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General Journal General Income Changes in SE Balance Sheet Statement of CF Requirement Ledger Trial Balance Statement Analysis Choose the appropriate accounts to be reported on the income statement. However, you will need to calculate and enter the amount of the net income or loss for the period. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Unadjusted Pacilio Security Services, Inc. Income Statement For the Year Ended December 31, Year 5 Revenues

General Journal General Income Changes in SE Balance Sheet Statement of CF Requirement Ledger Trial Balance Statement Analysis Choose the appropriate accounts to be reported on the income statement. However, you will need to calculate and enter the amount of the net income or loss for the period. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Unadjusted Pacilio Security Services, Inc. Income Statement For the Year Ended December 31, Year 5 Revenues

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter11: The Statement Of Cash Flows
Section: Chapter Questions
Problem 37E: Analyzing the Accounts Casey Company uses a perpetual inventory system and engaged in the following...
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Please do the income statement . changes in se and balance sheet.
26 General Journal General Changes in SE Income Balance Statement Requirement Trial Balance Analysis Ledger Statement Sheet of CF Choose the appropriate accounts to be reported on the income statement. However, you will need to calculate and enter the amount of the net income or loss for the period. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Skipped Unadjusted Pacilio Security Services, Inc. Income Statement For the Year Ended December 31, Year 5 Revenues Total Revenues Cost of goods sold Expenses Total Operating Expenses Net Operating Income < Trial Balance Changes in SE >
Transcribed Image Text:26 General Journal General Changes in SE Income Balance Statement Requirement Trial Balance Analysis Ledger Statement Sheet of CF Choose the appropriate accounts to be reported on the income statement. However, you will need to calculate and enter the amount of the net income or loss for the period. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. Skipped Unadjusted Pacilio Security Services, Inc. Income Statement For the Year Ended December 31, Year 5 Revenues Total Revenues Cost of goods sold Expenses Total Operating Expenses Net Operating Income < Trial Balance Changes in SE >
The trial balance of Pacilio Security Services, Inc. as of January 1, Year 5, had the following normal balances: Cash Accounts receivable Supplies Prepaid rent Merchandise inventory (9 @ $240) Land Accounts payable Salaries payable $62,860 20,500 150 2,000 2,160 4,000 980 Common stock Retained earnings 1,500 50,000 39,190 During Year 5, Pacilio Security Services experienced the following transactions: 1. Paid the salaries payable from Year 4. 2. On January 15, purchased 20 standard alarm systems for cash at a cost of $250 each. 3. On February 1, paid the accounts payable of $980, but not within the discount,period. (The company uses the gross method.) 4. On March 1, leased a business van. Paid $4,800 for one year's lease in advande. 5. Paid $7,200 on May 1 for one year's rent on the office in advance. 6. Purchased with cash $500 of supplies to be used over the next several months by the business. 7. Purchased with cash another 25 alarm systems on August 1 for resale at a cost of $260 cach. 8. On September 5, purchased on account 30 standard alarm systems at a cost of $265. 9. Installed 60 standard alarm systems for $33,00O. Sales of $22,000 were on account, while $11,000 were cash sales. -0. Record the cost of goods sold related to the sale from Event 9 using the perpetual FIFO method. 11. Made a full refund to a dissatisfied customer who returned her alarm system. The sale had been a cash sale for $550 with a cost of $260, Record the reversal of revenue. 12. Made a full refund to a dissatisfied customer who returned her alarm system. The sale had been a cash sale for $550 with a cost of $260. Record the reversal of cost. 13. Paid installers and other employees a total of $21,000 cash for salaries. 14. Sold $45,000 of monitoring services during the year. The services are billed to the customers each month. 15. Sold an additional monitoring service for $1,200 for one year's service. The customer paid the full amount of $1,200 on October 1. 16. Collected $74,000 of accounts receivable during the year. 17. Paid an additional $6,000 to settle some of the accounts payable. 18. Paid $3,500 of advertising expense during the year. 19. Paid $2,320 of utilities expense for the year. 0. Paid a dividend of $15,000 to the shareholders.
Transcribed Image Text:The trial balance of Pacilio Security Services, Inc. as of January 1, Year 5, had the following normal balances: Cash Accounts receivable Supplies Prepaid rent Merchandise inventory (9 @ $240) Land Accounts payable Salaries payable $62,860 20,500 150 2,000 2,160 4,000 980 Common stock Retained earnings 1,500 50,000 39,190 During Year 5, Pacilio Security Services experienced the following transactions: 1. Paid the salaries payable from Year 4. 2. On January 15, purchased 20 standard alarm systems for cash at a cost of $250 each. 3. On February 1, paid the accounts payable of $980, but not within the discount,period. (The company uses the gross method.) 4. On March 1, leased a business van. Paid $4,800 for one year's lease in advande. 5. Paid $7,200 on May 1 for one year's rent on the office in advance. 6. Purchased with cash $500 of supplies to be used over the next several months by the business. 7. Purchased with cash another 25 alarm systems on August 1 for resale at a cost of $260 cach. 8. On September 5, purchased on account 30 standard alarm systems at a cost of $265. 9. Installed 60 standard alarm systems for $33,00O. Sales of $22,000 were on account, while $11,000 were cash sales. -0. Record the cost of goods sold related to the sale from Event 9 using the perpetual FIFO method. 11. Made a full refund to a dissatisfied customer who returned her alarm system. The sale had been a cash sale for $550 with a cost of $260, Record the reversal of revenue. 12. Made a full refund to a dissatisfied customer who returned her alarm system. The sale had been a cash sale for $550 with a cost of $260. Record the reversal of cost. 13. Paid installers and other employees a total of $21,000 cash for salaries. 14. Sold $45,000 of monitoring services during the year. The services are billed to the customers each month. 15. Sold an additional monitoring service for $1,200 for one year's service. The customer paid the full amount of $1,200 on October 1. 16. Collected $74,000 of accounts receivable during the year. 17. Paid an additional $6,000 to settle some of the accounts payable. 18. Paid $3,500 of advertising expense during the year. 19. Paid $2,320 of utilities expense for the year. 0. Paid a dividend of $15,000 to the shareholders.
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