CengageNOWv2 | Online teachi X+.signment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=falseeBookShow Me How Video CalculatorIncome StatermentMaynard Services was organized on August 1, 20Y5. A summary of the revenue and expense transactions for August follows:Fees earned$3,400,000Wages expense2,150,000Miscellaneous expense55,000Rent expense320,000Supplies expense30,000Prepare an income statement for the month ended August 31.Maynard ServicesIncome StatementFor the Month Ended August 31, 20Y5Operating expenses:Total operating expensesCheck My WorkAll work saved.M.%24

Net Income = Revenue - Total operating expenses

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Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter2: Basic Accounting Systems: Cash Basis

Section: Chapter Questions

Problem 2.6P: Financial statements Alpine Realty. Inc., organized July 1. 20Y8, is operated by Angela Griffin. How...

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Roshaun Gould started a web consulting firm called Gould Solutions. He began operations and completedseven transactions in April that resulted in the following accounts, which all have normal balances. Cash . . . . . . . . . . . . . . . . . . $20,000Office supplies. . . . . . . . . . 750Prepaid rent . . . . . . . . . . . . 1,800Office equipment. . . . . . . $12,250Accounts payable. . . . . . . 12,250R. Gould, Capital. . . . . . . . 15,000R. Gould, Withdrawals. . . . . . . . . $ 5,200Consulting fees earned . . . . . . . . 20,400Miscellaneous expenses . . . . . . . 7,650 Required 1. Prepare a trial balance for this business as of the end of April. 2. The following seven transactions produced the account balances shown above. a. Gould invested $15,000 cash in the business. b. Paid $1,800 cash in advance for next month’s rent expense. c. Paid $7,650 cash for miscellaneous expenses. d. Purchased office supplies for $750 cash. e. Purchased $12,250 of office equipment on credit (with accounts…
Financial statements Alpine Realty. Inc., organized July 1. 20Y8, is operated by Angela Griffin. How many errors can you find in the following financial statements far Alpine Realty, Inc. prepared after its first month of operations?
Please solve the following equations and show the formula. Please type out the formulas and enter the numbers in the formula for each question. Please do NOT use and Excel spreadsheet to try and explain or show the formula. 1) Revenue $46,000Dividends Declared $-UnkownExpenses $30,000RE 1/1 $13,000RE 12/31 $220002) Revenue $97,000Dividends $0Expenses UnknownRE 1/1 $36,000RE 12/31 $57,0003) Revenue $6,000Dividends $0Expenses UnknownRE 1/1 $12,000RE 12/31 $8,0004) Revenue $3000Dividends $2,000Expenses $1,000RE 1/1 UnkownRE 12/31 $6,000
SEARCH ASK CHAT MATH SOLVER Question Jack Shellenkamp owns and manages a computer repair service, which had the following trial balance on December 31, 2009 (the end of its fiscal year) BYTE REPAIR SERVICETrial BalanceDecember 31, 2009Cash $ 8,000Accounts Receivable 15,000Parts Inventory 13,000Prepaid Rent 3,000Shop Equipment 21,000Accounts Payable $19,000Jack Shellenkamp, Capital 41,000$60,000 $60,000Summarized transactions for January 2010 were as follows:1. Advertising costs, paid in cash, $1,000.2. Additional repair parts inventory acquired on account $4,000.3. Miscellaneous expenses, paid in cash, $2,000.4. Cash collected from customers in payment of accounts receivable $14,000.5. Cash paid to creditors for accounts payable due $15,000.6. Repair parts used during January $4,000. (Hint: Debit this to Repair Parts Expense.)7. Repair services performed during January: for cash $6,000; on account $9,000.8. Wages for January, paid in cash, $3,000.9.…
DATA PROVIDEDThe pre-adjustment trial balance of Wing-It (Pty) Ltd as at 31 August 2022 is presented:AccountDebitCreditProfessional fees765 000Goods sold435 000Cost of sales215 000Interest received19 500Interest on loan6 300Bank charges3 200Cleaning1 500Staff welfare650Salaries and wages35 850Municipal services6 850Printing and stationery16 715Telephone18 600Fuel and oil56 000Repairs and maintenance: Building5 200Repairs and maintenance: Vehicles6 850Capital: Blue520 000Capital: Green630 000Drawings: Blue35 000Drawings: Green27 000Current account: Blue2 500Current account: Green6 400Retained income265 000Land500 000Buildings1 500 000Accumulated depreciation on buildings21 000Vehicles380 000Accumulated depreciation on vehicles65 000Equipment and electronics79 500Accumulated depreciation on equipment and electronics1 5008% Long-term loan325 000Bank: FNB168 000Bank: ABSA32 000Debtors control account85 000Allowance for credit losses6 400Creditors control account78 600Petty cash2…
FIND RE 1/1 Please calculate the missing information in the following problem and provide the equation and explain how you came to the correct amount pleae. Revenues $63000Dividends $21000 Expenses $38000January 1 retained earnings balance UNKNOWNDecember 31 retained earnings balance $16000$16,000
E3-15 Inferring Transactions and Computing Effects Using T-Accounts [LO 3-1, LO 3-2, LO 3-3]A company’s accounting records included the following accounts.Accounts Receivable (A)1/1 5062,855 a12/31 420Prepaid Rent (A)1/1 6484 b12/31 42Deferred Revenue (L)408 1/1c 496392 12/31Required:For each T-account, describe the typical transactions that cause it to increase and decrease.Compute the missing amounts.
i no need to explaination of any question i want all mcqs anser with very short answer like option a b c d or e can u please tell me all 12 questions correct answer 1. Geek Squad performs services for a customer and bills the customer for $500. How wouldGeek Squad record this transaction?a. Accounts receivable increase by $500; revenues increase by $500.b. Cash increases by $500; revenues increase by $500.c. Accounts receivable increase by $500; revenues decrease by $500.d. Accounts receivable increase by $500; accounts payable increase by $500.e. Accounts payable increase by $500; revenues increase by $500. 2. Indicate which of the following statements is true.a. Since intangible assets lack physical substance, they need be disclosed only in the notes to thefinancial statements.b. Goodwill should be reported as a contra-account in the owner’s equity section.c. Totals of major classes of assets can be shown in the balance sheet, with asset details disclosedin the notes to the…
Application Problem Journalizing transactions and proving and ruling amulticolumn journal LOS, 4, 5, 6, 7, 8, 9Mundt Services uses the following accounts.Cash Mikaela Mundt, Capital Accounts Receivable-J. Lepowsky Mikaela Mundt, DrawingSupplies SalesPrepaid Insurance Advertising Expense Accounts Payable-Southern Supplies Utilities Expense Instructions:Aug 1. Mikaela Mundt invested $2,000.00 of her own money in thebusiness. Receipt No. 1.3. Used business cash to purchase supplies costing $216.00. Wrote Check No. 1.4. Wrote Check No. 2 for insurance, $245.00.5. Purchased supplies for $68.00 over the phone from Southern Supplies, promising to send the check next week. Memo No. 1.11. Sent Check No. 3 to Southern Supplies, $68.00.12. Sent a check for the electricity bill, $180.00. Check No. 4.15. Wrote an $800.00 check to Ms. Mundt as a withdrawal of equity for personal use. Used Check No. 5.16. Sold services for $412.00 to J. Lepowsky, who agreed to pay for them within ten days. Sales…
For the following T-Account, calculate the missing amount and write in the space in the T-AccountAccrued Liabilites3/10 Transaction B $6,000 3/1 Beginning Balance $6,0003/3 Transaction C ?Ending Balance $5,000
Hermes Services was organized on August 1, 20Y2. A summary of the revenue and expense transactions for August follows: Fees earned $769,000 Wages expense 537,000 Rent expense 37,000 Supplies expense 8,100 Miscellaneous expense 10,800 Prepare an income statement for the month ended August 31. Be sure to complete the statement heading. Refer to the lists of Accounts in the information given, Labels, and Amount Descriptions for the exact wording of the answer choices for text entries. A colon (:) will automatically appear if it is required. Enter amounts as positive numbers unless the amount is a calculation that results in a negative amount. For example: Net loss should be negative. Expenses should be positive.
jue Jantz started a business in August 20-- called Jantz Plumbing Service. The trial balance showing balances for the month of August are shown. Jantz Plumbing ServiceUNADJUSTED TRIAL BALANCEAugust 31, 20-- ACCOUNT TITLEDEBITCREDIT1Cash20,200.00 2Accounts Receivable2,700.00 3Office Supplies300.00 4Prepaid Insurance800.00 5Plumbing Equipment6,000.00 6Van8,000.00 7Accounts Payable 4,500.008Sue Jantz, Capital 30,000.009Sue Jantz, Drawing3,000.00 10Service Fees 9,800.0011Rent Expense700.00 12Wages Expense500.00 13Phone Expense100.00 14Advertising Expense2,000.00 15Totals44,300.0044,300.00 Required: Determine the following information. Use the format provided below. 1.a.Total revenue for the month b.Total expenses for the month c.Net income for the month2.a.Sue Jantz’s original investment in the business + Net income for the month - Owner’s drawing Increase (decrease) in capital = Ending owner’s equity

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