Please see below. Use the accounts listed to create a multistep income statement. Jacob's Footwear Inc.For the month ended February 28, 2022Sales Revenue - $828,000Salaries and Wages Expense - $20,000Rent Expense - $10,000Insurance Expense - $8,000Freight-Out - $5,000Income Tax Expense - $2,000Cost of Goods Sold - $32,000Gains on Disposal of Plant Assets - $200Interest Expense - $600

solution multistep income statement is a income statement where the operating income and expenses…

Answered: . Use the accounts listed to create a…

Business

Accounting

. Use the accounts listed to create a multistep income statement.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 5EA: Steele Corp. purchases equipment for $25,000. Regarding the purchase, Steele recorded the following...

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Adjustment for depreciation The estimated amount of depredation on equipment for the current year is $133,000. a. How is the adjustment recorded? Indicate each account affected, whether the account is increased or decreased, and the amount of the increase or decrease. b. If the adjustment in (a) was omitted, which items would be erroneously stated on (1) the income statement for the year and (2) the balance sheet as of December 31?
Johnson, Incorporated, had the following transactions during the year: Purchased a building for $5,000,000 using a mortgage for financing Paid $2,000 for ordinary repair on a piece of equipment Sold product on account to customers for $1,500,600 Paid $20,000 cash to add a storage shed in the corner of an existing building Paid $360,000 in monthly salaries Paid $25,000 for routine maintenance on equipment Paid $110,000 for extraordinary repairs Depreciation expense recorded for the year is $15,000. If all transactions were recorded properly, what is the amount of increase to the Property, Plant, and Equipment section of Johnsons balance sheet resulting from this years transactions? What amount did Johnson report on the income statement for expenses for the year?
Steele Corp. purchases equipment for $25,000. Regarding the purchase, Steele recorded the following transactions: Paid shipping of $1,000 Paid installation fees of $2,000 Pays annual maintenance cost of $200 Received a 5% discount on $25,000 sales price Determine the acquisition cost of the equipment.
ACCOUNTS PAYABLE 14,500.00ACCOUNTS RECEIVABLE 7,500.00CAPITAL STOCK 20,000.00CASH 21,000.00CONSULTING REVENUE 18,000.00OFFICE EQUIPMENT 13,000.00OFFICE SUPPLIES 500.00RENT EXPENSE 9,000.00UTILITIES EXPENSE 1,500.00Above is a list of balances for Iron Works Construction as at 31st December 2021 .The following additional information was provided :1. Depreciation Charge on Office Equipment is $2,0002. All Office Supplies were used during the period.3. Rent Expense includes $1000 for January 20224. $200 was still owing on Utilities Expense     Prepare the adjusted Trial Balance as at31st December ,2021
On December 1, 2022, Pharoah Distributing Company had the following account balances. Debit Credit Cash $7,200 Accumulated Depreciation—Equipment $2,420 Accounts Receivable 4,800 Accounts Payable 5,000 Inventory 12,100 Salaries and Wages Payable 1,200 Supplies 1,400 Owner’s Capital 41,080 Equipment 24,200 $49,700 $49,700 During December, the company completed the following summary transactions. Dec.   6 Paid $1,800 for salaries and wages due employees, of which $600 is for December and $1,200 is for November salaries and wages payable. 8 Received $2,000 cash from customers in payment of account (no discount allowed). 10 Sold merchandise for cash $6,800. The cost of the merchandise sold was $4,100. 13 Purchased merchandise on account from Sheridan Co. $8,500, terms 2/10, n/30. 15 Purchased supplies for cash $1,700. 18 Sold merchandise on account $12,500, terms 3/10, n/30. The cost…
On December 1, 2022, Pharoah Distributing Company had the following account balances. Debit Credit Cash $7,200 Accumulated Depreciation—Equipment $2,420 Accounts Receivable 4,800 Accounts Payable 5,000 Inventory 12,100 Salaries and Wages Payable 1,200 Supplies 1,400 Owner’s Capital 41,080 Equipment 24,200 $49,700 $49,700 During December, the company completed the following summary transactions. Dec.   6 Paid $1,800 for salaries and wages due employees, of which $600 is for December and $1,200 is for November salaries and wages payable. 8 Received $2,000 cash from customers in payment of account (no discount allowed). 10 Sold merchandise for cash $6,800. The cost of the merchandise sold was $4,100. 13 Purchased merchandise on account from Sheridan Co. $8,500, terms 2/10, n/30. 15 Purchased supplies for cash $1,700. 18 Sold merchandise on account $12,500, terms 3/10, n/30. The cost…
On December 1, 2022, Pharoah Distributing Company had the following account balances. Debit Credit Cash $7,200 Accumulated Depreciation—Equipment $2,420 Accounts Receivable 4,800 Accounts Payable 5,000 Inventory 12,100 Salaries and Wages Payable 1,200 Supplies 1,400 Owner’s Capital 41,080 Equipment 24,200 $49,700 $49,700 During December, the company completed the following summary transactions. Dec. 6 Paid $1,800 for salaries and wages due employees, of which $600 is for December and $1,200 is for November salaries and wages payable. 8 Received $2,000 cash from customers in payment of account (no discount allowed). 10 Sold merchandise for cash $6,800. The cost of the merchandise sold was $4,100. 13 Purchased merchandise on account from Sheridan Co. $8,500, terms 2/10, n/30. 15 Purchased supplies for cash $1,700. 18 Sold merchandise on account $12,500, terms 3/10, n/30. The cost…
On December 1, 2022, Pharoah Distributing Company had the following account balances. Debit Credit Cash $7,200 Accumulated Depreciation—Equipment $2,420 Accounts Receivable 4,800 Accounts Payable 5,000 Inventory 12,100 Salaries and Wages Payable 1,200 Supplies 1,400 Owner’s Capital 41,080 Equipment 24,200 $49,700 $49,700 During December, the company completed the following summary transactions. Dec. 6 Paid $1,800 for salaries and wages due employees, of which $600 is for December and $1,200 is for November salaries and wages payable. 8 Received $2,000 cash from customers in payment of account (no discount allowed). 10 Sold merchandise for cash $6,800. The cost of the merchandise sold was $4,100. 13 Purchased merchandise on account from Sheridan Co. $8,500, terms 2/10, n/30. 15 Purchased supplies for cash $1,700. 18 Sold merchandise on account $12,500, terms 3/10, n/30. The cost…
FDN Accounting Services started operations on November 1, 2021. The following were the transactions during the month: Nov 1 The business owner provided P1,000,000 cash as investment to the business. 5 Obtained a P300,000 loan and issued a promissory note with 10% interest per annum. 8 Acquired land costing P1,000,000 on account. 16 Rendered services worth P1,700,000 on account. 30 Paid salaries expense of P210,000. How much is the ending cash balance?
On December 1, 2022, Sheridan Distributing Company had the following account balances. Debit Credit Cash $7,500 Accumulated Depreciation—Equipment $2,640 Accounts Receivable 4,900 Accounts Payable 4,500 Inventory 12,200 Salaries and Wages Payable 1,000 Supplies 1,300 Owner’s Capital 44,160 Equipment 26,400 $52,300 $52,300 During December, the company completed the following summary transactions. Dec. 6 Paid $1,800 for salaries and wages due employees, of which $800 is for December and $1,000 is for November salaries and wages payable. 8 Received $1,900 cash from customers in payment of account (no discount allowed). 10 Sold merchandise for cash $6,500. The cost of the merchandise sold was $3,900. 13 Purchased merchandise on account from Boehm Co. $9,000, terms 2/10, n/30. 15 Purchased supplies for cash $1,600. 18 Sold merchandise on account $12,800, terms 3/10,…
On December 1, 2022, Sheridan Distributing Company had the following account balances. Debit Credit Cash $7,500 Accumulated Depreciation—Equipment $2,640 Accounts Receivable 4,900 Accounts Payable 4,500 Inventory 12,200 Salaries and Wages Payable 1,000 Supplies 1,300 Owner’s Capital 44,160 Equipment 26,400 $52,300 $52,300 During December, the company completed the following summary transactions. Dec. 6 Paid $1,800 for salaries and wages due employees, of which $800 is for December and $1,000 is for November salaries and wages payable. 8 Received $1,900 cash from customers in payment of account (no discount allowed). 10 Sold merchandise for cash $6,500. The cost of the merchandise sold was $3,900. 13 Purchased merchandise on account from Boehm Co. $9,000, terms 2/10, n/30. 15 Purchased supplies for cash $1,600. 18 Sold merchandise on account $12,800, terms 3/10,…
On December 1, 2022, Sheridan Distributing Company had the following account balances. Debit Credit Cash $7,500 Accumulated Depreciation—Equipment $2,640 Accounts Receivable 4,900 Accounts Payable 4,500 Inventory 12,200 Salaries and Wages Payable 1,000 Supplies 1,300 Owner’s Capital 44,160 Equipment 26,400 $52,300 $52,300 During December, the company completed the following summary transactions. Dec. 6 Paid $1,800 for salaries and wages due employees, of which $800 is for December and $1,000 is for November salaries and wages payable. 8 Received $1,900 cash from customers in payment of account (no discount allowed). 10 Sold merchandise for cash $6,500. The cost of the merchandise sold was $3,900. 13 Purchased merchandise on account from Boehm Co. $9,000, terms 2/10, n/30. 15 Purchased supplies for cash $1,600. 18 Sold merchandise on account $12,800, terms 3/10,…