2. From worksheet, prepare the Income Statement and Balance SheetMAGNIFICENT LANDSCAPING SERVICEWorksheetApril 30, 2018IncomeAccount NameTrial BalanceAdjustmentsAdjusted TrialBalance SheetStatementDebitCreditDebitCreditDebitCreditDebitCreditDebitCreditCash2,9502,950AccountsReceivable575575Office Supplies85(c) 4540PrepaidInsurance240240Equipment2,540(b) 402,500AccountsPayable2828Unearned LawnMowing Revenue200(d) 100100Common Stock5.0005,000Dividends1,0001.0002.250Lawn MowingRevenue( 1002.350Gas Expense5353 AdvertisingExpense35357.4787,478DepreciationExpense:Equipment(a) 3535AccumulatedDepreciation:Equipment(а) 3535(b) 40(c) 4585Supplies Expense420Salaries Expense(e) 420420(e) 420Salaries Payable6406407,9337,933

Income statement of Magnificent Landscaping Service Particulars Debit balance Credit balance…

2. From worksheet, prepare the Income Statement and Balance Sheet MAGNIFICENT LANDSCAPING SERVICE Worksheet April 30, 2018 Income Account Name Trial Balance Adjustments Adjusted Trial Balance Sheet Statement Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash 2,950 2,950 Accounts 575 575 Receivable Office Supplies 85 (c) 45 40 Prepaid Insurance 240 240 Equipment 2,540 (b) 40 2,500 Accounts 28 28 Payable Unearned Lawn Mowing Revenue 200 (d) 100 100 Common Stock 5.000 5,000 Dividends 1,000 1.000 2.250 Lawn Mowing Revenue Id) 100 2.350 Gas Expense 53 53

2. From worksheet, prepare the Income Statement and Balance Sheet MAGNIFICENT LANDSCAPING SERVICE Worksheet April 30, 2018 Income Account Name Trial Balance Adjustments Adjusted Trial Balance Sheet Statement Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash 2,950 2,950 Accounts 575 575 Receivable Office Supplies 85 (c) 45 40 Prepaid Insurance 240 240 Equipment 2,540 (b) 40 2,500 Accounts 28 28 Payable Unearned Lawn Mowing Revenue 200 (d) 100 100 Common Stock 5.000 5,000 Dividends 1,000 1.000 2.250 Lawn Mowing Revenue Id) 100 2.350 Gas Expense 53 53

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 41E

See similar textbooks

Similar questions

Select the correct account type(asset, liability, equity, revenue, expense) for the below accounts: Depreciation expense Answer 1Choose...RevenueAssetLiabilityEquityExpense Drawings Answer 2Choose...RevenueAssetLiabilityEquityExpense Prepaid Insurance Answer 3Choose...RevenueAssetLiabilityEquityExpense Unearned Service Revenue Answer 4RevenueAssetLiabilityEquityExpense
This topic is about PPE. Please check the problem on the attached picture. Princess company shall record the asset received at? Sarah Company shall record the asset received at?
Complete the FLASH TRUCKING SERVICESINCOME STATEMENTDECEMBER 31, 2014 and FLASH TRUCKING SERVICESUNADJUSTED TRIAL BALANCEDECEMBER 30, 2014
Read each definition below and write the number of the definition in the blank beside the appropriate term. The quiz solutions appear at the end of the chapter. Understandability Relevance Faithful representation Comparability Depreciation Consistency Materiality Conservatism Operating cycle Current asset Current liability Liquidity Working capital Current ratio Single-step income statement Multiple-step income statement Gross profit Profit margin Auditors report An income statement in which all expenses are added together and subtracted from all revenues. The magnitude of an accounting information omission or misstatement that will affect the judgment of someone relying on the information. The capacity of information to make a difference in a decision. An income statement that shows classifications of revenues and expenses as well as important subtotals. The practice of using the least optimistic estimate when two estimates of amounts are about equally likely. The quality of accounting information that makes it comprehensible to those willing to spend the necessary time. Current assets divided by current liabilities. The quality of information that makes it complete, neutral, and free from error. An obligation that will be satisfied within the next operating cycle or within one year if the cycle is shorter than one year. Current assets minus current liabilities. Net income divided by sales. For accounting information, the quality that allows a user to analyze two or more companies and look for similarities and differences. An asset that is expected to be realized in cash or sold or consumed during the operating cycle or within one year if the cycle is shorter than one year. The ability of a company to pay its debts as they come due. For accounting information, the quality that allows a user to compare two or more accounting periods for a single company. The process of allocating the cost of a long-term tangible asset over its useful life. The period of time between the purchase of inventory and the collection of any receivable from the sale of the inventory. Sales less cost of goods sold. The opinion rendered by a public accounting firm concerning the fairness of the presentation of the financial statements.
questions attached in the screenshot thank sfor the help appreciaed 121 231
(a) Calculate the asset tumover ratio, Asset tumover ratio________ 1) eTextbook 2) and Media List of Accounts
Access the FASB Accounting Standards Codification at the FASB website (www.fasb.org).Required:Determine the specific citation for accounting for each of the following items: Circumstances indicating when theinstallment method or cost recovery method is appropriate for revenue recognition.
Devise a coding scheme using block and sequential codes for the following chart of accounts for Jensen Camera Distributors.CashAccounts ReceivableOffice Supplies InventoryPrepaid InsuranceInventoryInvestments in Marketable SecuritiesDelivery TruckAccumulated Depreciation—Delivery TruckEquipmentAccumulated Depreciation—EquipmentFurniture and FixturesAccumulated Depreciation—Furniture and FixturesBuildingAccumulated Depreciation—BuildingLandAccounts PayableWages PayableTaxes PayableNotes PayableBonds PayableCommon StockPaid-In Capital in Excess of ParTreasury StockRetained EarningsSalesSales Returns and AllowancesDividend IncomeCost of Goods SoldWages ExpenseUtility ExpenseOffice Supplies ExpenseInsurance ExpenseDepreciation ExpenseAdvertising ExpenseFuel ExpenseInterest Expense
How can you create a document to substantiate a mileage deduction? Mileage > Download trips Expenses > Export mileage Reports > Mileage Log Detail Accountant Tools > Deductible mileage which option is the correct one
The financial statements of Mountaintop Employments services inc screnshot attached thank for help aprpeaicted irjowhjwh rh
Can you complete the requirements listed below to this question please? Requirement 1 --- prepare a contribution income statement in good form --- include/list all individual VC and FC Requirement 2 --- calculate all requested values a thru d REQUIRED: Calculations required for Requirement 2 values a thru d.
Complete the worsheet one section at a time, beginning with the Adjustments columns. For the Adjustments columns use the appropriate letters a. through d. as posting references. For the Income Statement and Balance Sheet columns, remember to include the net income or loss after the totals and then total the columns again. (If a box is not used in the worksheet, leave the box empty; do not enter a zero. Abbreviations used: Acc. = Acccumulated; Adj. = Adjusted; Depr. = Depreciation; Stmt. = Statement.) Mullen Co. Worksheet For Year Ended December 31, 201X Trial Balance Adjustments Account Dr. Cr. Dr. Cr. Cash 7 Accounts Receivable 3 Merchandise Inventory 9 Store Supplies 7 Store Equipment 20 Acc. Depr., Store Equipment…