Services, Inc.
at May 31, 2018, the end...
The assets and liabilities of Gator Pest Control Services, Inc.
at May 31, 2018, the end of the current year, and its revenue and
expenses for the year are listed below. The capital stock was
$100,000 at June 1, 2017, the beginning of the current year. Mr. Al
Gator invested an additional $15,000 in the business in exchange
for capital stock during the year.
Accounts Payable
$1,200
Miscellaneous Expense
$220
Accounts Receivable
$12,340
Office Expense
$560
Cash
$32,990
Supplies
$1,670...
On March 31, 2019, the balances of the accounts appearing in the
ledger of Racine Furnishings...
On March 31, 2019, the balances of the accounts appearing in the
ledger of Racine Furnishings Company, a furniture wholesaler, are
as follows:
Accumulated Depreciation-Building
$740,950
Administrative Expenses
544,400
Building
2,512,350
Cash
180,950
Cost of Merchandise Sold
3,957,700
Interest Expense
9,950
Kathy Melman, Capital
1,629,600
Kathy Melman, Drawing
175,450
Merchandise Inventory
938,750
Notes Payable
245,000
Office Supplies
20,500
Salaries Payable
7,750
Sales
6,634,950
Selling Expenses
733,400
Store Supplies
87,150
Required:
a.
Prepare a multiple-step income statement for the year ended...
The revenues and expenses of Ousel Travel Service for the year
ended November 30, 2016, follow....
The revenues and expenses of Ousel Travel Service for the year
ended November 30, 2016, follow.
Accounts
(revenue and expense items)
Fees earned
$746,500
Office expense
295,700
Miscellaneous expense
10,400
Wages expense
450,200
Prepare a statement of owner’s equity for the year ended
November 30, 2016. Shane Ousel, the owner, invested an additional
$37,000 in the business during the year and withdrew cash of
$19,000 for personal use. Shane Ousel, capital as of December 1,
2015, was $380,000. Refer to...
The amounts of the assets and liabilities of Journey Travel
Agency at December 31, 2018, the...
The amounts of the assets and liabilities of Journey Travel
Agency at December 31, 2018, the end of the year, and its revenue
and expenses for the year follow. The retained earnings were
$640,000 on January 1, 2018, the beginning of the year. During the
year, dividends of $45,000 were paid. Accounts payable $ 71,000
Accounts receivable 268,000 Cash 191,500 Common stock 70,000 Fees
earned 851,000 Land 546,000 Miscellaneous expense 6,700 Rent
expense 33,000 Supplies 5,700 Supplies expense 4,100 Utilities...
Climate Control Systems Co. offers its services to residents in
the Spokane area. Selected accounts from...
Climate Control Systems Co. offers its services to residents in
the Spokane area. Selected accounts from the ledger of Climate
Control Systems for the fiscal year ended December 31, 20Y2, are as
follows:
Common Stock
Jan. 1
75,000
Feb. 15
25,000
Retained Earnings
Dec. 31
160,000
Jan. 1 (20Y2)
4,150,800
Dec. 31
700,000
Dividends
Mar. 31
40,000
Dec. 31
160,000
June 30
40,000
Sept. 30
40,000
Dec. 31
40,000
Required:
Prepare a statement of stockholders’ equity for the year. Refer...
The assets and liabilities of Computer Service Corp. as of
December 31, 2016, and revenues and...
The assets and liabilities of Computer Service Corp. as of
December 31, 2016, and revenues and expenses for the year ended on
that date follow:
Land ………………………………………… $8,200
Equipment …………………………………….. $35,000
Note payable …………………………..
31,000 Interest expense
…………………………… 4,650
Property tax expense ………………
2,400 Interest payable
…………………………….. 1,000
Rent expense …………………………..
13,000 Accounts payable
………………………….. 9,000
Accounts receivable ………………..
26,500 Salary expense
………………………………. 34,000
Service revenue ………………………. 143, 000
Building …………………………………………. 125,000
Supplies ……………………………………
1,900 Cash
………………………………………………. 14,000
Utilities expense...
On March 31, 20Y9, the balances of the accounts appearing in the
ledger of Royal Furnishings...
On March 31, 20Y9, the balances of the accounts appearing in the
ledger of Royal Furnishings Company, a furniture store, are as
follows: Accounts Receivable $160,250 Accumulated
Depreciation-Building 742,600 Administrative Expenses 515,600
Building 2,552,350 Cash 183,850 Common Stock 295,050 Cost of Goods
Sold 3,903,350 Dividends 185,250 Interest Expense 10,200 Inventory
1,000,900 Notes Payable 254,900 Office Supplies 20,350 Retained
Earnings 1,315,950 Salaries Payable 8,050 Sales 6,618,600 Selling
Expenses 706,050 Store Supplies 86,700 A. Prepare a multiple-step
income statement for the fiscal...
A partial worksheet for the month ended March 31, 2019 is shown
below. No additional owner...
A partial worksheet for the month ended March 31, 2019 is shown
below. No additional owner investments were made during the
month.
INCOME STATEMENT
BALANCE SHEET
ACCOUNT NAME
DEBIT
CREDIT
DEBIT
CREDIT
Cash
10,700
Accounts
Receivable
14,400
Supplies
7,200
Equipment
33,400
Accum.
Depr.—Equip.
9,700
Accounts
Payable
9,850
Amy Zimmer, Capital
40,500
Amy Zimmer, Drawing
3,700
Fees Income
31,800
Salaries
Expense
15,600
Rent Expense
2,700
Supplies
Expense
1,450
Depr.
Exp.—Equip.
2,700
Totals
22,450
31,800
69,400
60,050
Net Income
9,350
9,350...
The following selected accounts and their current balances
appear in the ledger of Clairemont Co. for...
The following selected accounts and their current balances
appear in the ledger of Clairemont Co. for the fiscal year ended
May 31, 2019:
Cash $ 240,000
Accounts Receivable 966,000
Merchandise Inventory 1,690,000
Estimated Returns Inventory 22,500
Office Supplies 13,500
Prepaid Insurance 8,000
Office Equipment 830,000
Accumulated Depreciation-Office Equipment 550,000
Store Equipment 3,600,000
Accumulated Depreciation-Store Equipment 1,820,000
Accounts Payable 326,000
Customer Refunds Payable 40,000
Salaries Payable 41,500
Note Payable (final payment due 2022) 300,000
Kristina Marble, Capital 3,449,100
Kristina Marble, Drawing...