Question

Romney's Marketing Company has the following adjusted trial balance at the end of the current year....

Romney's Marketing Company has the following adjusted trial balance at the end of the current year. No dividends were declared. However, 570 shares ($0.10 par value per share) issued at the end of the year for $3,000 are included below:

Debit

Credit

Cash

$

1,680

Accounts receivable

2,230

Interest receivable

220

Prepaid insurance

1,720

Notes receivable (long-term)

2,890

Equipment

15,200

Accumulated depreciation

$

2,920

Accounts payable

2,260

Accrued expenses payable

3,830

Income taxes payable

2,540

Unearned rent revenue

390

Common Stock (830 shares)

83

Additional paid-in capital

3,617

Retained earnings

4,130

Sales revenue

36,850

Interest revenue

170

Rent revenue

720

Wages expense

18,800

Depreciation expense

1,700

Utilities expense

370

Insurance expense

700

Rent expense

9,200

Income tax expense

2,800

Total

$

57,510

$

57,510

Prepare a multi-step income statement in good form for the current year. Include earnings per share. (Round your earnings per share to 2 decimal places. )

ROMNEY’S MARKETING COMPANY

Income Statement

For the current year

Operating revenues:

Sales revenue

$

36,850

Total operating revenues

36,850

Operating expenses:

Wages expense

18,800

Depreciation expense

1,700

Utilities expense

370

Insurance expense

700

Rent expense

9,200

Total operating expenses

30,770

Operating income

6,080

Other items:

Interest revenue

170

Rent revenue

720

Pretax income

6,970

Income taxes expense

2,800

Net income

$

4,170

Earnings per share

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Romney's Marketing Company has the following adjusted trial balance at the end of the current year....
Romney's Marketing Company has the following adjusted trial balance at the end of the current year. No dividends were declared. However, 500 shares ($0.10 par value per share) issued at the end of the year for $3,000 are included below: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Debit Credit Cash $ 1,500 Accounts receivable 2,200 Interest receivable 100 Prepaid insurance 1,600 Notes receivable (long-term) 2,800 Equipment 15,290 Accumulated depreciation...
Catena's Marketing Company has the following adjusted trial balance at the end of the current year....
Catena's Marketing Company has the following adjusted trial balance at the end of the current year. Cash dividends of $650 were declared at the end of the year, and 550 additional shares of common stock ($0.10 par value per share) were issued at the end of the year for $2,200 in cash (for a total at the end of the year of 840 shares). These effects are included below: Catena’s Marketing Company Adjusted Trial Balance End of the Current Year...
Robert Evans owns a business, Beachside Realty, that rents condominiums and furnishings. The adjusted trial balance...
Robert Evans owns a business, Beachside Realty, that rents condominiums and furnishings. The adjusted trial balance at December 31 is as follows: Account No. Debit Balances Credit Balances Cash 11 1,500 Accounts Receivable 12 2,000 Interest Receivable 13 100 Prepaid Insurance 14 1,600 Notes Receivable (long-term) 16 2,800 Equipment 18 15,000 Accumulated Depreciation 19 3,000 Accounts Payable 21 2,400 Accrued Expenses Payable 22 3,920 Income Taxes Payable 23 2,700 Unearned Rent Fees 24 500 Robert Evans, Capital 31 7,700 Robert...
The following is the adjusted trial balance for Stockton Company. Stockton Company Adjusted Trial Balance December...
The following is the adjusted trial balance for Stockton Company. Stockton Company Adjusted Trial Balance December 31 Cash 5,689 Accounts Receivable 2,748 Prepaid Expenses 732 Equipment 13,183 Accumulated Depreciation 8,786 Accounts Payable 1,469 Notes Payable 4,740 Common Stock 1,000 Retained Earnings 5,291 Dividends 774 Fees Earned 6,228 Wages Expense 2,812 Rent Expense 751 Utilities Expense 468 Depreciation Expense 235 Miscellaneous Expense 122 Totals 27,514 27,514 Determine the retained earnings ending balance. a.$6,291 b.$27,514 c.$6,357 d.$1,840
The following is the adjusted trial balance for Stockton Company. Stockton Company Adjusted Trial Balance December...
The following is the adjusted trial balance for Stockton Company. Stockton Company Adjusted Trial Balance December 31 Cash 5,106 Accounts Receivable 2,539 Prepaid Expenses 767 Equipment 15,712 Accumulated Depreciation 4,396 Accounts Payable 1,787 Notes Payable 5,518 Common Stock 1,000 Retained Earnings 7,935 Dividends 865 Fees Earned 8,069 Wages Expense 2,198 Rent Expense 754 Utilities Expense 428 Depreciation Expense 223 Miscellaneous Expense 113 Totals 28,705 28,705 Determine the retained earnings ending balance. a.$11,423 b.$28,705 c.$4,353 d.$8,935
Lansing Company’s current-year income statement and selected balance sheet data at December 31 of the current...
Lansing Company’s current-year income statement and selected balance sheet data at December 31 of the current and prior years follow. LANSING COMPANY Income Statement For Current Year Ended December 31 Sales revenue $ 133,200 Expenses Cost of goods sold 54,000 Depreciation expense 18,000 Salaries expense 30,000 Rent expense 10,200 Insurance expense 5,000 Interest expense 4,800 Utilities expense 4,000 Net income $ 7,200    LANSING COMPANY Selected Balance Sheet Accounts At December 31 Current Year Prior Year Accounts receivable $ 6,800...
The following is the Bravo Unlimited adjusted Trial Balance. Bravo Unlimited Adjusted Trial Balance December 31,...
The following is the Bravo Unlimited adjusted Trial Balance. Bravo Unlimited Adjusted Trial Balance December 31, 2016 Account Title Debit Credit Cash $88,450 Accounts Receivable 331,860 Supplies 13,255 Prepaid Rent 10,500 Equipment 295,285 Accumulated Depreciation $236,760 Accounts Payable 75,555 Wages Payable 14,000 Capital Stock 220,000 Retained Earnings 111,145 Service Revenue 900,105 Interest Income 1,500 Rent Expense 64,000 Wages Expense 541,260 Supplies Expense 42,520   Utilities Expense 8,595 Depreciation Expense 156,500   Interest Expense 6,840 _________      Totals $1,559,065 $1,559,065 Prepare the general...
The following is the Bravo Unlimited adjusted Trial Balance. Bravo Unlimited Adjusted Trial Balance December 31,...
The following is the Bravo Unlimited adjusted Trial Balance. Bravo Unlimited Adjusted Trial Balance December 31, 2016 Account Title Debit Credit Cash $88,450 Accounts Receivable 331,860 Supplies 10,255 Prepaid Rent 8,250 Equipment 295,285 Accumulated Depreciation $235,260 Accounts Payable 72,555 Wages Payable 10,000 Capital Stock 220,000 Retained Earnings 111,145 Service Revenue 897,105 Interest Income 1,500 Rent Expense 63,250 Wages Expense 537,260 Supplies Expense 42,520   Utilities Expense 8,595 Depreciation Expense 155,000   Interest Expense 6,840 ________      Totals $1,547,565 $1,547,565 Prepare the general...
The income statement and selected balance sheet information for Direct Products Company for the year ended...
The income statement and selected balance sheet information for Direct Products Company for the year ended December 31 are presented below. Income Statement   Sales Revenue $ 45,600   Expenses:        Cost of Goods Sold 19,500        Depreciation Expense 1,700        Salaries and Wages Expense 8,700        Rent Expense 4,200        Insurance Expense 1,750        Interest Expense 1,650        Utilities Expense 1,250   Net Income $ 6,850 Selected Balance Sheet Accounts Ending Balances Beginning Balances   Accounts Receivable $ 575     $ 610       Inventory 860     705       Accounts Payable...
The following is the Easton Company's adjusted Trial Balance . Easton Company Adjusted Trial Balance December...
The following is the Easton Company's adjusted Trial Balance . Easton Company Adjusted Trial Balance December 31, 2018 Account Title Debit Credit Cash $88,665 Accounts Receivable 232,000 Supplies 17,000 Equipment 395,000 Accumulated Depreciation $224,260 Accounts Payable 72,555 Capital Stock 220,000 Retained Earnings 127,145 Service Revenue 877,105 Interest Income 5,500 Dividends 7,000 Rent Expense 59,900 Wages Expense 529,000 Supplies Expense 40,000 Utilities Expense 8,000 Depreciation Expense 150,000 ________ Totals $1,526,565 $1,526,565 Use this information to prepare the Balance Sheet for the...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT