Question

These financial statement items are for Swifty Corporation at year-end, July 31, 2017. Salaries and wages...

These financial statement items are for Swifty Corporation at year-end, July 31, 2017.
Salaries and wages payable $ 3,680
Salaries and wages expense 58,900
Supplies expense 17,000
Equipment 20,100
Accounts payable 4,100
Service revenue 67,500
Rent revenue 9,900
Notes payable (due in 2020) 3,800
Common stock 16,000
Cash 30,400
Accounts receivable 11,780
Accumulated depreciation—equipment 7,500
Dividends 4,000
Depreciation expense 5,500
Retained earnings (beginning of the year) 35,200
Prepare an income statement for the year. Swifty Corporation did not issue any new stock during the year.
Swifty Corporation
Income Statement

For the Year Ended July 31, 2017For the Month Ended July 31, 2017July 31, 2017

DividendsExpensesNet Income / (Loss)Retained Earnings, August 1, 2013Retained Earnings, July 31, 2014RevenuesTotal ExpensesTotal Revenues
$

    Dividends    Expenses    Net Income / (Loss)    Retained Earnings, August 1, 2013    Retained Earnings, July 31, 2014    Revenues    Total Expenses    Total Revenues    

 $

DividendsExpensesNet Income / (Loss)Retained Earnings – August 1, 2013Retained Earnings – July 31, 2014RevenuesTotal ExpensesTotal Revenues
$

    Dividends    Expenses    Net Income / (Loss)    Retained Earnings, August 1, 2013    Retained Earnings, July 31, 2014    Revenues    Total Expenses    Total Revenues    

DividendsExpensesNet Income / (Loss)Retained Earnings, August 1, 2013Retained Earnings, July 31, 2014RevenuesTotal ExpensesTotal Revenues

 $

SHOW LIST OF ACCOUNTS

LINK TO TEXT

LINK TO TEXT
Prepare a retained earnings statement for the year. Swifty Corporation did not issue any new stock during the year.
Swifty Corporation
Retained Earnings Statement

July 31, 2017For the Month Ended July 31, 2017For the Year Ended July 31, 2017

DividendsExpensesNet Income / (Loss)Retained Earnings, August 1, 2016Retained Earnings, July 31, 2017RevenuesTotal ExpensesTotal Revenues

 $

AddLess

:

DividendsExpensesNet Income / (Loss)Retained Earnings, August 1, 2016Retained Earnings, July 31, 2017RevenuesTotal ExpensesTotal Revenues

 $

AddLess

:

DividendsExpensesNet Income / (Loss)Retained Earnings, August 1, 2016Retained Earnings, July 31, 2017RevenuesTotal ExpensesTotal Revenues

DividendsExpensesNet Income / (Loss)Retained Earnings, August 1, 2016Retained Earnings, July 31, 2017RevenuesTotal ExpensesTotal Revenues

 $
Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

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
These financial statement items are for Flint Corporation for the year end, July 31, 2018. Salaries...
These financial statement items are for Flint Corporation for the year end, July 31, 2018. Salaries payable $5,435 Salaries expense 51,750 Utilities expense 22,620 Equipment 32,960 Accounts payable 4,465 Service revenue 76,390 Rent revenue 8,210 Bank loan payable 1,325 Common shares, August 1, 2017 15,370 Cash 28,450 Accounts receivable 19,550 Accumulated depreciation-equipment 5,460 Dividends declared 4,020 Depreciation expense 3,930 Interest expense 100 Interest payable 100 Income tax expense 1,500 Retained earnings, August 1, 2017 32,495 Flint issued $15,630 of common...
Tamarisk Corporation has one temporary difference at the end of 2017 that will reverse and cause...
Tamarisk Corporation has one temporary difference at the end of 2017 that will reverse and cause taxable amounts of $58,100 in 2018, $62,900 in 2019, and $68,000 in 2020. Tamarisk’s pretax financial income for 2017 is $320,800, and the tax rate is 40% for all years. There are no deferred taxes at the beginning of 2017. Compute taxable income and income taxes payable for 2017. Taxable income $ Income taxes payable Prepare the journal entry to record income tax expense,...
Sheffield Corporation began 2017 with a $98,000 balance in the Deferred Tax Liability account. At the...
Sheffield Corporation began 2017 with a $98,000 balance in the Deferred Tax Liability account. At the end of 2017, the related cumulative temporary difference amounts to $324,200, and it will reverse evenly over the next 2 years. Pretax accounting income for 2017 is $493,800, the tax rate for all years is 40%, and taxable income for 2017 is $414,600. Compute income taxes payable for 2017. Income taxes payable $ Prepare the journal entry to record income tax expense, deferred income...
These financial statement items are for Crane Corporation at year end, July 31, 2018: Operating expenses...
These financial statement items are for Crane Corporation at year end, July 31, 2018: Operating expenses $32,500 Interest payable $ 1,900 Salaries expense 47,700 Supplies expense 1,200 Unearned revenue 12,000 Dividends declared 15,500 Utilities expense 2,500 Depreciation expense 4,000 Equipment 61,400 Retained earnings, Aug. 1, 2017 20,940 Accounts payable 4,020 Rent expense 13,500 Service revenue 113,600 Income tax expense 5,200 Rent revenue 19,500 Supplies 1,200 Common shares 26,000 Held for trading investments 23,500 Cash 5,260 Bank loan payable (due Dec....
In its income statement for the year ended December 31, 2017, Ivanhoe Company reported the following...
In its income statement for the year ended December 31, 2017, Ivanhoe Company reported the following condensed data. Salaries and wages expenses $813,750 Loss on disposal of plant assets $ 146,125 Cost of goods sold 1,727,250 Sales revenue 3,867,500 Interest expense 124,250 Income tax expense 43,750 Interest revenue 113,750 Sales discounts 280,000 Depreciation expense 542,500 Utilities expense 192,500 Prepare a multiple-step income statement. (List other revenues before other expenses.) IVANHOE COMPANY Income Statement For the Month Ended December 31, 2017For...
Exercise 19-24 (Part Level Submission) Flounder Inc. reports the following pretax income (loss) for both book...
Exercise 19-24 (Part Level Submission) Flounder Inc. reports the following pretax income (loss) for both book and tax purposes. (Assume the carryback provision is used where possible for a net operating loss.) Year Pretax Income (Loss) Tax Rate 2015 $123,000 40 % 2016 98,000 40 % 2017 (289,000 ) 45 % 2018 119,000 45 % The tax rates listed were all enacted by the beginning of 2015. (a) Your answer is correct. Prepare the journal entries for years 2015–2018 to...
Condensed financial data of Swifty Company for 2017 and 2016 are presented below. SWIFTY COMPANY COMPARATIVE...
Condensed financial data of Swifty Company for 2017 and 2016 are presented below. SWIFTY COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2017 AND 2016 2017 2016 Cash $1,830 $1,140 Receivables 1,720 1,280 Inventory 1,610 1,900 Plant assets 1,870 1,690 Accumulated depreciation (1,210) (1,190) Long-term investments (held-to-maturity) 1,270 1,410 $7,090 $6,230 Accounts payable $1,230 $910 Accrued liabilities 200 250 Bonds payable 1,410 1,540 Common stock 1,880 1,710 Retained earnings 2,370 1,820 $7,090 $6,230 SWIFTY COMPANY INCOME STATEMENT FOR THE YEAR...
Oriole Corporation began 2020 with a $54,280 balance in the Deferred Tax Liability account. At the...
Oriole Corporation began 2020 with a $54,280 balance in the Deferred Tax Liability account. At the end of 2020, the related cumulative temporary difference amounts to $413,000, and it will reverse evenly over the next 2 years. Pretax accounting income for 2020 is $619,500, the tax rate for all years is 20%, and taxable income for 2020 is $477,900. Compute income taxes payable for 2020. Income taxes payable $enter Income taxes payable in dollars Prepare the journal entry to record...
The following are the trial balance and the other information related to Kevin Consulting Engineer. KEVIN...
The following are the trial balance and the other information related to Kevin Consulting Engineer. KEVIN CONSULTING ENGINEER TRIAL BALANCE DECEMBER 31, 2020 Debit Credit Cash $29,500 Accounts Receivable 55,700 Allowance for Doubtful Accounts $803 Supplies 2,300 Prepaid Insurance 1,120 Equipment 29,000 Accumulated Depreciation-Equipment 6,145 Notes Payable 7,200 Common Stock 10,000 Retained Earnings 23,254 Service Revenue 115,957 Rent Expense 10,439 Salaries and Wages Expense 32,900 Utilities Expenses 1,760 Office Expense 640 $163,359 $163,359 1. Fees received in advance from clients...
Following is a list of financial statement items and amounts for Vantage Service as of 12/31/Year...
Following is a list of financial statement items and amounts for Vantage Service as of 12/31/Year 1, the end of its first year in operation. Consider the following account balances of Evan McGruder, Inc., as of December 31, Year 3: Accounts Payable $ 112,960 Retained Earnings 56,100 Equipment 423,000 Notes Payable, due Year 5 344,600 Common Stock 207,000 Accounts Receivable 203,900 Income Tax Payable 4,040 Cash 97,800 Required: Prepare a classified balance sheet at December 31, Year 3. Required: Prepare...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT