Terrell Co. reported the following data at the end of its first
year of operations on...
Terrell Co. reported the following data at the end of its first
year of operations on December 31.
Equipment
$
27,500
Accounts payable
16,500
Common stock
31,500
Dividends
14,500
Services revenue
76,500
Rent revenue
18,500
Salaries expense
46,500
Advertising expense
12,500
Utilities expense
10,500
(a) Prepare its year-end income statement.
(b) Prepare its year-end statement of retained earnings, using net
income calculated in part a.
Prepare its year-end income statement.
Required a
TERRELL CO.
Income Statement
For Year Ended December...
The following selected accounts from the Wildhorse Co.’s general
ledger are presented below for the year...
The following selected accounts from the Wildhorse Co.’s general
ledger are presented below for the year ended December 31,
2022:
Advertising expense
$ 59,000
Interest revenue
$ 36,000
Common stock
254,000
Inventory
71,000
Cost of goods sold
1,089,000
Rent revenue
24,000
Depreciation expense
129,000
Retained earnings
539,000
Dividends
154,000
Salaries and wages expense
678,000
Freight-out
29,000
Sales discounts
9,000
Income tax expense
74,000
Sales returns and allowances
47,000
Insurance expense
15,000
Sales revenue
2,403,000
Interest expense
73,000
Prepare a multiple-step...
Exercise 5-07
Presented below is information for Lieu Co. for the month of
January 2022.
Cost...
Exercise 5-07
Presented below is information for Lieu Co. for the month of
January 2022.
Cost of goods sold
$212,040
Rent expense
$32,000
Freight-out
7,000
Sales discounts
8,000
Insurance expense
12,000
Sales returns and allowances
20,000
Salaries and wages expense
60,000
Sales revenue
370,000
Income tax expense
5,280
Other comprehensive income (net of $400 tax)
2,000
a. Prepare an income statement using the multiple-step
format.
b. Prepare a comprehensive income statement.
c. Calculate the profit margin and the gross profit...
Using the following accounts and their amounts, prepare
in good format a statement of retained earnings...
Using the following accounts and their amounts, prepare
in good format a statement of retained earnings and balance sheet
for Bright Futures Company for the month ended August
31.
Telephone expense
$1,150
Cash
3,000
Accounts payable
1,540
Dividends
800
Fees earned
15,700
Rent expense
1,400
Supplies
140
Accounts receivable
1,500
Computer equipment
17,600
Common stock
5,000
Retained earnings (August 1)
9,320
Wages expense
4,800
Utilities expense
750
Office expense
420
Below is the Retained Earnings account for the year 2017 for
Buffalo Corp.
Retained earnings, January...
Below is the Retained Earnings account for the year 2017 for
Buffalo Corp.
Retained earnings, January 1, 2017
$258,700
Add:
Gain on sale of investments (net of tax)
$42,300
Net income
85,600
Refund on litigation with government, related
to the year 2014 (net of tax)
22,700
Recognition of income earned in 2016, but
omitted from income
statement in that year (net of
tax)
26,500
177,100
435,800
Deduct:
Loss on discontinued operations (net of
tax)
36,100
Write-off of goodwill (net of...
DR.
CR.
Accounts Payable
26,000
Accounts Receivable
57,000
Accumulated Depreciation – Equipment
40,000
Depreciation Expense
13,000...
DR.
CR.
Accounts Payable
26,000
Accounts Receivable
57,000
Accumulated Depreciation – Equipment
40,000
Depreciation Expense
13,000
Sales Revenue
250,000
Cash
25,000
Common Stock
50,000
Equipment
150,000
Investment in Debt Securities
45,000
Freight-out
5,000
Insurance Expense
2,500
Salaries and Wages expense
30,000
Rent Expense
20,000
Sales Discount
8,000
Retained Earnings
25500
Prepaid Insurance
7,500
Sales Return and Allowance
12,000
Gain on Disposal of Plant Asset
6,000
Dividends
7,000
Interest Expense
7,500
Salaries and Wages Payable
2,500
Income tax Expense
6,500
Advertising...
Accounts Payable
$ 70,600
Accounts Receivable
46,000
Accumulated Depreciation—Equipment
183,600
Cash
21,600
Common Stock
94,500
Cost...
Accounts Payable
$ 70,600
Accounts Receivable
46,000
Accumulated Depreciation—Equipment
183,600
Cash
21,600
Common Stock
94,500
Cost of Goods Sold
1,646,340
Freight-Out
17,410
Equipment
429,190
Depreciation Expense
37,500
Dividends
32,400
Gain on Disposal of Plant Assets
5,400
Income Tax Expense
27,000
Insurance Expense
24,300
Interest Expense
13,500
Inventory
70,300
Notes Payable
117,450
Prepaid Insurance
16,200
Advertising Expense
90,450
Rent Expense
91,800
Retained Earnings
37,900
Salaries and Wages Expense
320,360
Sales Revenue
2,440,000
Salaries and Wages Payable
16,200
Sales Returns and Allowances...
Presented below is information for Pharoah Company for the month
of January 2022.
Cost of goods...
Presented below is information for Pharoah Company for the month
of January 2022.
Cost of goods sold
$218,125
Rent expense
$33,000
Freight-out
7,000
Sales discounts
8,000
Insurance expense
12,000
Sales returns and allowances
20,000
Salaries and wages expense
57,000
Sales revenue
377,000
Other comprehensive income
2,100
(a)
Prepare a multiple-step income statement. (If there
is a net loss then enter the amount using either a negative sign
preceding the number e.g. -45 or parentheses e.g.
(45).)
Pharoah Company
Income Statement...
Everett Co. was organized on July 1, 2015. Quarterly financial
statements are prepared. The unadjusted and...
Everett Co. was organized on July 1, 2015. Quarterly financial
statements are prepared. The unadjusted and adjusted trial balances
as of September 30 are shown below.
EVERETT CO.
Trial Balance
September 30, 2015
Unadjusted
Adjusted
Dr.
Cr.
Dr.
Cr.
Cash
$ 8,729
$ 8,729
Accounts Receivable
10,445
11,537
Supplies
1,501
607
Prepaid Rent
2,207
1,204
Equipment
18,400
18,400
Accumulated Depreciation—Equipment
$ - 0 -
$ 682
Notes Payable
9,300
9,300
Accounts Payable
2,494
2,494
Salaries and Wages Payable
-...
Retained Earnings Statement The revenues and expenses of
Paradise Travel Service for the year ended May...
Retained Earnings Statement The revenues and expenses of
Paradise Travel Service for the year ended May 31, 2018, follow:
Fees earned $900,000 Office expense 300,000 Miscellaneous expense
15,000 Wages expense 450,000 Prepare a retained earnings statement
for the year ended May 31, 2018. Everett McCauley invested an
additional $40,000 in the business in exchange for common stock,
and $10,000 of dividends were paid during the year. Retained
earnings as of June 1, 2017, were $300,000.