& Manag AcctModule 1 Pre Testlist1231KNet Incomeb. Prepare Picture Gallery's statement of retained earnings.Picture Gallery works weddings and prom-type parties. The balance of retained earnings was $12,000 at December 31, 2017. AtDecember 31, 2018, the business's accounting records show these balances(Click the icon to view the accounts.)Retained Earnings, December 31, 2017(Question 3 of 6a. Prepare Picture Gallery's income statement. (If a box is not used in the table leave the box empty; do not select a label or enter a zero.)Accate>IlahilitiaeData tableInsurance ExpenseCashRetained Earnings, December 31, 2018c. Prepare Picture Gallery's balance sheet. (If a box is not used in the table leave the box empty; do not select a label or enter a zero.)(IT)Accounts PayableAdvertising ExpenseService RevenueDividendsPrepare the following financial statements for Picture Gallery for the year ended December 31, 2018Income statement0.b. Statement of retained earningsC.Balance sheetS7,00035,0006.000This quiz: 19 point(s) possibleThis question: 5 point(s) possible2,00085,00015,000PrintAccounts ReceivableNotes PayableRetained Earnings, Dec. 31, 2018Salaries ExpenseEquipmentCommon StockDoneSThiera Latai Cantrell 11/1- X11,00016,000?22,00053,00026,000

Income statement shows the net income or net loss that is calculated by deducting the expenses from…

Answered: a. Income statement b. Statement of…

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter1: The Role Of Accounting In Business

Section: Chapter Questions

Problem 1.1.1P: Income statement, retained earnings statement, and balance sheet The amounts of the assets and...

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Selected accounts and related amounts for Clairemont Co. for the fiscal year ended May 31, 2016, are presented in Problem 6-5A. Instructions 1. Prepare a single-step income statement in the format shown in Exhibit 11. 2. Prepare a statement of owners equity. 3. Prepare an account form of balance sheet, assuming that the current portion of the note payable is 50,000. 4. Prepare closing entries as of May 31, 2016.
Income statement, retained earnings statement, and balance sheet The amounts of the assets and liabilities of Glacier Travel Service as of September 30, 20Y6, the end of the current year, and its revenue and expenses for the year are listed below. The retained earnings were $150000 and the common stock was $50000 as of October 1, 20Y5, the beginning of the current year. Dividends of $10000 were paid during the year. Instruction Prepare an income statement for the current year ended september 30, 20Y6.
Income statement, retained earnings statement, and balance sheet The amounts of the assets and liabilities of Glacier Travel Service as of September 30, 20Y6, the end of the current year, and its revenue and expenses for the year are listed below. The retained earnings were $150000 and the common stock was $50000 as of October 1, 20Y5, the beginning of the current year. Dividends of $10000 were paid during the year. Instructios Prepare a statement of stockholders’ equity for the current year ended September 30. 20Y6.
10. At December 31, 2015, the records of Kosme Corporation provided the following: (see attached image for the given, someone already answer letter a to c, and letter d to f, so please answer letter g which is the last subpart. please asnwer it based on your knowledge. thank you so much!!) Direction: g. Amount of free retained earnings on December 31. __
Preparing financial statements Picture Perfect Photography works weddings and prom-type parties. The balance of retained earnings was $16,000 at December 31, 2017. At December 31, 2018, the business’s accounting records show these balances: Prepare the following financial statements for Picture Perfect Photography for the year ended December 31, 2018: a. Income statement. b. Statement of retained earnings. c. Balance sheet.
4. The following is extracted trial balance of Grey Grig Ltd as at 30 June 2019. Grey Grig LtdTrial Balance as at 30 June 2019Particulars Debit (RM) Credit (RM)Equipment rental 940Insurance 1,804Lighting and heating expenses 1,990Motor expenses 2,350Salaries and wages 48,580Sales 382,420Purchase 245,950Sundry expenses 624Lorry 19,400Account payable 23,408Account receivable 44,516Fixtures 4,600Shop 174,000Cash at bank 11,346Drawings 44,000Capital 194,272TOTAL 600,100 600,100Inventory at 30 June 2019 was RM29,304.Required: i. Statement of Profit and Loss and Others Comprehensive Income for the year ended 30 June 2019 ii. Statement of Financial Position as 30 June 2019
Preparing financial statements Pretty Pictures works weddings and prom-type parties. The balance of Retained Earnings was $20,000 at December 31, 2017. At December 31, 2018, the business accounting records show these balances: Prepare the following financial statements for Pretty Pictures for the year ended December 31, 2018: a. Income statement. b. Statement of retained earnings. c. Balance sheet.
Magic Styles, Inc.Unadjusted Trial BalanceAt March 31, 2023Cash $ 18,000.00Prepaid Insurance $ 600.00Prepaid Rent $ 7,300.00Equipment $ 9,700.00Furniture and Fixtures $ 9,700.00Accounts Payable $ 10,800.00Deferred Revenue $ 400.00Notes Payable Long-term) $ 20,000.00Common Stock $ 10,000.00Retained Earnings, February 28, 2023 $ 2,100.00Dividends $ 300.00Service Revenue $ 12,300.00Supplies Expense $ 5,500.00Salaries and Wages $ 3,200.00Utilities Expense $ 700.00Rent Expense $ 600.00TOTAL $ 55,600.00 $ 55,600.00Required:Based on the unadjusted trial balance of Magic Styles, Inc. above, you are required to prepare/write thefollowing:1) An income statement 2) A statement of retained earnings 3) Balance Sheet 4) A paragraph stating your evaluation of the company’s performance and financial status for themonth ending March 31, 2023. In your evaluation, state whether:* the business is profitable;* it is able to pay its current obligations/liabilities; and* its assets are financed more by debts…
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a. Income statement b. Statement of retained earnings Balance sheet.