Question

The following selected accounts from Highview Electronics Corporation’s general ledger are presented below for the year...

The following selected accounts from Highview Electronics Corporation’s general ledger are presented below for the year ended December 31, 2021:

Accounts receivable $254,400
Accumulated depreciation—equipment 733,920
Advertising expense 52,800
Common shares 240,000
Cost of goods sold 1,125,120
Depreciation expense 120,000
Dividends declared 144,000
Equipment 1,392,000
Freight out 24,000
Income tax expense 67,200
Insurance expense 22,080
Interest expense 59,520
Interest income 28,800
Inventory 93,120
Prepaid expenses 29,760
Rent income 23,040
Retained earnings 513,600
Salaries expense 676,800
Sales 2,485,920

(a) Prepare a single-step statement of income.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

--Requirement asked

Income Statement - Single Step
for the year ende d Dec 31, 2021
Revenues:
Sales $2,485,920
Rent income $23,040
Interest income $28,800
Total revenues $2,537,760
Expenses:
Cost of goods sold $1,125,120
Depreciation expense $120,000
Freight out $24,000
Income tax expense $67,200
Insurance expense $22,080
Interest expense $59,520
Salaries expense $676,800
Total Expenses $2,094,720
Net Income /(Loss) $443,040
0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
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...
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...
Presented below is the adjusted trial balance of Katie’s Pet Supplies as at its fiscal year...
Presented below is the adjusted trial balance of Katie’s Pet Supplies as at its fiscal year end, June 30, 2017. All accounts are their normal balance (debit or credit). Katie’s uses the perpetual inventory system. Accounts payable........................... $ 34,850 K. Milani, Capital..................... $ 50,770 Accounts receivable.......................... 27,300 K. Milani, Drawings.................. 24,000 Accum. depreciation, computers......... 1,500 Long-term note receivable...... 14,000 Accum. depreciation, equipment....... 32,000 Merchandise inventory............ 55,000 Advertising expense............................ 3,200 Note payable, due 2018.......... 47,000 Cash.................................................... 9,500 Prepaid rent............................. 1,500 Computers..............................................
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...
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, 2018: Cash $129,100 Retained Earnings 569,100 Accounts Receivable 344,300 Dividends 77,300 Inventory 392,500 Sales $4,729,600 Estimated Returns Inventory 22,500 Cost of Goods Sold 2,735,700 Office Supplies 12,200 Sales Salaries Expense 769,300 Prepaid Insurance 9,400 Advertising Expense 211,600 Office Equipment 284,200 Depreciation Expense—    Store Equipment 41,200 Accumulated Depreciation—    Office Equipment 193,100 Miscellaneous Selling Expense 18,100 Store Equipment 887,000 Office...
You are presented with the following alphabetical list of accounts and balances (in thousands) for Sunland...
You are presented with the following alphabetical list of accounts and balances (in thousands) for Sunland Enterprises Inc. at June 30, 2018. All accounts have a normal balance. Accounts payable $ 3,100 Income tax payable $ 100 Accounts receivable 3,000 Interest expense 100 Accumulated depreciation—buildings 3,600 Land 7,600 Accumulated depreciation—equipment 900 Long-term investments 3,800 Buildings 13,900 Inventory 5,200 Cash 1,200 Mortgage payable, due 2025 16,000 Common shares 5,500 Office expense 2,900 Cost of goods sold 14,100 Prepaid insurance 900 Dividends...
The current sections of Flint Corporation’s balance sheets at December 31, 2021 and 2022, are presented...
The current sections of Flint Corporation’s balance sheets at December 31, 2021 and 2022, are presented here. Flint Corporation’s net income for 2022 was $215,900. Depreciation expense was $35,700. 2022 2021 Current assets    Cash $52,700 $ 75,650    Accounts receivable 72,250 58,650    Inventory 66,300 52,700    Prepaid expenses 14,450 16,150 Total current assets $205,700 $203,150 Current liabilities    Accrued expenses payable $ 5,100 $ 13,600    Accounts payable 74,800 61,200 Total current liabilities $79,900 $ 74,800 Prepare the net cash provided by operating activities...
CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 111 Petty Cash 112 Accounts Receivable 114 Interest...
CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 111 Petty Cash 112 Accounts Receivable 114 Interest Receivable 115 Notes Receivable 116 Merchandise Inventory 117 Supplies 119 Prepaid Insurance 120 Land 121 Equipment 122 Accumulated Depreciation 132 Goodwill 133 Patents LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable EQUITY 310 Owner, Capital 311 Owner, Drawing 312 Income Summary REVENUE 410 Sales 610 Interest Revenue 620 Gain on Sale of Equipment EXPENSES 510...
The ledger of Pharoah Rental Agency on March 31 of the current year includes the selected...
The ledger of Pharoah Rental Agency on March 31 of the current year includes the selected accounts, shown below, before adjusting entries have been prepared. Debit Credit Prepaid Insurance $ 1,800 Supplies 2,700 Equipment 31,250 Accumulated Depreciation—Equipment $ 8,500 Notes Payable 24,000 Unearned Rent Revenue 10,500 Rent Revenue 59,000 Interest Expense 0 Salaries and Wages Expense 12,000 An analysis of the accounts shows the following. 1. The equipment depreciates $500 per month. 2. One-third of the unearned rent revenue was...
The adjusted trial balance for China Tea Company at December 31, 2018, is presented below: Debit...
The adjusted trial balance for China Tea Company at December 31, 2018, is presented below: Debit Credit Cash 10,500 Accounts receivable 150,000 Prepaid rent 5,000 Inventory 25,000 Equipment 300,000 Accumulated depreciation - equipment 125,000 Accounts payable 30,000 Notes payable - due in three months 30,000 Salaries payable 4,000 Interest payable 1,000 Common stock 200,000 Retained earnings 50,000 Sales revenue 400,000 Costs of goods sold 180,000 Salaries expense 120,000 Rent expense 15,000 Depreciation expense 30,000 Interest expense 2,000 Advertising expense 2,500...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT