EA9. Prepare an income statement using the following information for DL Enterprises for the month of July 2018. Sales revenue Rental revenue Product expense Wages expense Owner investment Equipment purchases Utilities expense Taxes expense $62,500 15,300 52,200 18,900 12,000 56,000 1,800 400
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- Multiple-step income statement and report form of balance sheet The following selected accounts and their current balances appear in the ledger of Prescott Inc. for the fiscal year ended September 30. 20Y8: Instructions Briefly explain how multiple-step and single-step income statements differ.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?Missing amounts from Financial statements The financial statements at the end of Network Realty, Inc.’s first month of operations are shown below. 11y analyzing the interrelationships among the financial statements, fill in the proper amounts for (a) through (s).
- 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…What amount should COURAGE report as advertising expense in its incomestatement for the year ended December 31, 2016? A. 142,500B. 156,000C. 141,000D. 166,500Use this information to Prepare a multiple-step income statement with earnings per sharedisclosure Denver Co. 12/31/2022 Debits CreditsPartial Trial Balance DataSales revenue 700,000Interest revenue 60,000Salary payable 15,000Gain on sale of land 110,000Patent 15,000Supply inventory 25,000Cost of goods sold 500,000Salary expenses 150,000Common stock 250,000Retained earnings 150,000Cash 250,000Office expense 100,000Denver's business segment, Division A, was sold at a pretax loss of 25,000 on July 1, 2022. Ithad earned a $13,000 pretax operating income from January 1, 2022 to the disposal date. Denverhad 50,000 shares of stock outstanding throughout the year. Income tax expense has not yet beenaccrued. The effective tax rate is 30%. dont give me handwritten answers thank you
- please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image) Selected information about income statement accounts for the Reed Company is presented below (the company's fiscal year ends on December 31): 2024 2023 Sales revenue $ 4,900,000 $ 4,000,000 Cost of goods sold 2,960,000 2,100,000 Administrative expense 900,000 775,000 Selling expense 460,000 402,000 Interest revenue 160,000 150,000 Interest expense 220,000 220,000 Loss on sale of assets of discontinued component 88,000 — On July 1, 2024, the company adopted a plan to discontinue a division that qualifies as a component of an entity as defined by GAAP. The assets of the component were sold on September 30, 2024, for $88,000 less than their book value. Results of operations for the component (included in the above account balances) were as follows:…3. The following was the trial balance extract from ABC Trading as at 31 March 2019.Particulars DEBIT (RM) CREDIT (RM)Purchases and Sales 22,800 41,000Inventory on 1 April 2018 5,100Capital 8,170Bank overdraft 4,300Cash 140Discount allowed and received 1,440Returns inwards and outwards 790Carriage outwards 2,180Office expenses 450Fixtures and fittings 1,210Delivery van 2,000Accounts receivables and account payables 11,900 6,720Rent and insurance 1,790Drawings 2,850Wages and salaries 8,980TOTAL 61,690 61,690Additional information as at 31 March 2019:a. Inventory on 31 March 2019 was RM4,250b. Wages and salaries accrued as at 31 march 2019 was RM210; outstanding office expenses was RM30c. Rent and insurance prepaid was RM150Required:i. Prepare the Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 March 2019ii. Prepare Statement of Financial Position as at 31 March 20191. The financial year of Shah Enterprise ended on 31 December 2019. Show the ledger account for the following items including the balance transferred to the necessary part of the financial statements.a) Rent expenses: Paid RM700 in 2019; owed RM30 as at 31 December 2019b) Insurance expenses: Paid RM500 in 2019; prepaid as at 31 December 2019 wasRM40c) Commission received: Received RM650 in 2019; amount accrued as 31 December2019 was RM100d) Rent received: Received RM400 in 2019; amount received in advance as at 31December 2019 was RM100 2. The following balances were extracted from the ledger of CTSha Trading as at 31 October 2019. DEBIT (RM) CREDIT (RM) Insurance 12,000 Water and electricity 4,800 Wages and salaries 16,000 Rental income 9,900 Interest income 6,000 Prepaid insurance as at 1 Nov 2018 1,500 Accrued wages and salaries as at 1 Nov 2018 2,000 Accrued rental income as at 1 Nov 2018 1,800 The following adjustment were to be…
- 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.Hh1. Account Blossom has year-end account balance of sales Revenue $843779, Interest Revenue $12160, Cost of Good Sold $531052, Administrative Expenses $177930, Income Tax Expenses $36772, and Dividends $17793. Prepare the year-end closing entries.1. prepare an estimated income statement for 20Y7.