Please provide the closing entries using the information below:
Service Fees: $74,000
Rent Expense: $1,900
Wages...
Please provide the closing entries using the information below:
Service Fees: $74,000
Rent Expense: $1,900
Wages Expense: $21,000
Miscellaneous Expense: $3,255
Bethany Diaz, Withdrawals: $3,100
Flexible Budget for Selling and Administrative Expenses for a
Service Company
Digital Solutions Inc. uses flexible...
Flexible Budget for Selling and Administrative Expenses for a
Service Company
Digital Solutions Inc. uses flexible An accounting device used
to plan and control resources of operational departments and
divisions.budgets that are based on the following data:
Sales commissions
8% of sales
Advertising expense
15% of sales
Miscellaneous administrative expense
$10,000 per month plus 4% of sales
Office salaries expense
$50,000 per month
Customer support expenses
$20,000 per month plus 30% of sales
Research and development expense
$75,000 per month...
Chocolate Treats has the following account balances:
Cost of goods sold
$400,000 Rent expense ...
Chocolate Treats has the following account balances:
Cost of goods sold
$400,000 Rent expense
$45,000
Depreciation expense
13,500
Salaries expense
55,000
Insurance expense
3,400
Sales
565,000
Interest expense
10,500
Sales discounts
5,800
Interest revenue
8,900
Sales returns and allowances
16,500
Assuming Chocolate Treats uses a multiple-step income statement,
calculate the following: (a) net sales, (b) gross profit, (c)
operating expenses, (d) profit from operations, and (e)
profit.
Lolas hair salon has the following account balances: Cost of
goods sold $400,000 Rent expense $45,000...
Lolas hair salon has the following account balances: Cost of
goods sold $400,000 Rent expense $45,000 Depreciation expense
13,500 Salaries expense 56,000 Insurance expense 3,100 Sales
575,000 Interest expense 10,500 Sales discounts 5,400 Interest
revenue 8,500 Sales returns and allowances 17,500 Assuming
Chocolate Treats uses a multiple-step income statement, calculate
the following:
- net sales,
- gross profit,
- operating expenses,
- profit from operations,
- profit.
Based on the data below, close out the revenue,
expense, income summary, and drawing accounts.
Service...
Based on the data below, close out the revenue,
expense, income summary, and drawing accounts.
Service Fees = $100,000
Rent Expense = $10,000
Wage Expense = $20,000
Utilities Expense = $12,000
Supplies Expense = $1000
Insurance Expense = $1000
Depreciation Expense = $4000
Drawing = $1000
1. The following is selected financial information for Edison
Bank for the year ended December 31,...
1. The following is selected financial information for Edison
Bank for the year ended December 31, 2015 Net Income (Revenue)
$80,000 Owner, Withdrawals 12,500 Owner, Capital (1/1/2015) 70,000
Required Prepare the 2015 Statement of owner’s equity
2. Identify the following users as either External users or
Internal users of financial information of a business Customers
Suppliers Managers IRS Chief Financial Officer Shareholders
Analysts Loan Lenders
3. Which of the following would NOT be a current asset? a.
Accounts Receivable b....
The following information for ZHOU Co. is for the Month Ended
January 31, 2018.
Sales revenue,...
The following information for ZHOU Co. is for the Month Ended
January 31, 2018.
Sales revenue, $370,000, Sales returns and allowances,
$20,000, Sales discounts, 8,000, Cost of goods sold, 212,000,
Salaries and wages expense, 60,000, Rent expense, 32,000, Insurance
expense, 12,000, Freight-out, 7,000, interest expense, 500,
investment dividend income, 1500, Income taxes are 40%.
1. Prepare a multiple income statement in good GAAP form
The following information for
ZHOU Co. is for the Month Ended January 31, 2018.
Sales revenue,...
The following information for
ZHOU Co. is for the Month Ended January 31, 2018.
Sales revenue, $370,000, Sales returns and allowances, $20,000,
Sales discounts, 8,000, Cost of goods sold, 212,000, Salaries and
wages expense, 60,000, Rent expense, 32,000, Insurance expense,
12,000, Freight-out, 7,000, interest expense, 500, investment
dividend income, 1500, Income taxes are 40%.
1. Prepare a multiple income
statement in good GAAP form
Cash 4.350, AR 1.800, supplies 8670, prepaid insurance 2.300,
equipment 26.000, accumulated depreciation 2.000, AP 6.200,...
Cash 4.350, AR 1.800, supplies 8670, prepaid insurance 2.300,
equipment 26.000, accumulated depreciation 2.000, AP 6.200,
salaries payable 1.200, unearned revenue 2.750, capital ??,
withdrawals 1.500. service revenue 20.000, depreciation expense
1.000, salaries expense 6.000, insurance expense1.200, rent expense
1.100, supplies expense 200.
What is the total expenses?
What is the net profit?
What is the total fixed assets?
What is the total current assets?
What is the total short term liabilities?
Presented below are certain account balances of Sheffield
Products Co. Rent revenue $7,390 Sales discounts $8,110...
Presented below are certain account balances of Sheffield
Products Co. Rent revenue $7,390 Sales discounts $8,110 Interest
expense 12,880 Selling expenses 99,460 Beginning retained earnings
114,570 Sales revenue 403,000 Ending retained earnings 134,670
Income tax expense 24,211 Dividend revenue 71,030 Cost of goods
sold 166,661 Sales returns and allowances 12,840 Administrative
expenses 76,150 From the foregoing, compute the following: (a)
total net revenue using single-step income statement, (b) net
income, (c) income attributable to controlling stockholders, if
Sheffield has allocation...